Beth Worthy
2/13/2024
Transcription services have seen exponential growth in the last decade.
As per a report, the global transcription market is expected to generate revenue of USD 35.8 billion by 2032. This massive yield is a result of the heavy dependency of various industries on transcriptions.
So what exactly is transcription?
It is a simple process of converting audio or video recordings into text format. Several industries such as legal, media, education, and many more, depend on transcription services.
Industries can utilize transcription services to reduce operating costs and mindfully use their spare time to scale the business.
Furthermore, companies can make important decisions and plan strategies based on the insights derived from the transcribed data.
Let’s discuss at length how transcription services are a boon for several industries.
Based on the analysis, by the year 2028, the global legal transcription market is estimated to reach USD 9,958.1 million.
When it comes to using the services of a transcription provider, the legal industry clearly takes the lead.
Court proceedings, pre-trial hearings, and many such legal meetings and depositions require transcriptions, daily. The transcripted documents are useful in preparing a case and note-taking.
The legal advisors rely on these verbatim transcripts to develop trial plans, find contradictions in witness testimony, and identify any other vital piece of information.
In legal transcription, security and privacy are of utmost importance, therefore, a high level of accuracy is required from the transcription service provider.
There is no room for error in legal transcriptions, no details can be missed or misinterpreted. A small mistake can cause a huge loss in a legal battle.
Benefits of legal transcription:
Transcription services act as a tool for students in their learning journey. For any classroom setting, transcribed lectures can help students review the topics, especially complex ones, and learn at their own pace.
Transcribed presentations serve as study material while preparing for exams. The education industry can make good use of transcription services for online classes.
Technical issues or language barriers often hamper learning online, here transcribed material can come in handy to bridge the gap.
Dissertation presentations can be captured with transcription and help during evaluation and assessment. Transcribed dissertations often double up as students’ work archives.
Benefits of transcription in academics:
According to a report, the market for business transcription services is expected to progress at a rate of 14.7% annually until 2032.
Corporations are now using various mediums to interact with a wider audience. And, it is always prudent to have all the audio and video content transcribed for any future legal implications.
For a business, transcribed documents help in reviewing employees during appraisals, recalling details of customer calls to resolve any conflict, and analyzing data to plan strategies.
Additionally, transcribed information can help businesses with search engine optimization that can in turn improve their online presence and increase visibility.
Benefits of transcriptions for corporates:
Insurance fraud is a major issue in the United States, costing the country a staggering amount of $308.6 billion every year.
Going by the statistics, every insurance company needs to have a reliable transcription service in place.
Transcribing insurance claims, interviews, and meetings can help detect and prevent insurance fraud.
With transcription services, insurance companies can accelerate the claim process, ensuring timely settlement.
Moreover, transcribed documents leave no room for doubt, as everyone refers to the same set of documents while assessing an insurance claim.
Benefits of transcriptions for insurance companies:
To refine a product or to get ahead of the competitors, companies resort to market research to get insight into customers’ preferences, opinions, and suggestions.
Skimming through tons of telephonic interviews, and group discussions to reach a consensus for research can be a tedious task.
Here, transcription services can step in to make things less complicated. Transcribed documents are comparatively easy to comprehend to derive data.
They can also be used for further research and referencing. Researchers can quickly classify data with tools like timestamps and subtitles – enhancing ones capability.
Benefits of market research transcriptions:
To increase engagement and efficiently convey messages to a larger consumer base, transcription services have time and again proved effective.
Transcribing audio and video recordings of TV shows, advertisements, documentaries, etc. can instantly improve the content’s accessibility and visibility.
Podcasts can also enhance their impact by including transcripts in their programs.
Additionally, transcripts can improve accessibility for people with hearing disabilities and make the content more easily discoverable by search engines.
Benefits of transcriptions for media companies:
Local, state, and federal government agencies require transcription services to document interviews, white papers, market reports, speeches, and more for varied uses.
Citizens expect their government to be transparent and accountable. Hence, a written transcript builds confidence in the public, as the documents are permanent and can be accessed anytime.
Benefits of transcriptions for government bodies:
As several large industries rely on transcription services, the demand for these services has increased manifold.
To run a modern-day business, collaborating with a reputed transcription service provider not only yields the best results, it protects your firm from data breaches and various other cyber threats.
We at GMR Transcription offer our best transcription services to meet your industry-specific requirements. We offer reliable, accurate transcripts that are 100% human-generated.
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