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10 Best AI Transcription Tools in 2024

ai transcription tools

Whether you need an extra hand noting meeting minutes or want to transcript a YouTube video for later reference, these AI transcription tools are accurate, budget-friendly & promising. Read more here!

Home / Blogs / 10 Best AI Transcription Tools in 2024
Raghav Tayal

Head Of Operations - Digital Web Solutions

June 2, 2024

AI transcribers are an incredibly efficient way to convert speech into text, making information more accessible and easily understood. While it would otherwise be a time-consuming process, AI has made it possible to save time and money by converting audio and video files into written documents, regardless of the quantity of the files.

However, amidst all the available choices, finding an AI transcription tool that does the job without requiring a human to step into the water can become a headache. If you have been wanting to make information more accessible without spending too much time and resources doing it, this blog is all you will need to know about transcription tools and the best ones to pick!

What is AI Transcription?

AI transcription is the process of using AI-powered tools to convert speech from video and audio files into text. Once the file in question is updated on the tool, it takes only a few minutes to complete the transcription. As the conversion is in real-time, the output is usually accurate, requiring only edits if the pronunciations differ from what the tool is equipped to handle. But how does this work?

It works because AI transcription tools leverage the power of automatic speech recognition (ASR) to recognize words and then write them. In technical words, ASR works by converting analog signals (that make the human voice) into digital signals (as AI cannot understand the human language).

These digital signals are received by the AI tool’s natural language processing and machine learning parts, which then turn them into words and sentences. It takes a few minutes for the whole process to take place, eliminating the need to wait for hours to receive a transcription.

Importance of AI Transcription in Business

Transcription makes information more accessible for people with disabilities. Aside from that, having text to refer to makes it easier to cross-check if the acquired knowledge is correct or if there are discrepancies. However, there are merely a handful of ways AI transcription tools are helping people. Here’s how businesses can leverage these tools to their advantage:

1. EduTech industry

AI transcription services can convert audio and video into text content in real-time, making it possible for learners to take notes and cross-refer what they have learned. This aspect is particularly beneficial in courses that are intricate and of high importance. Transcription also makes it convenient for learners to have a physical copy of what has been covered, making it simpler to revise and instantaneously eliminating the need to go through the complete audio or video file to a particular section they want to study.

2. Corporate notetaking

Business meetings are long and tedious and often discuss crucial elements that can directly or indirectly impact operations and revenue. With the decreasing attention span, it is highly likely that even when you are paying close attention to what’s being discussed, you may end up missing out on some pieces of information. It can pose a challenge when it comes to executing the plans. AI transcription tools can take care of noting down vital information discussed during the meetings (even if they span for hours) in an organized manner, ensuring you can refer back to them as many times as you want.

3. In research industry

The research industry is constantly working to bring revolutionary technology and innovations. Amidst all the work being done, visualizing information can sometimes become challenging. In such cases, rule-based AI transcription and statistical AI transcription tools can help break down large amounts of information into manageable chunks of words. Similarly, AI transcription tools can help in converting informative podcasts into shareable text, making it seamless to share knowledge without missing out on vital chunks of information.

Benefits of Using AI Transcription Tools

AI transcription tools take away the stress of penning down every bit of information and make it possible to be attentive when discussing a topic. Here are some unmissable benefits of using AI transcription:

1. Enhanced accuracy

AI transcription tools are highly accurate as they make use of NLP and ML to predict words and form meaningful sentences. Additionally, the use of transcription techniques, including rule-based, statistical, and deep learning AI transcription, further significantly lowers the chances of errors, producing content that is reliable.

2. Save hours

Imagine this: you are pausing and resuming an audio/video file over and over because you are noting down details. Not only is this frustrating, but also painfully time-consuming. On the other hand, automated transcription services work by converting analog signals into digital signals in a fraction of a second, ensuring real-time transcription without pausing and resuming a file repeatedly.

3. Increases productivity

Manually transcribing a 1000-word document can take up to 2 hours. It is a tiring process that can also be inaccurate sometimes. AI transcription tools can simplify the process by converting video and audio files into accurate text files. As a result, your business will be able to generate more text content in a shorter amount of time. Increased productivity is an important parameter for businesses that are constantly generating content.

4. Cost-efficient

Hiring a human transcription professional can cost anywhere from $1 to $3 per audio minute or $90 to $200 per audio hour, whereas AI transcription tools can cost between $20 per month per user and go up to $200 per month per user. This pricing is incredibly convenient for small and medium-sized businesses that are constantly looking to maximize the value of their investments without compromising on the resources they are equipping themselves with. At the same time, it is crucial to invest in proofreading and editing to ensure the accuracy of transcriptions.

5. Increased accessibility

AI transcription tools make it incredibly easy and convenient for businesses to convert their audio and video content into text (captions, alt text, and more), making information more accessible to people with unique needs. By making your content more accessible, a business improves its brand recognition and reputation while building a natural favorable perception amongst its target audience.

