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Captioning and Subtitling Solutions Market Trends

Report ID: GMI10342
Published Date: Jul 2024
Report Format: PDF

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Captioning & Subtitling Solutions Market Trends

The use of advanced AI & ML technology is a prominent trend that has considerably increased the precision and effectiveness of Automatic Speech Recognition (ASR) systems. Additionally, real-time processing and multilingual assistance are receiving more attention to facilitate seamless multilingual translation & live captioning. As they do not require less hardware and are more affordable, cloud-based solutions are becoming more popular. Furthermore, industry-specific and customized captioning solutions are becoming increasingly popular, meeting the diverse needs of various industries.

For instance, in April 2024, VITAC introduced Captivate, an AI-powered transcription & captioning solution at the NAB show in Las Vegas. Developed in-house, Captivate boasts high accuracy, customizable solutions, and dynamic domain-specific dictionaries, offering enhanced accessibility & cost-effective captioning for diverse industries including Washington Post Live.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of captioning & subtitling solutions reached USD 5.71 billion in 2023 and is set to record a CAGR of over 8.2% between 2024 and 2032, backed by the developments in AI and ML, along with global regulatory requirements and accessibility standards.

The cloud-based segment is anticipated to register a CAGR of over 5% between 2024 and 2032, as these solutions offer scalability, allowing organizations to easily scale up or down their captioning & subtitling capabilities based on demand.

North America market accounted for a share of over 30% in 2023, backed by its vast media & entertainment sector, encompassing production studios, major broadcasting networks, and online streaming platforms.

Adobe Inc., AI-Media, 3Play Media, Rev.com, VITAC, Verbit.ai, and Captionmax among others.