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

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. The 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 market growth.

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 provider Rev.com, in October 2019, intended to introduce a 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 transcripts. Such transcript services help enterprises in enhancing their productivity as employees focus 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 innovative solutions 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 disabilities 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 individuals, undergraduates, K-12, and universities. The government sector is also witnessing a rise in the 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 solutions for the legal sector. For example, a legal transcription solution provider Verbit.ai raised 23 million in January 2019. This company exclusively focuses on academics and legal sectors and offers 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 offering an advanced version of transcription software. For example, a transcription software solution provider TRINT offers collaborative tools with automatic speech-to-text algorithms meant for editing approving, and reviewing.

On the other hand, the services division is anticipated to grow with the highest CAGR over the forecast duration. The rising adoption of this segment in industries like media & entertainment is driving the segment growth. Various media production firms are choosing 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 “coronavirus” 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 is predicted to generate significant demand in the 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 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 disabilities. 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

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the 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