U.S. Transcription Market Size Worth $41.89 Billion By 2030

U.S. Transcription Market Growth & Trends

The U.S. transcription market size is expected to reach USD 41.89 billion by 2030, registering a CAGR of 5.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Transcription services are widely used in the entertainment, legal, and healthcare sectors as there is a need for accurate data. An increase in online audio and video content and a significant population with hearing disabilities will further influence the transcription market's growth.

Companies are increasingly turning to transcription services due to the continued growth of the multimedia industry. Live and recorded telecasts of sports events, talk shows, and digital content on OTT platforms are adopting transcription services. Increased access to content from various corners of the globe comes with a specific language barrier. 3Play Media provides transcription services for more than 20 languages backed by innovative technology for its customers in the legal, health, and podcasts industry. Additionally, they also offer transcription for dual languages.

Transcription service providers have adopted advanced Artificial Intelligence AI and Machine Learning technologies to automate processes. Automation saves time and human costs, gives precise results, and is used in courtrooms, institutions, clinics, etc. For instance, Robin Healthcare and Moretti Group have adopted the latest technologies to serve various customers.

The COVID-19 pandemic has normalized remote work and impacted the growth of the U.S. transcription industry. Meetings consume time, and communication barriers make them more difficult. Transcription companies have used this to their advantage to expand their businesses. For instance, VITAC provides Internet Captioning Services (ICS) for events to its VITAC Zoom customers, reducing customers' requirements to share large volumes of API tokens.

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U.S. Transcription Market Report Highlights

• Service providers are rapidly adopting speech recognition technology to achieve higher accuracy and reduce costs. Text-to-speech (TTS) technology is said to drive the growth of the transcription market

• In the U.S., 20% of people have hearing impairments, which is prompting the demand for video and audio transcription services, thereby propelling the growth of the market. Service providers follow WCAG 2.0 guidelines developed by World Wide Web Consortium to provide digital content to disabled users

• AI-based transcription services have gained popularity in legal, entertainment, and education sectors as it transforms recorded and live videos and audio with more than 99% accuracy

U.S. Transcription Market Segmentation

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

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

  • Electronic Reporting

  • Digital Recording

• Services

List of Key Players of U.S. Transcription Market

• 3Play Media

• VITAC

• TranscribeMe

• Moretti Group

• Robin Healthcare

• Peterson Reporting

• TSG Reporting, Inc.

• Captionmax

• Nuance Communication, Inc.

• MModal IP LLC