Documentation of court proceedings is crucial for any case in court. Legal transcription services assist solicitors, attorneys, insurance firms, law firms, court recording companies, financial companies, media entities, court reporters and management consultants in preparing legal documents from the dictated or written information. According to the latest report from Future Market Insights, the global legal transcription market is predicted to grow at a significant rate during 2018-2028.
One of the major factors fueling the demand for legal transcription management in the industry is the increasing competition among legal entities to retain clients, by focusing on spending more time with clients than on paperwork and documentation processes.
Other key factors boosting the demand for these legal transcription solutions include:
- increasing preference for more secured and reliable operations
- recent boom in legal practice and different types of law firms
- rising crime scenes on a global level
- its capability for formatting, reviewing, legal transcribing, and proofreading, which can be performed for different types of legal actions
Another important factor driving the growth of the legal transcription management solutions market is the availability of transcription options for interrogations, phone calls, training sessions, announcements, and others for legal transcription users. However, the lack of awareness and less adoption rate in developing countries is one of the major challenges for the growth of this market.
This report divides the market on the basis of end user, deployment, and region. End users of legal transcription solutions include law agencies/firms, attorneys, prosecutors, court reporters, insurance investigators, and others. Based on deployment models, the market is segmented as on-premise and cloud-based.
On the basis of geography or region, the global legal transcription market is segmented into North America, Latin America, Western Europe, Eastern Europe, South East Asia and Others of Asia Pacific, Japan, China, and Middle East & Africa.
Due to the rapid adoption of legal transcription solutions in its region by private law firms, North America holds a significant market share. At the same time, European countries are adopting these advanced solutions to sustain in the changing global scenario in terms of maintenance of transparency in jury actions.
Owing to the increasing digitalization and smartphone usage in this region, the South East Asia (SEA) and other APAC region is expected to grow at a high CAGR over the forecast period, while Middle East & Africa (MEA) is expected to grow at a moderate CAGR due to the slow adoption rate.
Leading vendors in this market include Voxtab, Focus Forward, Indoswift, Winscribe, Flatworld Solutions, NCH Software, Tech-Synergy, Voice Products Inc., and others. As the need for more advanced, fast, and secure ways of courtroom data recording is increasing rapidly, vendors are continuously focusing on product innovations to sustain in the increasing global competition. They are also focusing on delivering outstanding services to the end users as well as customer-centric products with advanced flexibility for software users.
A significant trend is the deployment of legal transcription over the cloud. Cloud deployment is predicted to contribute to significant growth over the forecast period. Along with this, mobile applications for smartphones and tablets are also creating new market opportunities, as smartphones allow flexibility to track data from any remote location. These market trends are creating potential market opportunities for software vendors.
Choosing the right transcription service provider is also important. Make sure that the legal transcription company you choose can provide convenient dictation options based on your preference, the facility of electronic signatures, and services of experienced transcribers, editors and quality assurance specialists.
