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US Transcription Market Size, Share, & Industry Report 2031

US Transcription Market

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Segments - by Types (Services and Software [Digital Recording and Electronic Reporting]), Verticals (BFSI, Medical, Government, Media & Entertainment, Education [Academics {Universities, K-12, Individual, and Undergraduates} and Corporate], Legal, and Others), and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author:

Raksha Sharma

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Amulya Agarwal

Editor:

Shruti Bhat

Report Description

The US transcription market size was USD 26 Billion in 2022 and is likely to reach USD 43.19 Billion by 2031, expanding at a CAGR of 5.8% during 2023–2031. The growth of the market is attributed to rising requirement for smooth recording process of a large volume of data among big enterprises.

A transcription is a business service that translates speech into electronic or written text file by allowing time syncing and subtitling for audio or video file. Transcription services are frequently provided for medical, legal, and business process as it carries valuable insights about data recording of companies. Human-based transcription services helps non-profit organizations, government agencies, corporations, and companies to conserve their records with great precision. The service is also widely used for enhancing the employee training courses by giving data in written format and fulfilling with guidelines.

The COVID-19 pandemic outbreak has considerable impact on the market growth. During the pandemic, transcription services were not functional due to lockdown and social distancing norms that has forced to pause the work of government agencies, non-profit organizations, and companies. However, medical transcription services were working on full pledge owing to the pandemic.

US Transcription Market Trends, Drivers, Restraints, and Opportunities

Rising implementation of transcription services in companies to increase employee productivity by enabling them to focus on listening rather than taking notes is a key factor driving the market growth.
Adapting transcription service for students with hearing impairment and those having difficulties in learning is projected to drive the market expansion during the forecast period.
Increasing data privacy concern about the misuse of files which are transcribing is a key restraining factor limiting the market growth.
Transcription service is prone to errors as it is human-based service. This acts as a major challenge that can restrict the market growth in the coming years.
Integrating of innovative technology such as voice recognition system technology with transcription services is projected to create significant growth opportunities for the market.

Scope of US Transcription Market Report

The report on the US transcription market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	US Transcription Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Services and Software [Digital Recording and Electronic Reporting]), and Verticals (BFSI, Medical, Government, Media & Entertainment, Education [Academics {Universities, K-12, Individual, and Undergraduates} and Corporate], Legal, and Others)
Country	The US
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	VITAC; Moretti Group; Peterson Reporting; Captionmax LLC; MModal IP LLC; 3Play Media; TranscribeMe Inc.; Robin Healthcare; TSG Reporting, Inc.; and Nuance Communication Inc.

US Transcription Market Segment Insights

Service segment is expected to grow at a rapid pace

Based on types, the US transcription market is bifurcated into services and software. The software segment is further divided into digital recording and electronic reporting. The service segment is expected to grow at a rapid pace during the forecast period attributed to adaption of services by industry verticals such as legal and healthcare. Furthermore, increasing adoption of services by several media & entertainment production companies for pre and post production processes, which is projected to accelerate the segment growth further. However, the software segment is anticipated to expand at a substantial CAGR during the forecast period in the coming years due to escalating number of corporations aiming to provide advanced transcription software.

Rising use of legal transcription services by legal bodies drive the legal segment

In terms of verticals, the market is divided into BFSI, medical, government, media & entertainment, education, legal, and others. The education segment is further bifurcated into academics and corporate, while the academics segment consists of universities, K-12, individual, and undergraduates. The medical segment is expected to account for a major market share during the projected timeline owing to increased use of medical transcription services during the COVID-19 pandemic. Moreover, the growing demand of medical transcription service has urged key players to start launching new and innovative medical transcription services, which presents a major factor driving the segment. On the other hand, the legal segment is projected to expand a considerable CAGR during the forecast period due to rising use of services by legal bodies. Participants of legal proceedings majorly rely on transcribed files with high accuracy of previous court hearings, which is a major driver of the segment.

Segments

The US transcription market has been segmented on the basis of

Types

Services
Software
- Digital Recording
- Electronic Reporting

Verticals

BFSI
Medical
Government
Media & Entertainment
Education
- Academics
  - Universities
  - K-12
  - Individual
  - Undergraduates
- Corporate
Legal
Others

Country

The US

Key Players

VITAC
Moretti Group
Peterson Reporting
Captionmax LLC
MModal IP LLC
3Play Media
TranscribeMe Inc.
Robin Healthcare
TSG Reporting, Inc.
Nuance Communication Inc.

Competitive Landscape

Key players competing in the US transcription market are VITAC; Moretti Group; Peterson Reporting; Captionmax LLC; MModal IP LLC; 3Play Media; TranscribeMe Inc.; Robin Healthcare; TSG Reporting, Inc.; and Nuance Communication Inc.

Companies are focusing on investment in R&D for launching new product and update existing product portfolio to boost their market share. For instance, in November 2019, 3Play Media, a US-based company launched an auto live captioning service. The service was based on automatic speech recognition technology, which provided users a flexible and cost-effective solution for captioning live-streamed video events. In September 2019, Nuance Communication Inc. launched a pediatric-specialized solutions portfolio. This solution provided pediatrician with communicating patient stories.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Transcription Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Transcription Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Transcription Market - Supply Chain
  4.5. Global Transcription Market Forecast
     4.5.1. Transcription Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Transcription Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Transcription Market Absolute $ Opportunity
5. Global Transcription Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Transcription Market Size and Volume Forecast by Types
     5.3.1. Services
     5.3.2. Software
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Transcription Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Transcription Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Transcription Demand Share Forecast, 2019-2026
7. North America Transcription Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Transcription Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Transcription Market Size and Volume Forecast by Types
     7.4.1. Services
     7.4.2. Software
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Transcription Demand Share Forecast, 2019-2026
8. Latin America Transcription Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Transcription Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Transcription Market Size and Volume Forecast by Types
     8.4.1. Services
     8.4.2. Software
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Transcription Demand Share Forecast, 2019-2026
9. Europe Transcription Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Transcription Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Transcription Market Size and Volume Forecast by Types
     9.4.1. Services
     9.4.2. Software
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Transcription Demand Share Forecast, 2019-2026
10. Asia Pacific Transcription Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Transcription Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Transcription Market Size and Volume Forecast by Types
     10.4.1. Services
     10.4.2. Software
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Transcription Demand Share Forecast, 2019-2026
11. Middle East & Africa Transcription Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Transcription Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Transcription Market Size and Volume Forecast by Types
     11.4.1. Services
     11.4.2. Software
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Transcription Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Transcription Market: Market Share Analysis
  12.2. Transcription Distributors and Customers
  12.3. Transcription Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. VITAC
     12.4.2. Moretti Group
     12.4.3. Peterson Reporting
     12.4.4. Captionmax LLC
     12.4.5. MModal IP LLC
     12.4.6. 3Play Media
     12.4.7. TranscribeMe Inc.
     12.4.8. Robin Healthcare

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