What is Online Transcription Platform and Services Market?
The United Kingdom online transcription platform & services market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The growing demand for automated transcription solutions & services and increasing demand for high-speed speech recognition are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is being classified, by Application (Annotations, Automatic Transcription, Collaboration Tools, Natural Language Processing, Playback Controls, Speech Recognition, Timecoding and Others) and major geographies with country level break-up.
Cisco Systems, Inc. (United States), Microsoft (United States), SAP Se (Germany), Oracle (United States), Nuance Communications (United States), Tyger Valley Systems (England), QSR International (Australia), Trint (United Kingdom), Descript (United States), IBM (United States), GoTranscript (United Kingdom), PoliLingua (United Kingdom), Time etc Limited (United Kingdom) and Lexiword (United Kingdom) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United Kingdom, United States Players will contribute to the maximum growth of Global Online Transcription Platform and Services market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Online Transcription Platform and Services market by Type, Application and Region.
On the basis of geography, the market of Online Transcription Platform and Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Demand for Automated Transcription Services
- Increasing Demand for High-Speed Speech Recognition
- Rising Adoption of Cloud-Based Solutions & Services
- Availability of Open Source Platforms
- Rising Automation Across Different Industries is Expected to Generate Huge Opportunities During the Forecast Period
- Level of Difficulties in Transcription Platforms
Stringent Government Regulations Regarding Shutting Down of Operations Across Different Industries Worldwide Due to the COVID-19 Pandemic is Impacting the Demand for Online Transcription Solutions
Analyst CommentSince the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the United Kingdom transcription solutions & services market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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