Custom Vendor Landscape
AI-enabled Meeting Transcription Software
Prepared for: [Client Name Redacted]
An Important Note
Understanding a Custom Vendor Landscape
- Info-Tech’s Custom Vendor Landscapes are custom deliverables that are built with a heavy emphasis on the use cases and selection criteria of the requesting client. They are intended to provide an external point-of-view on a smaller or niche software marketspace. They are built over the course of one week based on secondary research by one of our Software Selection Services analysts.
- These deliverables may be sanitized and published for convenient access by our other members; it is important to understand that they are not intended to be general market analysis reports like our SoftwareReviews Data Quadrants or Software Selection Guides.
- This report is bespoke to the client that requested it and is not intended to be an omnibus view of the entire marketspace (these deliverables are limited to ten vendors, and the vendor shortlist is often dictated in full or in part by the requestor).
- Please ensure that you are conducting your own due diligence on vendors within the space; the sanitized version of this report may be a helpful starting point for initial vendor shortlisting; the limitations of its scope and the highly custom nature of the vendor list and analysis contained within does not make it synonymous with the analysis in our omnibus market analysis research (SoftwareReviews Data Quadrants and Software Selection Guides).
Understanding the Selection Initiative
Objective
[Redacted] are looking to evaluate their options in the AI-enabled meeting transcription vendor marketspace. There is currently a fixed research project in effect (i.e., planned to start the session in June and conclude towards the end of the 2024 calendar year). Stakeholder sessions will primarily involve external stakeholders/groups that [Redacted] will not be able to control or dictate to, in terms of how to connect to the meetings (i.e., individually or as a group using one account). In conjunction with the external stakeholder review sessions, there will be internal sessions held prior to help best prepare for the external stakeholder sessions and in discussing them after the fact. As such, accurate notetaking, annotations, video scrubbing, meeting transcription analysis are all crucial use case scenarios of importance for the [Redacted] association in evaluating.
Some additional requirements discussed were a) Being able to better identify speakers in group sessions, b) Better acronym detection and transcription training capabilities, c) Data Security, Data at Rest/vs in Transit, and privacy/regulatory policy adherence (e.g., Canadian data residency, PII, PIPEDA, etc). Being able to work with a vendor that has an active cloud presence with Microsoft Azure was also seen as desirable since [Redacted] are heavily Microsoft based in terms of the business apps/technical ecosystem they work in. If the vendor primarily partners with AWS, so long as the data servers reside within Canadian jurisdictional boundaries, that was also seen as permissible.
Vendor Selection Criteria
In evaluating the marketspace for AI-Enabled Meeting Transcription Software, Info-Tech’s analysts looked at the following vendor attributes:
- Breadth and depth of capabilities for AI-Enabled Meeting Transcription Software
- Vendor footprint (vendor market presence, vendor share of mind, vendor stability and long-term viability)
- Focus on vertical-specific capabilities
- Customization potential and ease-of-use
- Affordability transparency
Selection Rigor Matters.
Enterprise software is a key driver of digital transformation - having a strong approach to vendor selection is essential. Info-Tech’s research shows that 70% of application selections fail because of poorly defined requirements and inadequate vendor validation.
Defining the AI-Enabled Meeting Transcription Market
Market Definition
- The process of meeting transcription revolves around the ability to provide a written record of the conversation during a meeting.
- There are numerous organizational wide benefits in adoption such tools. For example, it can help organizations in facilitation of training and development from a sales enablement perspective, enhances interdepartmental communication, improves workplace accessibility, etc.
- Moreover, by creating a knowledge base of all voice conversations, you can ensure that important information is not lost or forgotten. This is especially useful with respect to compliance, data retention, and legal requirements, as this recorded information can be used as evidence if deemed necessary.
Key Trends in AI-Enabled Meeting Transcription Software
25%
A study by Pumble had found that effective communication can improve a team’s productivity by 25% in no time. And one of the easiest ways in improving workplace communication is by using meeting transcription software.
Source: Workplace Communication Statistics in 2024 (pumble.com)
77%
The use of virtual meetings by businesses increased from 48% to 77% from 2000 to 2022. As such, the application of various AI-enabled meeting transcription software has largely grown in importance as a result.
Source: 25 Incredible Meeting Statistics: Virtual, Zoom & Productivity | Quixy
Top Level Features for AI-Enabled Meeting Transcription Software
Feature Name |
Description |
| Editable & Searchable Meeting Transcripts | Being able to edit and search meeting transcripts in real time, so users of the software understand the action items that were discussed during the meeting. |
| Speaker Analytics and Sentiments | Being able to understand tonnage and overall speaker sentiment during the meetings. |
| Custom APIs and Interoperability | AI-Enabled Meeting Transcription software should also be able to seamlessly integrate with various video conferencing software, dialers, and productivity tools such as Zoom, Slack, etc. An option to provide an API for building custom integrations is also preferable. |
| Deep Conversational Intelligence | Receive detailed insights from your meetings knowledge base and measure the quality of your conversations over time. |
| Multi-Lingual Transcription | Option to support the creation of transcripts in various languages (e.g., French, Spanish, Vietnamese, etc). |
| Advanced Searchability (e.g., Smart Search) | Advanced search capabilities to help with filtering out information based on topics, keywords, speaker sentiments, etc. |
| Supports Multiple File Formats | Option to upload recordings in various formats (e.g., MP3, MP4, M4A, WAV, etc). |
| Speaker Label Editing | Option to edit speaker labels in the transcripts generated by the meeting transcription software. |
Key Players
Info-Tech identified 6 platforms applicable to the use case. The platforms are listed in alphabetical order.
