AI transcription refers to AI-powered software used for tasks such as transcribing meetings, interviews, or other audio recordings. While AI transcription is usually faster and cheaper than human transcription, human transcription remains significantly more accurate.
Humans have an average accuracy rate of 99%, compared to 80%-86% for AI transcription.
Which is why AI transcription is seeing increased application among organizations that do not require 99%+ accuracy rates.
Snipd and Speechmatics are trending startups providing AI transcription solutions.
AI transcription is part of the Enterprise Automated Speech Recognition (ASR) meta trend.
The global ASR market is forecasted to grow 3x in the next four years.
And enterprises are responsible for a significant chunk of this demand.
ASR technology is being applied to automate repetitive tasks and improve overall workflows.
For instance, instead of an employee spending time trying to find a specific document, they can simply ask for it with their voice, and the speech recognition AI will locate it.