Most organizations in diverse sectors across the globe generate huge volumes of data, including audio and video recordings each day that can be effectively used to obtain valuable insights for their specific business. Business transcription services can help organizations turn those data and recordings into transcripts that are easy to sort and read. Outsourcing transcription tasks helps government agencies, companies, non-profit organizations, and corporations to maintain records with high accuracy, improve employee training programs by providing data in written format as well as comply with regulations. Efficient transcription also helps in documenting legal proceedings, for which legal transcription companies can help.
According to a report from Grand View Research, the U.S. transcription market which was valued at USD 19.8 billion in 2019, is expected to reach USD 32.7 billion by 2027. The market is predicted to grow at a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027. Many organizations in the legal, medical, as well as general business sectors, are considering transcription services so that critical information can be recorded accurately.
Key factors that are driving the market growth include:
- Growing adoption of transcription services across medical and legal sectors
- Growing need to maintain accurate data
- Rising adoption of advanced reporting techniques
- Continued automation of medical and healthcare services
Adoption of transcription services among students, particularly those with hearing impairment and those having difficulties in learning is also driving the market growth at a faster pace over the forecast period. To cater to increasing needs and help emerging verticals record accurate data, market players are launching new products. Major market participants are focusing on launching innovative transcription services in line with the growing demand. Automatic speech recognition software is also assisting companies to enhance employee productivity by enabling them to focus on listening rather than taking down notes.
The market is segmented on the basis of Vertical and Type outlook.
On the basis of vertical insights, the market is divided into legal, medical, media and entertainment, BFSI, government, education, and others. The education sector is further segmented into corporate and academics. The academics sub-segment includes K-12, undergraduates, universities, and individuals. The adoption of these services is also benefitting government agencies. The medical sector is expected to account for the highest share in the market while the legal sector is expected to register the highest CAGR in the forecast period.
Legal proceedings require highly accurate transcripts, as participants of legal proceedings mainly rely on transcribed files of previous court hearings. Growing demand for legal transcription services is prompting market players to raise funds to enhance their service portfolio. Due to the rising adoption of advanced reporting techniques and continued automation of medical and healthcare services, the medical segment dominated the U.S. transcription market with a share of 46.0% in 2019.
Based on type, the market is segmented into software and services. The software segment is further categorized into electronic reporting and digital recording. Owing to the increasing number of companies focusing on providing advanced transcription software, the software segment is expected to hold a moderate share in the market.
Due to the growing adoption of services by industry verticals such as media and entertainment, the services segment is expected to register the highest CAGR in the market. Several media production companies like iMedia Digital Marketing, Inc. are also opting for media transcription services for the pre-production and post-production processes of entertainment programs.
The key industry participants in the market include 3Play Media; VITAC; TranscribeMe Inc.; Moretti Group; Robin Healthcare; Peterson Reporting; TSG Reporting, Inc.; Captionmax LLC; Nuance Communication Inc.; and MModal IP LLC. These industry participants are focusing on launching new transcription services to gain a competitive edge in the market. Outsourcing transcription tasks to an experienced online transcription company is a great option for businesses to ensure quality and accurate transcripts.
