The latest Business Transaction market research report is a compilation of the latest growth trends and the emerging market segments. The report adeptly draws reader’s attention to the ever-changing patterns of the Business Transaction industry and its prominent facets, infrastructural properties, and highly dynamic environment. The report lists down some critically important parameters that help the market bolster its global foothold and contribute substantially to future revenue generation. Our team of experts has included specific details related to the Business Transaction industry, such as product offerings, sales and revenue estimates, leading regions, key market contenders, and technological upgradation in the report.
The global Business Transaction market size is expected to reach USD 6.73 Billion at a steady revenue CAGR of 14.4% in 2028, according to latest analysis by Emergen Research. Businesses are adopting transcription technology to ensure higher efficiency and proper maintenance of their data, and Business Transaction leads to better content management, which are some key factors driving market revenue growth currently.
Business Transaction 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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The report by Emergen Research, titled ‘Global Business Transaction Market,’ studies a wide spectrum of factors impacting the performance of the Business Transaction market. The report includes a historical analysis of the market from 2017 to 2018 to provide the reader with a deep understanding of the current market scenario. Moreover, it offers accurate market estimations for the forecast period (2019-2028).
The report is the latest document encompassing the profound changes in the market dynamics and trends that followed the COVID-19 outbreak. The global health crisis has led to massive changes in the global economic scenario and, particularly, this business sphere. The pandemic has drastically affected the Business Transaction market with disruptions to supply chains and volatility in prices and demands. The remarkable impact of the pandemic on the Business Transaction industry and its crucial segments has been depicted in the report. However, the market is expected to regain momentum in the post-COVID scenario, as per market experts.
The research offers an in-depth survey about the performance of each key player in the Business Transaction market. It provides information about their current advancements and key market strategies. The Business Transaction report also aims to provide additional information about suppliers, buyers, and manufacturers. The study offers a comprehensive analysis of market share, consumption, growth rate, and product type, and application growth. It further offers comprehensive coverage of the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, and partnerships, among others. The company profiles of the established and new players have also been assessed in the Business Transaction report through effective analytical tools like SWOT analysis.
Top key Companies in Business Transaction Market are:
Digital Nirvana Inc., Tech-Synergy, 3Play Media, NCH Software, Focus Forward, Crimson Interactive Inc., Voice Products Inc., RndSofttech.com, TranscribeMe Inc., and Indoswift.
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The report further segments the Business Transaction market on the basis of product types and application spectrum offered in the market. The report also offers insights into the segment expected to show significant growth over the projected period. The study focuses on the growth rate of every segment and is explained through detailed graphs, figures, charts, and tables. These segments are analysed on the basis of present, emerging, and future trends. The regional segmentation provides current and forecast demand estimation for the Business Transaction industry in key regions.
Emergen Research has segmented the global Business Transaction market on the basis of component, procurement type, enterprise, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Procurement Type Outlook (Revenue, USD Billion; 2018–2028)
- 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
- Retail & Consumer Goods
Some Key Highlights From 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.
- Business Transaction market revenue in Asia Pacific is expected to register a rapid growth rate during the forecast period due to rapid digitalization in developing countries and high demand from countries such as Japan, Singapore, South Korea, and China. Emergence of several IT companies in developing countries and rising traction and use of video and audio conferencing is supporting growth of the market in the region to a significant extent.
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The report gives a comprehensive analysis of the Business Transaction market at the global and regional level, and the forecast has been presented in terms of value and price for the period of 8 years from 2020-2027. The report covers an extensive study of the market drivers and restraints on the global scale and provides an impact analysis of those market drivers and restraints on the demand and supply ratio for the Business Transaction market throughout the forecast period.
The complete regional analysis covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The Global Business Transaction Market is formulated through extensive primary and secondary research, which is further validated and verified by industry experts and professionals. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. Moreover, the report also offers a feasibility study and investment return analysis to assist the readers in making strategic investment plans.
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Key takeaways of the Global Business Transaction Market report:
- The report sheds light on the fundamental Business Transaction market drivers, restraints, opportunities, threats, and challenges.
- It elaborates on the new, promising arenas in the leading Business Transaction market regions.
- It examines the latest research & development projects and technological innovations taking place in the key regional segments.
- The research report reviews the regulatory framework for creating new opportunities in various regions of the Business Transaction market
- It focuses on the new revenue streams for the players in the emerging Business Transaction markets.
- Furthermore, the report offers vital details about the rising revenue shares and the sizes of the key product segments.
Overview of the TOC of the Report:
- Introduction, Scope, and Overview
- Opportunities, Risks, and Drivers
- Competition landscape analysis with sales, revenue, and price
- Extensive Profiling of the Business Transaction key competitors with the sales figures, revenue, and market share
- Regional analysis with sales, revenue, and market share for each region for the forecast period
- Country-wise analysis of the Business Transaction market by type, application, and manufacturers
- Business Transaction Market Segmentation based on types
- Business Transaction Market segmentation based on applications
- Historical and forecast estimation
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