10 Best AI Transcription Tools

Whether you are reconsidering a tool or are planning to start using transcription software, here are the ten best AI transcription tools to consider:

1. Otter AI

Otter AI provides business transcription services by offering a suite of tools for transcribing audio and video files. It is a highly regarded transcription software, popular for its simple interface and real-time transcription outputs. Also, as the tool makes complete use of artificial intelligence (including natural learning processing and machine learning), it generates highly accurate transcriptions.

Pros:

  • Otter AI tool supports AAC, MP3, WAV, WMA, M4A (including Apple voice memos), and OGG audio files.
  • It supports video files such as AVI, MKV, M4P, WMV, MPG, MOV, MPEG, MP4, and 3GP.
  • The live editing ensures all the transcriptions are accurate and can be edited to ensure clarity.
  • The AI tool can integrate easily with video conferencing apps to make it easier to note important information discussed during official meetings.

Cons:

  • The tool cannot clearly determine English accents, and that may interrupt the tool’s accuracy.

Pricing:

  • A free, basic plan with limited features is available. The paid plans start from $16.99 per user per month and go up to $30 per user, billed monthly. The tool also offers enterprise pricing plans. 46% discount is applicable if businesses opt for annual payment plans.

2. Riverside FM

Riverside FM is an amazing option for businesses that want to record high-quality audio content without worrying about investing in a different transcription tool. The tool makes use of artificial intelligence to turn audio and video into text content pieces with a claimed 99% accuracy.

Pros:

  • The tool offers a real-time AI transcription service that processes audio/video to generate highly accurate transcriptions.
  • The AI tool provides automatic transcriptions in 100 different languages, making information more accessible. The tool can also identify idioms to ease the transcription process.
  • The editing features enable businesses to customize the text to their preferences. It’s a two-in-one tool that allows audio and video files to be transcribed as soon as the recording is done.

Cons:

  • The tool lags if the internet connection is slow.

Pricing:

  • There’s a free plan available with limited features. Paid plans start from $15 per month to $24 per month. Enterprise plans are available on demand. All plans are available on an annual subscription basis as well.

3. Notta AI

Notta AI is a highly reliable and popular speech-to-text tool that can be used in minutes. In addition to uploading your own audio and video files, users can also paste links to the resources they want to transcribe.

Pros:

  • The tool allows users to dictate their content pieces as the tool transcribes everything with the utmost accuracy. The tool quickly catches words, phrases and idioms, converting them into words.
  • Another additional feature is Notta’s online meeting transcribing AI bot, making it significantly easier to transcribe meeting notes so that you can focus on being attentive.
  • The AI tool can also transcribe in multiple languages, making it easier for businesses to produce content for a diverse audience.

Cons:

  • The real-time translation is only limited to Enterprise users.

Pricing:

  • The free plan has limited features and usability. Paid plans start at $14.99 per month and go up to $27.99 per month. Businesses can get 40% off if they opt for an annual subscription. Custom plans are available for enterprises with unique needs.

4. Rev

Rev offers the impeccable benefit of human and AI-powered transcription, allowing businesses to choose what works best for their needs. Human-powered transcription takes around 12 hours and can be helpful if the audio or video quality is low for AI transcription. The best-of-both-worlds experience is beneficial for businesses that do not have scope for error in their work.

Pros:

  • Open and close captioning is available, making information more accessible.
  • Transcription services are available in multiple languages, enabling brands to establish a presence in a diverse market.
  • Auto-tagging and topic extraction are available with concise, actionable summaries.

Cons:

  • Customer service can be a hassle to reach sometimes.

Pricing:

  • Pay-as-you-go options are available for machine transcription starting at $0.02/minute and human transcription starting at $1.50/minute. Enterprise plans are available on demand.

5. Sonix AI

If your business is always on the move and wants hassle-free but accurate transcriptions, then Sonix AI can be the tool for you. The AI transcription tool can process 30 minutes of audio or video files into text files under 2-3 minutes. While being phenomenally fast, the tool is also highly accurate, eliminating the worries of having inaccurate transcriptions.

Pros:

  • The tool highlights words it could be uncertain about, eliminating the need to read through complete documents.
  • The multi-user capability allows multiple team members to edit the same transcript.
  • It is a web-based platform, eliminating the need to download hefty software tools.

Cons:

  • The pricing structure can be confusing for new users.

Pricing:

  • A standard pay-as-you-go plan is available starting at $10/hour, whereas the premium plan is at $5 per hour. The enterprise offers the convenience of customizing plans according to the services your business needs.

6. Fireflies AI

Fireflies AI is a particularly great AI transcription tool that makes notetaking during important meetings easier and hassle-free. The deep learning and NLP technology make it easier for the tool to identify words in multiple languages and accents, ensuring cleaner and highly accurate transcriptions.

Pros:

  • The AI tool comes with a host of integrations, making it easy to use.
  • The AI-powered tools can capture video and audio recordings, making information more accessible for everyone for later use and access.
  • The soundbites enable the capture and sharing of memorable moments from the meeting.

