Transcriptions and the 9 Industries That Benefit From Them

The benefits of transcriptions include efficiency, accessibility, legal compliance, and improved SEO, among others. With these advantages, transcriptions have become an indispensable asset in various industries today. In fact, their role is so crucial that Grand View Research predicts the industry will grow at a CAGR of 5.2% from 2025 to 2030.

It cannot be denied that transcriptions have become an essential facet in the day-to-day operations of some industries —  but which industries benefit from tools like transcriptions? Here are the nine industries that benefit the most from them.

1. Journalism

One of the industries that benefits from transcriptions is journalism. Journalists often conduct interviews, attend press conferences, and take notes of speeches to gather important information for their work. Without transcriptions, journalists had to rush to take notes to ensure that they didn’t miss anything. By using transcriptions, however, their jobs could be completed more seamlessly and efficiently.

With audio transcriptions, journalists have an accurate account of what was said in interviews, press conferences, or speeches. As a result, they have a reliable source of information they can use as a reference and ensure the content of their work remains as accurate as possible.

2. Market Research

The market research industry is one of the fields that relies on transcriptions the most. According to Statista, 64% of market research experts use transcriptions in their work. Market researchers conduct surveys, interviews, and focus group discussions to gain valuable insights and data that can help them analyze consumer behavior and preferences. This, in turn, helps businesses make informed decisions to better serve customer needs.

By having transcriptions on hand, market researchers can ensure everything that was said in discussions and interviews is adequately captured in written form. This allows them to properly identify the trends and patterns that will let them develop accurate market research findings. As a result, businesses can better understand customer needs, allowing them to develop more effective marketing strategies and campaigns.

3. Legal

It may not seem like it, but the legal industry also benefits significantly from the use of transcriptions. The benefits of transcription for the legal field include efficiency and accuracy. Both are essential in court proceedings such as hearings, appeals, and legal reviews. With transcriptions, attorneys are provided with a written document that they can analyze, helping them build a strong case.

In addition, transcriptions are essential to the legal field as they can be used as evidence in court. Overall, transcripts provide legal professionals with an indispensable tool that helps them be more efficient in their work.

4. Healthcare

The healthcare industry is another field that benefits from the use of transcriptions. Nowadays, medical professionals would record appointments with their patients. Doctors can have the audio file converted into transcriptions to assist with medical documentation. As a result, the patient’s symptoms, diagnoses, and treatment plan can be outlined properly, ensuring a high standard of patient care that can help them recover much faster.

5. Finance and Insurance

Professionals in the finance sector can also benefit from taking advantage of transcription services to transcribe audio to text of investor meetings, earnings calls, and other financial decisions. By transcribing these meetings, every detail of the discussions can be recorded as accurately as possible. This helps investors and analysts better understand the company’s financial performance, all while maintaining transparency and trust with their stakeholders.

Additionally, the insurance industry can also benefit greatly from transcribing audio and video files of meetings and calls. Remember, insurance fraud is a significant problem in the United States, costing the country $308.06 billion every year as of 2022. Transcriptions are a great tool in avoiding insurance fraud as they serve as a document that can help insurance agents detect and prevent any attempts at fraud.

6. Academics

An audio and video transcription can be a great asset to the academic industry. By transcribing lectures and seminars, students can have reliable reference materials for their studies. Additionally, educators can use them to create study guides.

With the aid of transcripts, every student, even the hard-of-hearing, is given the chance to access all the available learning material for their studies. This can help enhance the students’ learning experiences and support their academic success.

7. Government Organizations

Believe it or not, government organizations and agencies also use transcriptions in their operations. Transparency and accountability are always a must for government agencies and transcriptions provide exactly that. 

As transcriptions in government are written accounts of public hearings, legislative sessions, and meetings, the public is provided with accurate records of government proceedings. This helps the public engage with the government better, increasing public trust in the process. Apart from this, transcription services also help government officials in creating official documents and reports. As a result, a government agency’s day-to-day operations can be more efficient and effective.

8. Business and Corporate

Another industry that benefits from transcribing audio to text is the business and corporate sector. When running a business, many important details are often discussed in meetings and boardrooms. Transcriptions greatly help in capturing these details accurately. Employees and executives can then read the transcripts to review what was discussed, enhancing communication and ensuring everyone is on the same page before the decision-making process.

9. Media

The final industry that greatly benefits from transcriptions is the media industry. Audio transcriptions have various uses in the media and entertainment industry. For instance, they can be used to create subtitles for video content, making it more accessible to a broader audience such as people who are hard of hearing and non-native speakers of the language your video is in.

In addition to helping add subtitles to videos, transcriptions in media also assist significantly in the post-production process. By having accurate transcripts on hand, editors will have a reliable reference to use as they do their work. This ensures proper and precise editing, which in turn results in high-quality and accurate content.

With the many benefits of transcriptions, it's clear that they’re a great asset to have no matter what industry you’re working in. However, creating transcripts on your own can be time-consuming, and it’s not recommended that you do it yourself. Therefore, don’t hesitate to turn to an expert transcription service like TranscriptionWing.

TranscriptionWing has over 25 years of experience in the transcription industry. Offering reasonable rates and flexible turnaround times without sacrificing quality, our all-human team of transcription professionals is trusted by a variety of industries. Get started today and obtain precise and accurate transcriptions for your project needs!