Live Captioning Market Analysis, Key Trends, Growth Opportunities, Challenges And Key Players By 2029

Market Overview:
The Live Captioning Market size is projected to reach USD 1773.80 Million by 2028 from an estimated USD 782.6 Million in 2021, growing at a CAGR of 12.4% globally.

Early on in the 1970s, captions were developed to help deaf and hard-of-hearing TV viewers; by the 1980s, they had become a mandate for broadcast television in the United States. Captioning is the process of displaying the text after it has been translated from the audio content of a webcast, television program, movie, live event, and other media. This made media content that would normally be unavailable to those who are deaf or hard of hearing completely accessible to them. For students who are hard of hearing or deaf, captions are an essential component of learning.

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The Report Will Include A Major Chapter
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
• Company Profiling and Competitive Positioning
• Industry Value Chain Analysis
• Market Dynamics and Factors
• Porter's Five Forces Analysis
• Pestle Analysis
• SWOT Analysis

Driver:
The corporate sector has expanded significantly in recent years. To overcome communication or language barriers at international meetings, many companies with a global presence use live captioning. Corporate communicators have found that live captioning has made it easier to interact with and make feel a part of their workforce. English is often used as a second language (ESL); therefore, by providing written words that correspond to the language used in a video, ESL speakers can better understand the material. Workplaces including department meetings, town hall meetings, and sales training can all be webcast with live subtitles.

Opportunities:
Video games have become incredibly popular in recent years. Additionally, the majority of expert players stream their gameplay live, and the audience size is likewise very significant. The largest social video network and community for gamers, video game culture, and the creative arts is Twitch, according to VITAC. Around 10 million individuals congregate daily to watch and talk about video games with over 2 million streamers. With the growing use of the internet, it is anticipated that this number will daily break new records. Additionally, a lot of other similar platforms can profit from live captioning by providing live captioning while streaming.

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Analysis of the Top Market Players:
VITAC (US)
IBM (US)
Digital Nirvana (US)
ENCO Systems (US)
Language Mark (India)
Automatic Sync Technologies
Nomensa Ltd (UK)
Telestream (US)
3Play Media (US)
AppTek (US)
Rev (US) and other major players.

Segmentation of The Live Captioning Market
Introspective market Research has segmented the global Live Captioning Market based on Technology, Application, and region:

By Technology
• Automated Speech Recognition
• Stenography

By Application
• Broadcast
• Streaming
• Educational Sector
• Corporate Sector
• Others

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Regional Analysis of Live Captioning Market:
The North American region is anticipated to have the highest share of the live captioning market in the forecast period. The growth in this region can be attributed to the presence of leading market players and the ready adoption of new technologies by the different sectors in this region. According to Rev, more than 85% of Americans watch online videos every week. The survey also concluded that live captioning increased the average time watched by 12% and 80% of Facebook viewers will even complete the video. Individuals in this region have high per capita income thus, the usage of smartphones and other smart devices is more. Work from the home policy of many organizations is expected to bolster the development of the live captioning market in this region.
• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Recent Industry Developments In Live Captioning Market
In January 2022, 3Play Media, the leading supplier of video accessibility, announced the debut of Live Professional Captioning today, making it the first captioning platform to deliver professional captioning by a human with auto-captioning failover. The new platform is the first big technological advance in the live captioning business in years, revitalizing an industry that has hitherto relied on costly and laborious, outdated techniques.

In July 2021, Rev.com, the world's most accurate speech engine, announced that Rev.ai, the company's industry-leading automatic speech recognition technology, is now accessible in 31 languages. Rev.ai is the world's most accurate automatic speech recognition engine. Its voice-to-text API package enables developers to create powerful downstream applications using a speech engine trained on over 50,000 hours of human-transcribed content.

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