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

Report Overview

The U.S. transcription market size was valued at USD 25.98 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. Organizations generate an enormous amount of data to efficiently analyze business scenarios and gain valuable insights.  Data accuracy is important for making business decisions. To ensure the accurate archiving of critical information, organizations are opting for transcription services.

Human-based transcription services can assist businesses, government agencies, non-profit corporations, and government agencies in maintaining accurate records. They can also assist in improving staff training programs by giving written data and ensuring compliance with rules. In judicial procedures, proper transcribing can aid in the preservation of crystal-clear versions of court judgments. Thus, the increasing demand for maintaining accurate information is expected to drive market growth in the coming years.

Introducing new products to help emerging verticals track accurate data is becoming increasingly important in response to growing demands. For instance, Robin Healthcare has launched its own AI-based product Robin using cutting-edge technology. The device captures conversations between medical practitioners and patients in exam rooms and uses the data for clinical documentation. Robin posts it within 24 hours in an EMR for evaluation. Companies benefit from such services because they enable employees to listen instead of taking notes.

Transcripts have become an integral part of many industries, including healthcare, education, media, and entertainment. In response to the growing demand for transcription services, primary market participants are launching innovative services. Advanced techniques and automation have driven the market’s growth in healthcare, education, and the legal industry. As students with hearing impairment and learning difficulties become increasingly dependent on transcription services, they also adopt them. These factors will accelerate the industry’s growth.

Vertical Insights

The U.S. transcription market is segmented into medical, media & entertainment, government, education, BFSI, legal, and others. The education sector is bifurcated into two more categories, academics and corporate. The academics segment is further divided into K-12, universities, undergraduates, and individuals. The academics segment is likely to account for the significant market share in terms of education, followed by the corporate sector with the highest CAGR of more than 9.0% over the forecast period.

The medical sector uses transcription services to record patient history and ongoing treatment details that other healthcare providers can access. The service providers require a high level of expertise to maintain accuracy in documentation while interpreting medical terms. Therefore, significant players emphasize advanced medical transcription services to address the demand in the segment. For instance, in December 2021, Amazon Web Services (AWS) launched Amazon Transcribe Medical, a machine-learning service for medical practitioners to convert medical consultations to text using voice recognition technology.

Transcription services have gained a reputation in the legal industry as faultless legal transcriptions are essential for paralegals, court reporters, attorneys, and law firms. Due to its ongoing demand, the legal transcription market is subjected to further growth. According to an article published by ParalegalEDU.org in October 2021, the Bureau of Labor Statistics has projected an almost 9.0% increase in legal captioning in the coming decade.

Type Insights

The transcription market is segmented into software and service based on the type. The software segment is further sub-segmented into digital recording and electronic reporting. The software-based transcription services are anticipated to witness significant growth owing to the increasing demand for automation, easy accessibility, and time and cost-saving benefits. For instance, OTTER.AI, a software-based transcription company, transcribes real-time audio using Artificial Intelligence (AI). The software is accessed on systems as well as on mobile devices. One may also integrate the software with Cisco WebEx, Zoom, and Google meet to import recordings.

In the coming years, the services segment is expected to witness the highest CAGR of around 6.9% due to the growth of multi-media industries. Transcription is a sought-after service by media firms and OTT platforms like Netflix, Inc., Amazon.com, Inc., etc. For instance, the Sailing Channel, LLC, a producer of documentaries and interviews, is a loyal client of Transcription Star that purchases its transcription services.

Key Companies & Market Share Insights

To gain a competitive advantage, industry participants are launching new transcription services. In September 2021, OOONA partnered with Captionmax LLC to launch a mobile application that assists project managers and translators in managing work remotely. Users can answer requests, view dashboards, and confirm assignments, and one can work on smaller urgent tasks on the application without the need for a computer.

In September 2020, Nuance Communication Inc. and Microsoft Corp launched Nuance Dragon Ambient eXperience. It is an ambient clinical intelligence (ACI) solution integrated with Microsoft Teams, capturing virtual patient-doctor visits to create clinical documentation allowing a better consultation experience. Some prominent players in the U.S. transcription market include:

• 3Play Media

• VITAC

• Transcribe Me

• Moretti Group

• Robin Healthcare

• Peterson Reporting

• TSG Reporting, Inc.

• Captionmax

• Nuance Communication, Inc.

• MModal IP LLC

U.S. Transcription Market Report Scope

U.S. Transcription Market Report Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the U.S. transcription market report based on vertical and type:

• Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

  • Legal

  • Medical

  • Media and Entertainment

  • BFSI

  • Government

  • Education

    • Corporate

    • Academics

      • K-12

      • Undergraduates

      • Universities

      • Individual

  • Others

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Software

    • Electronic Reporting

    • Digital Recording

  • Services