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Live Captioning Market Trends 2022 Competitive landscape, Business Statistics, Top Manufacturers, Development Strategy, Regional Segmentation, Risk and Forecast to 2028

Global Live Captioning 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.

Live CaptioningTo help deaf and hard-of-hearing TV viewers, captions were introduced in the early 1970s; by the 1980s, they had been made a legal requirement for broadcast television in the United States. Captioning is the process of turning the text from the audio content of a webcast, television programme, film, live event, and other works and displaying it on a screen or monitor. This made it possible for people who are hard of hearing or deaf to access media that would otherwise be inaccessible. For students who are hard of hearing or deaf, captions are a crucial component of the educational process.Finding and offering top-notch captioned content to users and students is well worth the time and effort put in by libraries and educators. In some circumstances where there is more background noise, captions are also crucial. During the pandemic, captioning has also aided corporate sectors in running meetings more effectively. Automated Speech Recognition (ASR) and stenography are the two main technologies used in live captioning. There are 360 million individuals who are already deaf, and this figure is likely to rise in the foreseeable future, supporting the expansion of the live captioning industry over the course of the forecast period.

Players Covered in Live Captioning Market are:

Global Live Captioning Market
Base Year: 2021 Forecast Period: 2022-2028
Historical Data: 2016 to 2020 Market Size in 2021: USD 782.6 Mn.
Forecast Period 2022-28 CAGR: 12.4% Market Size in 2028: USD 1773.80 Mn.
Segments Covered: By Technology
  • Automated Speech Recognition
  • Stenography
By Application
  • Broadcast
  • Streaming
  • Educational Sector
  • Corporate Sector
  • Others
By Region
  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)
Key Market Drivers:
  • Rapidly Growing Corporate Sector
Key Market Restraints:
  • Chances of Some Content Missing Out During Live Streaming
Key Opportunities:
  • Launching of New Online Educational Platforms
Companies Covered in the report:
  • VITAC (US), IBM (US), Digital Nirvana (US), ENCO Systems (US), Language Mark (India), and Other major players.

COVID-19 Impact on Live Captioning Market

From China, the COVID-19 epidemic quickly spread to other regions of the globe. Governments all across the world adopted a number of measures to stop the virus’s spread. The pandemic increased resistance to new standards like remote work and online learning. Corporate gatherings, public forums, and the introduction of new products were all conducted remotely. When watching live events, viewers occasionally had trouble understanding the speaker’s message; similar issues were also experienced with online lectures. The COVID-19 pandemic sped up the spread of live captioning since it made online meetings and lectures more appealing. Corporate enterprises used live captioning to communicate with their local clients.

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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