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Analyzing the effects COVID-19 has had on the BFSI business in general and marketing transcription software and services in particular, as well as the global sales of marketing transcription providers in 20+ high-growth markets

Marketing Transcription Market is projected to witness a growth in revenue from US$ 1.68 Bn in 2021 to US$ 3.71 Bn by 2031 and estimated to register a CAGR of 8% during the forecast period of 2021 – 2031

A transcriber either listens to file or upload it in a speech recognition software or creates a digital or textual transcript. Marketing transcriber’s transcripts consumer forums, group recordings, phone recordings, interviews, marketing research, focus groups, others key types.

These transcripts offer various benefits like SEO visibility, captioning, user experience, maintain detailed records of meetings and group discussions. According to FMI, the demand for marketing transcription services is expected to account for above 67% of revenue generated in the market, while growth exhibited by the solutions segment is likely to be higher.

Key Takeaways of Marketing Transcription Market Study

  • Marketing transcription market is set to rise at above 8% CAGR between 2021 and 2031, driven by increasing adoption across various industries
  • The U.S. will emerge as an immensely attractive market, accounting for over 82% of revenue generated in North America
  • The U.K. is projected to register an impressive 15.3% Y-o-Y growth in 2021
  • The demand from Germany and Italy is expected to rise at a fast pace. Italy is forecast to exhibit double-digit growth over the forecast period
  • While China continues to dominate East Asia, Japan is set to record double-digit growth in the coming years

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Impact of COVID-19 on Marketing Transcription Market

The COVID-19 pandemic outbreak has disrupted many industries, including the marketing transcription market. During a time of crisis, marketing transcription services like audio transcription services, video transcription services, and custom transcription services can be a blessing and disrupt for customers and brands.

However consumers’ usage of marketing transcription is greatly increasing. It is considered important for various applications such as risk and compliance management, fraud detection and prevention, customer management, content transcription, others.

Historically, the market for marketing transcription has grown by almost 6%-7% globally in the past 5 years. In 2020, the total value of marketing transcription is estimated to be nearly US$ 1.7 Bn globally. Due to the COVID-19 outbreak, adoption for marketing transcription is estimated to increase by nearly 8%-9% in Q1-Q2 2021.

Transcription Services to Boost SEO and Online Marketing Practices

Online video marketing has emerged as a major part of content marketing. The strategy of video marketing has been adopted by various businesses that allows marketers to demonstrate the product in more sophisticated manner instead of traditional “static” web content marketing. In 2016, 96% of B2B organizations used video in their marketing campaigns.

Search Engine Optimization (SEO) is a marketing strategy motivated by creating higher page rank and increase more site visits. Search engines do the indexing based on textual contents. Transcription of video provides text that can be indexed by search engines, and enables website to increase the chance of being prominently featured in searches. By increasing traffic, businesses are able to produce more leads towards their product that directly increases sales and eventually revenue for the company. Hence, organizations are continually adopting transcription services to increase their business profits.

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Marketing Transcription Market by Category

Solution

  • Software
  • Service

Type

  • Consumer Forums
  • Group Recordings
  • Phone Recordings
  • Interviews
  • Marketing Research
  • Focus Groups
  • Others

Industry

  • BFSI
  • Education
  • Media & Entertainment
  • IT & Telecom
  • Retail & consumer goods
  • Government
  • Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

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More Valuable Insights on Marketing Transcription Market

A new market research report published by Future Market Insights (FMI) on the global marketing transcription market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of solution ((software (audio to text converter, and video to text converter)), and services (audio transcription services, video transcription services, and custom transcription services), type (consumer forums, group recordings, phone recordings, interviews, marketing research, focus groups, and  others), industry (BFSI, education, media & entertainment, IT & telecom, retail & consumer goods, government, and others), across six major regions.

Table of Content

  1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Technology Roadmap

1.5. Analysis and Recommendations

  1. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

  1. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Innovation / Development Trends

  1. Key Success Factors

4.1. Services Adoption / Usage Analysis

To be Continue….

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Analyzing the effects COVID-19 has had on the BFSI business in general and marketing transcription software and services in particular, as well as the global sales of marketing transcription providers in 20+ high-growth markets appeared first on Future Market Insights.

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