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, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the U.S. transcription market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for U.S. transcription market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of U.S. transcription market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

U.S. Transcription Market Categorization:

The U.S. transcription market was categorized into four segments, namely vertical (Legal, Medical, Media and Entertainment, BFSI, Government, Education), and type (Software, Services).

Segment Market Methodology:

The U.S. transcription market was segmented into vertical, and type. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The U.S. transcription market was analyzed at a regional level.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

U.S. transcription market companies & financials:

The U.S. transcription market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• 3Play Media - 3Play Media offers transcription, captioning, translation, subtitling solutions, and audio description services. The company also provides video search tools and interactive transcripts that combine automatic speech/voice recognition and human editing cleanup. The company offers a user-friendly account system and APIs that can be integrated with many platforms, video players, and lecture capture systems. 3Play Media provides solutions for captioning, transcription, live captioning, audio description, translation & subtitling, and Spanish captioning. The company offers transcription solutions for podcasting, legal transcription, education, dictation, medical transcription, and journalism. Based on the volume and features of the content, the company offers two transcription plans, namely Express and Enterprise. The Express transcription plan is ideal for occasional projects and light-volume content, while the Enterprise transcription plan is suitable for consistent projects and high-volume content. 3Play Media holds seven patents related to audio description and transcription processes. The company provides its products and services to over 2,500 customers, including educational institutions, universities, e-learning companies, media & entertainment companies, enterprises, online video content providers, government agencies, and religious broadcasters. The company has several partners, including Amara; Blackboard Inc.; Brightcove Inc.; CanAdapt Solutions Inc.; and CaptureCast, among others, to extend the reach of its solutions.

   

• VITAC - VITAC is a provider of closed captioning and accessible media services based in the U.S. It offers video description, prerecorded and live captioning solutions in Spanish and English, and digital media services for cable TV, broadcast networks, teleconferences, and online videos. VITAC provides several media services, including live captioning, offline captioning, audio description, Spanish captioning, subtitling, encoding, and caption integrations. Education institutions, corporations, media & entertainment companies, and operators of event centers and stadiums particularly opt for the companies services. VITAC serves more than 1,500 clients and captions nearly 57,000 prerecorded, web-delivered content and 525,000 live hours per year. The company has two U.S. offices, including the Colorado headquarters and an operations center in Pennsylvania.

• TranscribeMe Inc. - TranscribeMe Inc. provides voice-to-text transcription services. The company offers translation & voice analytics and speech-to-text transcription services to global enterprises and small- and medium-sized businesses. TranscribeMe Inc. provides several media services, including translation, transcription, and speech recognition. The company offers media solutions for market research companies, medical companies, legal entities, education institutions, entertainment companies, consulting companies, and technology companies. TranscribeMe Inc. also offers a mobile transcription app for researchers, students, medical practitioners, legal groups, and professionals. The company complies with the requirements specified under the Health Insurance Portability and Accountability Act of 1996 (HIPPA) for medical transcriptionists aimed at safeguarding the security & privacy of personal health information. As such, the company has located its servers inside dedicated Microsoft Azure ISO-certified data centers.

   

• Moretti Group - Moretti Group is a provider of deposition solutions based in the U.S. The company caters to the needs of videoconferencing and deposition. It provides various media services, including court reporting, videoconferencing, and videography. The company also offers video services for meetings, seminars, interviews, will signings, 'a day in the life' videos, site inspections, deposition preparation, and mock jury/mock trials. The company has four offices in West Michigan and twelve offices in East Michigan. The company happens to be a member of Table 8 Litigation Solutions, a national network of independently owned court reporting agencies.

   

• Robin Healthcare - Robin Healthcare happens to be a health technology company. It has developed a digital assistant service that can potentially free physicians from paperwork. The company envisages leveraging artificial intelligence technology and combining domestic virtual medical scribes and voice recognition to address inefficiencies in the healthcare industry. Robin Healthcare has developed a device called Robin Assistant. The device that can potentially annul medical note documentation. The device utilizes natural language processing to audit the charts for billing and compliance. The company uses military-grade, 256-bit encryption to maintain the patient data as per the requirements mentioned under HIPAA. The company has offices in the states of California and Texas.

