The report comprises a detailed analysis of the vital elements of the Business Transaction market, including key drivers, constraints, opportunities, limitations, threats, and micro- and macro-economic factors. The report carefully investigates the present market scenario and the fundamental growth prospects. The report entails an organized database of the Business Transaction market dynamics that helps market analysts estimate the global market growth rate over the projected timeline.

Business Transcription includes transcription of video or audio content arising from webinars, interviews, workshops, teleseminars, seminars teleclasses, meeting notes, personal notes, presentations, conferences, and others that are used for professional or commercial purposes or objectives. Some organizations are reluctant to adopt the technology due to privacy issues. Various business organizations are taking precautions by signing contracts and agreements to reduce risks of data breach and to protect credibility and security of their respective firms. Professional firms follow stringent measure such as monthly backups, password protected computers, secure file transfer and others.

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Some Key Highlights in the Report:

In January 2021, Otter.ai launched live notes and captions for 100 million daily users for Google Meet. Users can complete easy and quick installation of Chrome extension and Otter.ai customers can use the integration to access a live, interactive, and secure transcript directly from a Google Meet call, and can also use live captions.
It is more economical and advantageous for businesses to outsource their transcription requirements. This eliminates the need to train or hire employees specifically for this requirement. Moreover, outsourcing also allows businesses to tap into expertise of transcribers who specialize in different subjects and ensure accuracy of transcription. Even though transcription is important, the process is time-consuming. Outsourcing provides access to highly qualified transcribers who are adept at dealing and recognizing various accents and pronunciation. Outsourcing also helps in reducing burden on current employees and offers access to more qualitative work and outcomes.
Software segment accounted for a significantly larger revenue share than the other component segments in 2020 as software is essential and also allows users to upload video or audio files and outputs a transcribed document of what was mentioned in a meeting. The software transcribes every word without leaving any doubt for double guessing exact figures or what was said.
Regional Overview:

The global Business Transaction market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Business Transaction market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.

Leading companies profiled in the report:

Digital Nirvana Inc., Tech-Synergy, 3Play Media, NCH Software, Focus Forward, Crimson Interactive Inc., Voice Products Inc., RndSofttech.com, TranscribeMe Inc., and Indoswift.

Emergen Research has segmented the global Business Transcription market on the basis of component, procurement type, enterprise, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018–2028)
Software
Services
Tools
Technology-Powered
Human-Powered
Procurement Type Outlook (Revenue, USD Billion; 2018–2028)
Outsourcing
Offshoring
Both
Enterprise Outlook (Revenue, USD Billion; 2018–2028)
Large Enterprises
Small & Medium Sized Enterprises
End-use Outlook (Revenue, USD Billion; 2018–2028)
IT & Telecom
Media & Entertainment
BFSI
Retail & Consumer Goods
Manufacturing
Others
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Key point summary of the report:

The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Regional Outlook of Business Transaction Market:

North America
S.
Canada
Mexico
Europe
Germany
K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
A.E.
South Africa
Rest of MEA
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