How Will Speech-to-text Software Affect Transcription Services in the Future?

Posted by Ariel Duong on May 12, 2022.

Speech-to-text software, often known as automatic speech recognition (ASR), is a very accessible technology that can help you convert audio into written words easily. And the transcription services might be the most influenced sector by ASR since it is beneficial to view an audio recording on paper without typing. 

Today’s blog post will give you five remarkable insights into the future of transcription with speech-to-text software.


#1. Speech-to-text Software Isn’t A New Method

ASR has been around for a while, with Bell Laboratories developing one of the first implementations of speech to text in 1952.

Researchers tried to further the technology, with IBM producing Shoebox, a system that not only recognized digits but also comprehended certain arithmetic instructions such as “plus” and “total.” The first commercial systems were introduced in the 1990s, and as technology has improved, it has grown more advanced, more accessible, and considerably less expensive.

ASR technology now accompanies us about in our pockets in our current digital society. Virtual assistants, such as Siri, have been put on our phones. Many individuals now have virtual assistants in their homes, such as Amazon’s Alexa and Google Assistant. Many individuals have grown accustomed to using technology without using their hands.

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While technology is advancing, it is still not 100% accurate, and more work has to be done. 


#2. Automation Can Lower Expenses while Increasing Productivity

Human transcription services seem to be expensive, although there is still an opportunity for negotiation to accommodate most budgets. Depending on your desired turnaround time and kind of subscription service, a human-based transcription will cost you between 50 pence and £2 each spoken minute.

Meanwhile, with machine transcription services, the pricing starts at roughly 7-10 cents per minute of audio. It’s a highly cost-effective solution. 

ASR is quite popular. The speed of ASR is one of its main advantages. While your results may vary depending on the program you use, most ASR software can transcribe even long speeches in seconds.

However, the quickness and low cost come at the expense of precision. Even while ASR has become more sophisticated, its accuracy levels remain around 80%, even under perfect settings (reduced background noise, clear speech, etc.). While ASR provides for quick turnarounds, it may not be the best option for individuals who value precision.


#3. Speech-to-text Improves the Efficiency of Transcription Services

ASR isn’t without flaws. Despite the challenges, ASR is making operations quicker and more efficient in a variety of domains.

The extensive usage of ASR benefits a variety of sectors. They can be used by legal and medical experts to keep track of cases. They can be used to create transcripts for courtroom proceedings. Closed subtitles for video marketing materials may be created using them. They can be used by market researchers to transcribe the results of focus group panels. The options are nearly limitless.

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Especially, for the quickness and inexpensive cost, you may acquire transcriptions with ASR for everything, including meetings, customer care calls, and even notes, thoughts, and ideas. Even the fastest typist’s fingers move slower than their thoughts, so ASR solutions ensure that nothing is lost or overlooked.

People in a variety of corporate and academic settings now have quick and inexpensive access to transcription services. Many people in the digital era are more inclined to look for a solution on their native app store rather than looking for a company to help them with their transcribing needs. 

However, while the technology underlying ASR is constantly improving, transcription accuracy is always influenced by the quality of the recording. This is why many people still prefer human transcriptionists for their consistent accuracy.


#4. It Enhances the Availability of Transcription Services

Technology can increase accessibility for those who need the services the most, therefore ASR and transcription services are no exception.

Information can be difficult to digest in audio form for some people, such as the hearing challenged. This information may be produced in an easily accessible and consumable style for them using ASR.

ASR can also assist businesses in being more accessible to consumers and workers with disabilities. They not only display their respect for clients with accessibility needs when they can make everything from advertising materials to training films available in text format, but they also avoid violating employment discrimination regulations.


#5. There Are Still Many Chances to Grow 

No ASR solution can currently provide you with a choice of verbatim, full-verbatim, or comprehensive notes transcripts, nor can they guarantee accuracy. Also, they might be lost in detecting the vocal tics such as “ums,” and “ahs,”. The incorrect beginnings and laughing can be missed by ASR solutions. However, technology is just getting better.

Google, Apple, Amazon, and Microsoft are now vying to build personal assistants based on ASR technology. This will be the investing drive that alters transcription services in the long term. It’s just a matter of time before we have access to speech-to-text software that is both accurate and adaptable.


The Future of Transcription Services with Technology

We should expect ASR to become even more accessible and easily available as it advances, providing better transcriptions to businesses and industries of all types. Smartphone users may already obtain free, high-quality transcriptions delivered directly to their devices.

While ASR will only become more sophisticated and fundamental to everyday life, many industries and academics as more tech firms see its broad potential uses. It’s difficult to say how long this will be the case. What is clear, though, is that as ASR advances, transcription services will become more accessible, quicker, and extensively used. 

For the time being, human transcription services are essential for providing quality results, and speech-to-text software can be the most effective supporter in this field. However, human transcription is still the best option if you need 99% or higher accuracy. 

GTE Media, with experienced transcribers and updated technologies, can overcome fundamental limits in terms of accuracy persists. We offer four distinct types of transcription services for different objectives in order to give you the best solutions for your audio and video transcription needs. Get in touch with our expert to receive the best quote now!

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