Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Transcription market.
Trusted Business Insights presents an updated and Latest Study on U.S. Transcription Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Transcription market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: U.S. Transcription Market
The U.S. transcription market size was valued at USD 18.7 billion in 2020 and is anticipated to expand at a CAGR of 5.0% from 2021 to 2027. Organizations across the globe generate large volumes of data every day that can be effectively used for obtaining valuable insights. However, data accuracy is of paramount importance if these data-driven insights are to be used for making business decisions. Owing to this, organizations have started opting for transcription services so that critical information can be recorded accurately.
Human-based transcription services can help government agencies, companies, non-profit organizations, and corporations to maintain their records with high accuracy. They can also help in improving the employee training programs by providing data in written format as well as in complying with regulations. In case of legal proceedings, efficient transcription can help in maintaining crystal clear versions of court decisions. Thus, growing need for maintaining accurate information is expected to drive the market growth in the coming years.
In order to cater to increasing needs, market players are launching new products to help emerging verticals record accurate data. For instance, in October 2019, Rev.com, an automatic speech recognition service, announced the launch of real-time audio transcription that can help process live video/audio and convert those into real-time transcripts. The new product has been designed to provide faster and accurate transcripts and captions. Such services are assisting companies to enhance the productivity of employees by enabling them to focus on listening rather than taking down notes.
Transcription services have become one of the essential parts of different industry verticals including healthcare and education. Prominent market participants are emphasizing on launching innovative transcription services in line with the growing demand. Rising adoption of advanced reporting techniques and continued automation of medical and healthcare services have triggered the market growth. Adoption of transcription services is also increasing among students, particularly those with hearing impairment and those having difficulties in learning. These factors are anticipated to drive the market growth at faster pace over the forecast period 2021-2027. Vertical Insights
On the basis of vertical, the U.S. transcription market has been segmented into legal, medical, media and entertainment, BFSI, government, education, and others. The education sector is further bifurcated into corporate and academics. The academics sub-segment is further categorized into K-12, undergraduates, universities, and individual. The adoption of these services is also gaining traction among government agencies. The medical sector is expected to account for the highest share in the market while the legal sector is expected to register the highest CAGR in the forecast period.
Medical transcription transcribes voice recordings provided by doctors. Medical transcriptionists hold particular expertise in understanding and interpreting medical terms. Market players are putting high emphasis on launching new and innovative medical transcription services in line with the growing demand for medical transcription. For instance, in December 2019, Amazon, Inc. announced the launch of a medical transcription service called Transcribe Medical. The new service has been designed to make more efficient clinical documentation.
Legal proceedings need transcriptions with high accuracy, as participants of legal proceedings majorly rely on transcribed files of previous court hearings. Growing demand for legal transcription services is prompting market players to raise funds to enhance their service portfolio. For instance, in January 2019, Verbit.ai, a provider of legal transcription services, announced raising USD 23 million in a Series A round from various companies and plans to use the proceeds to further enhance its services. The company focuses majorly on the legal and academic sectors and provides its users with both freelancing and custom machine learning models.
Based on type, the market is segmented into software and services. The software segment is further categorized into electronic reporting and digital recording. The software segment is expected to hold a moderate share in the market due to rising number of companies focusing on providing advanced transcription software. For instance, TRINT, a transcription software company, provides collaborative tools based on automated speech-to-text algorithms for editing, reviewing, and approving transcribed material.
The services segment is expected to register the highest CAGR in the market due to growing adoption of services by industry verticals such as media and entertainment. Several media production companies are opting for transcription services for pre-production and post-production processes of entertainment programs. For instance, iMedia Digital Marketing, Inc., a provider of digital content, uses the script transcription services provided by TranscriptionStar, a service provider based in U.S.
U.S. Transcription Market Share Insights
The key industry participants in the market include
- 3Play Media
- TranscribeMe Inc.
- Moretti Group
- Robin Healthcare
- Peterson Reporting
- TSG Reporting, Inc
- Captionmax LLC
- Nuance Communication Inc.
- MModal IP LLC.
Industry participants are focusing on launching new transcription services in order to gain a competitive edge in the market. In November 2019, 3Play Media launched an auto live captioning service to provide video publishers a cost-effective and flexible solution for live-streamed video events captioning. This solution is based on automated speech recognition technology and is designed to streamline the conventional live captioning workflow. It can potentially improve viewer engagement by making live events more accessible for people with hearing impairment.
In September 2019, Nuance Communication Inc. launched a pediatric-specialized solutions portfolio. The solution helped simplify and streamline the process followed by pediatricians for communicating and capturing patient stories, using metrics to assess and document care quality, and accessing real-time clinical intelligence to enhance care quality.
This report forecasts revenue growth at country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the U.S. transcription market report based on vertical and type:
Vertical Outlook (Revenue, USD Billion, 2016 – 2027)
- Media and Entertainment
Type Outlook (Revenue, USD Billion, 2016 – 2027)
- Electronic Reporting
- Digital Recording
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