We have become an information society, generating insane amounts of data, with 90% of the world’s data being generated in the last two years. Every day we create an estimated 328.77 billion gigabytes. Much of that is in the form of video and audio which is unstructured making it incredibly difficult to catalog, assess and search. Thankfully, automated transcription services offered by companies like VIQ Solutions Inc. (VQS.T) are aimed to resolve this issue in a secure, economical and timely process.
Why does transcription matter?
In law enforcement, transcription plays a crucial role by providing accurate documentation of interviews, interrogations, and other evidence. It helps in avoiding errors that could arise from manual transcriptions done by officers, who may not be adept at transcribing and could be better utilized in their primary law enforcement roles. Outsourcing transcription services or using transcription software can offer a more efficient solution, although there are concerns about data protection and privacy when sensitive material is shared outside the agency.
In the legal sector, transcription assists in managing large volumes of audio and video evidence, transforming unstructured content into a format that is discoverable and searchable. It enables legal professionals to efficiently handle and review evidence, supporting smart decision-making based on facts, and ensuring compliance with legal standards. Automated transcripts and eDiscovery platforms help in reviewing audio/video documents more quickly and systematically.
Sectors like insurance, government, corporate finance, and media broadcasting also rely on transcription for various purposes, including compliance, record-keeping, and evidence analysis. In these industries, transcription ensures that important audio and video content is accurately documented and easily accessible for future reference.
What we think
The market for transcription services is growing. The U.S. transcription market size is expected to reach USD 41.89 billion by 2030, registering a CAGR of 5.8% from 2023 to 2030. The advancement of AI and machine learning technologies like those employed by VIQ Solutions, is playing a significant role in this growth, making transcription services more efficient and cost-effective.
VIQ has made significant progress in cutting costs and increasing performance value for clients. The added languages will only broaden its market appeal. Yes, it is getting back up from a hard two years, but management is focused on a very real market potential and investors interested in growth potential may want to put VIQ on their radar. Remember, do your due diligence and speak with an investment professional before making any portfolio decisions. Good luck to all.
