PC Mag has announced its top picks for transcription services for 2022, and the winner of their best transcript options is UK-based GoTranscript.
Mindaugas Čaplinskas, CEO of GoTranscript
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Techradar agrees: "One of the bigger advantages of choosing GoTranscript is that it can cater for the more complex projects you may need to handle," says the tech publication., which also named GoTranscript as a top transcription service for 2022. SmallBizGenius also just released its list of the best transcription services for 2022, and at the top of the list was GoTranscript.
The British company has been recognized by the New York Times' Wirecutter as a top pick for human-driven transcription services, lauding the company's ability to deliver a nearly flawless transcript.
Transcription Services in Growing Demand
The process of converting audio or video to text is a booming industry which is expected to reach $32.7 billion USD by 2027. Modern technology has allowed the process to be easier and faster and more accessible than ever before. Transcription is essential for the hearing-impaired, and it also allows English content to reach multilingual audiences across the globe.
The industry revenue was USD $19.8 billion in 2019, indicating an extremely steep growth trend. The reason behind this demand is that human-based transcription services are necessary for the maintenance of records with a high degree of accuracy. This pertains to multiple key industries, such as government agencies, non-profit organizations, and corporations.
In addition, the entire court system is reliant upon transcription services for recording legal information for clients, lawyers, and court officials. Many employee training programs also depend upon human-based transcription services. The continual need for the provision of accurate information will be the driving force behind the significant market growth in this industry.
Types of Transcription
The transcription market can be divided into the following sectors:
- Legal - Typically recording court proceedings, legal transcription takes audio or video and begins the process of turning it into actual legal documents.
- Medical - This is the dominant field of transcription needs, comprising 46% of the market in 2019. Lab reports, medical reports, doctor/patient meetings - all these need to be transcribed.
- Media/Entertainment - Anytime you turn on your TV and see closed captions, this is an aspect of media transcription.
- BFSI (Banking, Financial Services, and Insurance) - This type of transcription usually deals with conference calls, meetings and interviews at banks, and client notes.
- Government - Everything from cabinet meetings to presidential phone calls falls under the category of government audio or video files that require transcription.
- Education (which is further divided into corporate and academics) - A great example of educational transcription is turning notes from academic lectures and seminars into written documents.
- Other/Miscellaneous - Everything else!
Human Vs. AI Transcription
Accuracy in transcription is absolutely vital, especially in fields such as the medical and legal industries. Even entertainment transcription requires accuracy; there was recently an outcry against the massively inaccurate subtitles for the hit Korean Netflix series Squid Game. For medical records, accurate transcription can literally be a matter of life and death.
Human beings can decipher slang, intent, and accents much better than any machine. AI transcription is known to contain many mistakes, and requires a lot of editing - which has to be done by a human. Also, AI transcription struggles with unclear audio, such as echos or background noise. Human transcription can handle any language, whereas AI transcription really only works for very widely spoken languages.
GoTranscript Weighs in on Transcription
Mindaugas Čaplinskas, the CEO of GoTranscript, weighed in on the growing demand for accurate transcription: "During the pandemic, remote conferences and remote work apps became especially prevalent. With that, the need for synchronous transcription and translation grew." He warns that reliance on AI can mean a significant decrease in quality: "While the AI-powered transcription is in high demand and appreciated for its speed and convenience, the quality standard, reachable only by the professional transcriber and native translator, is prioritized by many end-users."
As GoTranscript is one of the industry leaders, it's no wonder SmallBizGenius gave rave reviews to the company: "GoTranscript supports more than 50 languages and offers video and audio transcriptions, translations, subtitling, and closed captioning services," wrote SmallBizGenius staff writer Vladana Donevski. "It's one of the best transcription services for dissertations, as it can handle complex STEM academic and technical papers."
Founded in 2005, Go Transcript specializes in easy-to-use, quality-focused human-powered transcriptions delivered online around the world. For more information e-mail [email protected].
Phone: (831) 222-8398
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