Captioning and Subtitling Market to Reach $476.9 Million by 2028
Valuates Reports has projected the global captioning and subtitling solutions market to reach $476.9 million by 2028, up from $282 million in 2021, growing at a compound annual rate of 7.7 percent.
The analyst fiirm noted that the rise in media streaming platforms like Netflix and Amazon Prime, the surging popularity of video content, technological developments, the advent of the creator economy, and online education will drive the growth of the captioning and subtitling solutions market.
As video content is booming, broadcasting and regulatory bodies have made closed captioning mandatory for television programs, according to Valuates. Also boosting the industry is the growing trend of production companies and video service providers who are looking to globalize their content.
Among the benefits, closed captions provide readable text files that search engine spiders can crawl to rank better on the search results page, the firm said. It also pointed out that many students with learning disabilities and who struggle with certain languages could find that the most engaging and fun way to improve their foundational skills is with closed-captioned and subtitled television shows or series. Captions clarify what is being said in scenarios where the speaker has an accent or technical terms are used. It is also helpful in situations involving muffled audio and background noise.
Among industries, broadcast is expected to hold the largest share of the captioning market globally at about 30 percent, according to Valuates. The firm also expects cloud-based deployments to hold a 90 percent share of the total market.