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U.S. Transcription Market Growth & Analysis, 2027 | Industry Report

U.S. Transcription Market Analysis Report, By Vertical, By Type And Segment Forecasts From 2020 To 2027

Report ID: MN17619977  |  Published: July 2020  |  No of Pages: 100
Format: Electronic (PDF)  |  Industry: Computing & Technology  |  Publisher: Grand View Research

Industry Insights

The U.S. transcription market size was worth USD 19.8 billion in 2019. It is projected to register 6.1% of CAGR over the forecast period, 2020 to 2027. Various enterprises across the globe generate a huge volume of data daily. Effective processing of these data is necessary in order to get valuable insights. The accuracy of data is vital as it helps in making an informed decision. Transcription services allow easy recording of critical data that are used for decision-making, thereby, gaining traction among organizations.

Human-based transcription can also help companies, corporations, non-profit organizations and other firms in maintaining their record with precision. Written format of data can also help in training employees along with adhering to the regulations. Written format of data can be vital for companies in case of any dispute where data are required to furnish in the court. Therefore, increasing demand for accuracy in data recording is estimated to propel the market growth.

U.S. transcription market Considering the growing demand for transcription services, companies are introducing new solutions to help enterprises record data with accuracy. For example, a speech recognition services providers Rev.com, in October 2019, intended to introduce real-time transcript that can process live audio/video and convert them into a transcript in real-time. This new product offers accurate and faster captions and transcript. Such transcript services help enterprises in enhancing their productivity as employees focus on more on listening than writing notes.

Transcription solution plays an important role in different other industry verticals such as education and healthcare as well. Key market players are focusing on introducing the innovative solution to cater to the growing demand. Rapid automation in the healthcare sector and the growing popularity of advanced reporting techniques are supplementing the market growth. In addition, transcription services are gaining traction among students with hearing disability and students having issues while learning. These factors are propelling the market demand in the education sector.

Vertical Insights

By vertical, the U.S. transcription market is segregated into medical, education, BFSI, media and entertainment, legal and others. Further, the education segment is divided into corporates and academics. The academics category is further bifurcated into individual, undergraduates, K-12 and universities. The government sector is also witnessing a rise in adoption of these services. The legal category is anticipated to grow at the highest rate while the medical segment is estimated to account for the largest share in the market over the forecast duration.

Well-established health professionals record medical transcriptions. They have particular expertise in interpreting and understanding different medical terms. Owing to the increasing demand from the medical sector, market players are focusing on introducing innovative solutions. For example, Amazon Inc., in December 2019, introduced Transcribe Medical, a transcription service for the medical sector. This new service offers efficient documentation.

The importance of transcription in the legal sector is gaining popularity as legal proceedings rely on well-maintained transcribed files from court hearings. Market players are raising funds to introduce enhanced transcription solution for the legal sector. For example, a legal transcription solution providers Verbit.ai raised 23 million in January 2019. This company exclusively focuses on academics and legal sectors and offer both custom and freelancing learning models.

Type Insights

Depending on the type, the market is categorized into services and software. Further, the software division is bifurcated into digital recording and electronic reporting. The software category is estimated to account for the moderate share in the market owing to the increasing number of market participants emphasizing on offering an advanced version of transcription software. For example, a transcription software solution providers TRINT offers collaborative tools with automatic speech-to-text algorithms meant for editing approving and reviewing.

U.S. transcription marketOn the other hand, the services division is anticipated to grow with the highest CAGR over the forecast duration. Rising adoption of this segment in industries like media & entertainment is driving the segment growth. Various media production firms are choosing for these services during their pre-production as well as post-production of their programs.

Impact of COVID-19

COVID-19 is estimated to have a mixed effect on the U.S transcription services industry. Accurate transcription of a term such as “corona virus” or “COVID-19” is important as it helps in enabling automatic call flow. Such systems are greatly in demand in this pandemic period. While its demand in the medical industry is growing significantly following the pandemic outbreaks, the other sectors such as BFSI, education and legal services have been severely affected, thereby, generating a moderate demand overall. However, with relaxing lockdown norms, the market is gaining traction in other industry verticals as well and predicted to generate significant demand in post-COVID-19 period.

U.S. Transcription Market Share Insights

Major market players are VITAC, Robin Healthcare¸ TSG Reporting, Inc., MModal IP LLC, Captionmax LLC, Peterson Reporting, Moretti Group, 3Play Media and TranscribeMe Inc. among others. These market players are emphasizing on introducing a new solution to gain a competitive edge in the market, For example, 3Play Media introduced an automatic live captioning service to offer a flexible and cost-effective solution for captioning of live-streamed events video. Such solutions can make the live-events more engaging for people with hearing disability. Similarly, Nuance Communication Inc. in September 2019 introduced a pediatric-based solution. This solution assists pediatricians in capturing patients’ stories and access clinical intelligence in real-time.

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

The 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 levels, and provides an analysis on latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights 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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