   

• Peterson Reporting - Peterson Reporting is a provider of video and litigation services based in the U.S. The company provides services related to videography, court reporting, and trial presentations, including smartphone, iPad, and tablet trial technology. The company’s online services include transcripts and exhibit-linked files. Peterson Reporting serves as a single point-of-contact for court reporting, legal video depositions, internet depositions, videoconferencing, document management, and trial presentation services.

   

• TSG Reporting, Inc. - TSG Reporting, Inc. provides litigation solutions to law firms and corporations. The company offers comprehensive litigation support by providing clients with a single point of contact for all the litigation needs. TSG Reporting, Inc. provides various services, including interactive real-time reporting, internet streaming services, rough drafts, secure & searchable online repository, highdefinition videoconferencing, conference rooms, and email delivery. Furthermore, the company’s services are HIPAA compliant, ISO Certified having met the ISO/ IEC 27001:2013 requirements, and TrustArc Certified having met the enterprise privacy standards. The company has eleven offices in seven states in the U.S., including New York, California, Texas, Washington, Illinois, Georgia, and Massachusetts.

   

• Captionmax LLC - Captionmax LLC mainly provides services for organizations operating in industries and sectors such as media and entertainment, government, education, and corporate. The company offers real-time closed captioning, prerecorded closed captioning, video description, subtitling & localization, transcription & scripts, and other technical services. In real-time closed captioning, the program is transmitted live or produced closely to the airtime. The company provides transcription in two languages — English and Spanish, multiple delivery configurations (including traditional modems, iCAP, IP, or a combination), stream text, and different file types. Under prerecorded captioning, the company provides dedicated account management, experienced in-house caption writers, multilayered security, custom APIs, and other services. Under description, the company offers a complete range of accessibility services in different languages for low-vision and blind video content consumers, including supplementary audio tracks mixed with the original voiceover-only tracks, program audio, and text-based description files. The company offers many transcription services, including basic and specialized scripting services. Additionally, it offers as-broadcast scripts, dialogue lists, and continuity lists transcription services to several industries.

   

• Nuance Communication Inc. - Nuance Communication Inc.’s solution categories include Omni-channel customer engagement, Dragon consumer & enterprise, and Healthcare AI solutions & services. The company serves industries and sectors such as healthcare, telecommunications, automotive, financial services, government, insurance, legal, retail, social services, travel & hospitality, utilities, and education. The company offers Nuance Transcription Services (NTS) under its healthcare AI solutions & services category. There are more than 12,000 customers associated with the company for medical transcription. Furthermore, the company provides its nuance transcription solutions to more than 60% of the global healthcare facilities. More than 5 billion lines of medical data are transcribed annually using the company’s solutions. The company’s cloud-based infrastructure delivered better security and fully operational services with a low risk of data loss. The company has partnerships with NVIDIA, EPIC, Cerner Corporation, Banner Health, NHS, Cleveland Clinic, and other players for healthcare services.

   

• MModal IP LLC - MModal IP LLC and 3M provide speech understanding applications. The company aids healthcare providers in gathering clinical information from diction and transforming it directly into retrievable, accessible, and shareable electronic files. The company is engaged in providing speech enable HER, cloud-based, front-end medical speech recognition, improving care management using HCCs, driving value-based imaging, and enriching coding outcomes. The company's product and service portfolio includes Fluency Direct, HCC Management, Fluency for Imaging, M*Modal Scout, Fluency Flex, Fluency Mobile, Fluency Voice Manager, Fluency for Transcription, Transcription Services, CDI Engage, CDI Collaborate, CDI Services, Fluency for Coding, Coding Services, Medical Scribing Services, and Adoption Services. Currently, M*Modal serves outsourced transcription needs of over 3,000 clients. Several medical transcription service organizations partnered with the company to gain access to its fluency transcription product.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

U.S. Transcription Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

U.S. Transcription Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.