Due to globalization the world seems to be shrinking every moment and can be handled within their hands at an ease because of the cutting edge technologies of iPhones, androids, iPads, etc. Anything and everything that you name can be caught hold in the internet which enhances the shrinking of the world. With the recording facility available handy anyone and everyone can record audios easily. Hence, the need to transcribe them into text also increases.
There are numerous formats to record and store audio of which MP3 format plays a major role since the quality of sound recorded is excellent. Likewise there are numerous companies to transcribe the MP3 to text. Most of them offer low prices but not so good services, but there are a few transcription companies which offer exclusive TAT, reasonable cost, and quality dictation transcription services to their clients.
Globalization has increased the need for MP3 transcription in almost all the fields such as education, interview, conference, webinars, seminars, podcasts, market research, business meetings, group discussions, symposia, dissertation, thesis, lectures, legal hearings, and the list goes on and on. All these needs can be easily fulfilled by using the MP3 transcription services provided by certain companies.
Speech recognition or the audio-to-text software that has been the buzz word for all those who were expecting free transcription services, but how far will it be useful in the longer run is again a million dollar question. Transcription industry always has a bigger hand over the audio-to-text software and transcriptionists are not obsolete. They have their own space and need in the field for their integrity, caliber, and experience in the industry. Hence, man power always overpowers technology although it sounds like completely replacing manual work. The same formula holds good for the transcription industry too. Hence, globalization has increased the need to transcribe but technology cannot completely replace manual transcription with machine.
Source: ezinearticles.com