Cons:

  • The user interface can be tricky for first-time users.

Pricing:

  • A free plan with limited features is available for lifetime use. The paid plans start from $18 per month and go up to $39 per month. Businesses can save up to 40% on subscription costs for individual plans if billed annually.

7. Beey IO

Berry IO prides itself on providing 90% precision for most English, German, and Czech audio and video files. The captions and subtitles are generated quickly to ensure you have access to information in a matter of seconds. The AI tool also comes with the feasibility of hiring a professional proofreader (BerryIO’s in-house) to ensure the AI transcription is accurate and on point.

Pros:

  • The tool uses advanced E2E models for accurate speech-to-text transcription.
  • The tool seamlessly integrates with existing systems, enabling teams to automate taking notes during meetings and other online interactions.
  • The tool can transcribe all types of audio and video formats. The transcription is available for download in multiple formats.

Cons:

  • The tool may not be able to transcribe low-quality audio and video files.

Pricing:

  • A basic plan is available on pay-as-you-go credit for $9.11/hour ($0.15/min). Users can upgrade their plans to add more team members and make more cloud storage available.

8. MeetGeek

MeetGeek removes the stress of making notes during an important meeting so you can focus on getting things done. The transcribing tool is simple to use and phenomenal for anyone who spends most of their day attending meetings. Aside from taking notes, the AI tool also shares important metrics like meeting engagement, burnout, and other parameters that will help businesses prioritize minimizing time spent in unnecessary meetings.

Pros:

  • The tool can seamlessly record video and audio of a meeting while transcription everything for later reference.
  • The notes highlight important topics and parameters that were discussed in the meeting, making it easier to scan for specific information.
  • The tool helps in keeping relevant teams streamlined, eliminating the need for frequent meetings.

Cons:

  • The settings can be tricky to go around initially.

Pricing:

  • A basic free plan is available with limited features. Paid plans start from $19 per user per month and go up to $59 per user per month. With annual subscriptions, businesses can save 26% on costs.

9. SpeakAI

Manual transcriptions are challenging and often time-consuming. SpeakAI aims to make it easier for businesses to convert audio or video files into text with a few clicks. The tool offers the convenience of sentimental analysis, giving more depth to the transcription process. SpeakAI is extensively beneficial for qualitative researchers and marketers who are looking to derive more information from data sets.

Pros:

  • The editing feature is incredibly powerful, ensuring the transcription is accurate and aligns with the requirements.
  • Above 90% accuracy with high-quality audio, eliminating the scope for extensive editing.
  • A wide range of languages is supported, making it possible to transcribe different audio and video files within seconds.

Cons:

  • Magic Prompts have limited flexibility except for in the custom packages.

Pricing:

  • A free plan is not available. Individual paid plans start from $29 per month and go up to $78 per month. Custom plans are available as well, catering to specific needs. If paid annually, businesses can save 20% on all paid packages.

10. Trint

Trint is an excellent AI transcription software service for journalists and media professionals due to its fast turnaround time and accuracy. The tool is capable of converting audio and video files into searchable and editable text. Trint can also easily integrate with Adobe Premiere, making it easier to create videos with subtitles and captions.

Pros:

  • The AI transcription tool can transcribe live content, making it easier for media professionals and others to take note of what’s being discussed.
  • The tool can transcribe in 40 languages with an assurance of 90%+ accuracy, speeding up the content production process.
  • The editorial tools speed up the process of using transcriptions to create different types of content pieces, including articles, podcasts, soundbites, and scripts, to garner higher engagement.

Cons:

  • Files can be difficult to delete once they have been created.

Pricing:

  • The paid plans start from $80 per seat per month and go up to $100 per seat per month. Enterprise plans are available to cater to unique brand needs. Businesses can save up to 40% with annual subscriptions.

How to Choose the Right AI Transcription Tool

While the convenience and benefits of using AI transcription tools are unmatched, finding a tool that matches your needs and budget is still crucial.

Key Features to Look for in AI Transcription Tools

  1. Accuracy: The higher the accuracy, the less time you will spend editing the transcribed document.
  2. Cost: The AI transcription services must cost less than hiring a professional transcription expert.
  3. Ease of use: The tool should be easy to use so that users do not have to spend extra time and effort understanding how to use it.
  4. Integration with other tools: The transcription tool should easily integrate with other tools that your business uses to diversify its application and benefits.
  5. Language support: The tool should offer the convenience of transcribing in other languages so your target audience can access information in their preferred language.

Bottomline

AI transcription tools are truly revolutionary as they enable a business to convert audio or video content into text within a few minutes, making information available as quickly as possible. Most of the tools mentioned can automatically transcribe content, allowing you more time to focus on what’s necessary. As the tool removes the need for manual transcription, your business saves hours without missing out on the accuracy parameter. Opt for AI transcription services that align with your business objectives without stressing your budget and the team.

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