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

Market Segmentation

• U.S. Transcription Vertical Outlook (Revenue, USD Billion, 2018 - 2030)
  • Legal
  • Medical
  • Media and Entertainment
  • BFSI
  • Government
  • Education
    • Corporate
    • Academics
      • K-12
      • Undergraduates
      • Universities
      • Individual
  • Others
• U.S. Transcription Type Outlook (Revenue, USD Billion, 2018 - 2030)
  • Software
    • Services
    • Electronic Reporting
  • Digital Recording

U.S. Transcription Market Dynamics

Drivers: Growing Need For Accurate Data

Data is the most valuable resource for every organization. Organizations have realized that the large volumes of data they generate daily can be used effectively to obtain valuable insights. However, data accuracy would be paramount if these data-driven insights were used for making business decisions. As such, organizations have started opting for transcription services to retrive critical information accurately. Human-based transcription services can help government agencies, companies, non-profit organizations, and corporations maintain their records accurately. They can also help improve training curricula by providing data in written format and complying with regulations. In the case of legal proceedings, efficient transcription can help maintain crystal-clear versions of court decisions. Thus, the growing need to maintain accurate information is expected to drive the growth of the transcription market. In order to cater to the increasing needs, market players are launching new products that can 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 and audio and convert those into transcripts. The new products are designed to provide faster and more accurate transcripts and captions. 

Drivers: Growing Adoption Of Transcription Services Across Medical And Legal Sectors

Transcription services have paved their way across several industries. The adoption of these services is also gaining traction among government agencies. However, given that the medical and legal sectors rely heavily on accurate data, the adoption of transcription services across the medical and legal sectors is remarkably increasing rapidly. Medical transcription envisages transcribing the voice recordings provided by doctors. Medical transcriptionists hold particular expertise in understanding and interpreting medical terms. Market players are emphasizing launching new and innovative medical transcription services in line with the growing demand for medical transcription. For instance, in December 2019, Amazon.com, 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 also need to be transcribed with high accuracy because participants of legal proceedings rely heavily on transcribed files of previous court hearings. The growing demand for legal transcription services is prompting market players to raise funds to enhance their legal transcription service portfolio. For instance, in January 2019, Verbit.ai, a provider of legal transcription services, announced raising USD 23 million in Series A rounds from various companies. The company plans to use the proceeds to enhance its transcription services further. The company focuses on the legal and academic sectors and provides its users with freelancing and custom machine learning models. 

Restraints: Concerns Over Data Security

While data remains a critical resource for organizations, protecting critical and vital data is becoming a major concern. Enterprises opting for transcription services often have to share their audio and video data with third-party transcription service providers. At this juncture, enterprises are deliberating before sharing their data with third parties to make sure that their vital data remains secure. In the case of automated transcription, enterprises are particularly concerned that security breaches during uploading the original content and downloading the transcribed content can potentially hamper their integrity and adversely affect their business. Several companies have had to face monetary fines for causing data breaches. This has increased concern among various companies to opt for transcription services. For instance, in April 2018, a fine of USD 200,000 was imposed on Virtua Medical Group, a medical transcription company, for misconfiguring the database and breaching critical information of more than 1,600 patients. The company reportedly sent the patient data through a third-party vendor without thoroughly analyzing the data confidentiality risks. Any such looming data security concerns can discourage enterprises from opting for transcription services.

What Does This Report Include?

This section will provide insights into the contents included in this U.S. transcription market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

U.S. transcription market qualitative analysis

• Industry overview

• Industry trends

• Market drivers and restraints

• Market size

• Growth prospects

• Porter’s analysis

• PESTEL analysis

• Key market opportunities prioritized

• Competitive landscape

  • Company overview

  • Financial performance

  • Product benchmarking

  • Latest strategic developments

U.S. transcription market quantitative analysis

• Market size, estimates, and forecast from 2018 to 2030

• Market estimates and forecast for product segments up to 2030

• Regional market size and forecast for product segments up to 2030

• Market estimates and forecast for application segments up to 2030

• Regional market size and forecast for application segments up to 2030

• Company financial performance