US Transcription Market Size, Share, & Industry Report 2031
US Transcription Market Size, Share, & Industry Report 2031
Segments - US Transcription Market 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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| Report ID :ICT-SE-3301
| 4.7 Rating
| 55 Reviews
| 197 Pages
| Format :
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
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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.
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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.
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Increasing data privacy concern about the misuse of files which are transcribing is a key restraining factor limiting the market growth.
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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.
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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.
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Attributes |
Details |
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Report Title |
US Transcription Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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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) |
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Country |
The US |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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
- Academics
- 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 Summary2. 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 (000’ 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
Methodology
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