U.S. Transcription Market Size, Share & Trends Report

U.S. Transcription Market Size, Share & Trends Analysis Report, By Vertical (Legal, Medical, Media & Entertainment, BFSI, Government, Education), By Type (Software, Services), And Segment Forecasts, 2020 - 2027

  • Published Date: Mar, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-404-8
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 100

Report Overview

The U.S. transcription market size was valued at USD 19.8 billion in 2019 and is anticipated to expand at a CAGR of 6.1% from 2020 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 which, 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.

U.S. transcription market

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 verticalsincluding 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.

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.

Type Insights

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.

U.S. transcription market share

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;VITAC; TranscribeMe Inc.; Moretti Group; Robin Healthcare; Peterson Reporting; TSG Reporting, Inc.; Captionmax LLC; Nuance Communication Inc.; and 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.

Report Scope

Attribute

Details

Base year for estimation

2019

Actual estimates/Historical data

2016 - 2018

Forecast period

2020 - 2027

Market representation

Revenue in USD Billion and CAGR from 2020 to 2027

Country scope

U.S.

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analysts working days)

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.


Segments Covered in the Report

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, Grand View Research has segmented the U.S. transcription market report based on vertical and type:

  • Vertical Outlook (Revenue, USD Billion, 2016 - 2027)

    • Legal

    • Medical

    • Media and Entertainment

    • BFSI

    • Government

    • Education

      • Corporate

      • Academics

        • K-12

        • Undergraduates

        • Universities

        • Individual

    • Others 

  • Type Outlook (Revenue, USD Billion, 2016 - 2027)

    • Software

      • Electronic Reporting

      • Digital Recording

    • Services

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