Live Captioning Service Market Scope
Live captioning refers to technologies allowing a person with different hearing issues to see captions during a live event like a team meeting, news report, or sports broadcast. Live caption automatically captions speech on devices. It provides access to spoken dialogue displayed on a screen and delivered in real-time.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Acadecraft Private Limited (India), 3Play Media (United States), Rev (United States), VITAC (United States), Captioning Star (United States), GoTranscript (United Kingdom), Automatic Sync Technologies (United States), DotSUB (United States), SyncWords (United States) and Capital Captions Typing Services (United Kingdom) |
CAGR | 6.54% |
Global Live Captioning Service is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that Global Players will contribute to the maximum growth of Global Live Captioning Service market throughout the predicted period.
Acadecraft Private Limited (India), 3Play Media (United States), Rev (United States), VITAC (United States), Captioning Star (United States), GoTranscript (United Kingdom), Automatic Sync Technologies (United States), DotSUB (United States), SyncWords (United States) and Capital Captions Typing Services (United Kingdom) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Live Captioning Service market by Type , by Application (Meetings, News and Others) and Region with country level break-up.
On the basis of geography, the market of Live Captioning Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In April 2023, 3Play Media, the world’s leading media accessibility platform, announced today an expanded partnership with Brightcove (NASDAQ: BCOV), the world’s most trusted streaming technology, that allows customers to access and order services including closed captioning, live captions, audio description, and video localization services from directly within their existing video production workflow.
In June 2023, SyncWords, the leading provider of AI live captioning, subtitling, and dubbing, is thrilled to announce a Unified Platform for In-player Delivery of Live AI Captions, Subtitles, and Dubs (also known as AI voice translation). With this release, real-time captions, subtitles, and audio translations can be accessed inside a streaming media player (i.e. in-player), allowing users to choose between multiple languages. This marks a significant milestone for live video streaming, enabling global audiences to enjoy content in their preferred language using subtitles or voice translation.
Influencing Trend:
Technological Advancement over the Globe and Peoples Preference towards Easily Understandable Videos and Its Tools
Market Growth Drivers:
Increasing Online Meetings, Lectures and In COVID-19 Pandemic In-Person Gatherings have moved to Remote Environments
Challenges:
High price of product
Restraints:
Problems with the accuracy of the Words Spoken and Captioned
Opportunities:
Increasing Implementation of Live Captioning Service in Various Sector can create Opportunities for the Market Growth
Key Target Audience
Live Captioning Service Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others