U.S. Transcription Market Size, Share & Trends Analysis Report, By Vertical (Legal, Medical, Media & Entertainment, BFSI, Government, Education), By Type (Software, Services), And Segment Forecasts, 2020 - 2027
The U.S. transcription market size is expected to reach USD 32.7 billion by 2027, expanding at a CAGR of 6.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increased turnaround time, enhanced value of content, and increased accessibility are some of the factors expected to drive the adoption of transcription services. These services also help in enhancing the efficiency of employees by guaranteeing more accuracy.
Continued proliferation of the multimedia industry in U.S. is particularly driving the adoption of transcription services. Several vendors such as Nuance Communication Inc. and MModal IP LLC in U.S. are incorporating latest technologies in order to be able to deliver highly accurate and satisfactory services to their clients. Growing popularity of transcription services in U.S. are prompting several vendors to consider a foray into the market to offer their respective manual and automated services.
On the basis of vertical, the U.S. transcription market has been segmented into legal, medical, media and entertainment, BFSI, government, education, and others. The medical sector has the highest penetration due to extensive use of transcription services for various purposes, such as transcription of voice-recorded medical reports, medical training, etc. The legal sector is expected to register the highest CAGR over the forecast period. This is due to rising adoption of these services in public hearings, arbitration hearings, wiretaps, administrative hearings, meeting minutes, conferences, memorandums, court hearings, judicial hearings, interrogations, and depositions. The media and entertainment segment is also expected to grow rapidly due to increasing adoption of these services in special reports, news, game shows, talk shows, interviews, series, movies, etc.
Further key findings from the study suggest:
Continued proliferation of the multimedia industry in U.S. is particularly driving the adoption of transcription services. Several vendors such as Nuance Communication Inc. and MModal IP LLC in U.S. are incorporating latest technologies in order to be able to deliver highly accurate and satisfactory services to their clients. Growing popularity of transcription services in U.S. are prompting several vendors to consider a foray into the market to offer their respective manual and automated services.
On the basis of vertical, the U.S. transcription market has been segmented into legal, medical, media and entertainment, BFSI, government, education, and others. The medical sector has the highest penetration due to extensive use of transcription services for various purposes, such as transcription of voice-recorded medical reports, medical training, etc. The legal sector is expected to register the highest CAGR over the forecast period. This is due to rising adoption of these services in public hearings, arbitration hearings, wiretaps, administrative hearings, meeting minutes, conferences, memorandums, court hearings, judicial hearings, interrogations, and depositions. The media and entertainment segment is also expected to grow rapidly due to increasing adoption of these services in special reports, news, game shows, talk shows, interviews, series, movies, etc.
Further key findings from the study suggest:
- Service providers are trying to incorporate latest technologies, such as machine learning and artificial intelligence to offer innovative and competitive services, particularly for the medical and legal end-use industry verticals
- Several laws and standards including the Americans with Disabilities Act have been issued as an anti-discrimination law for people with disabilities. Such factors are anticipated to drive the U.S. transcription market growth
- Rising adoption of advanced reporting techniques and continued automation of medical and healthcare services have triggered the market growth
- Some of the key players in the market are3Play Media; VITAC; TranscribeMe Inc.; Moretti Group; Robin Healthcare; Peterson Reporting; TSG Reporting, Inc.; Captionmax LLC; Nuance Communication Inc.; and MModal IP LLC.
CHAPTER 1 METHODOLOGY AND SCOPE
1.1 Market Segmentation & Scope
1.1.1 Research Scope and Assumptions
1.2 Market Definition
1.3 Information Procurement
1.3.1 Secondary sources & third-party perspectives
1.3.2 Primary research
1.4 Information Analysis
1.5 Market Formulation & Data Visualization
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Market Overview
2.1.1 Medical
2.1.2 Legal
2.1.3 Education
CHAPTER 3 MARKET VARIABLES, TRENDS & SCOPE
3.1 Market Segmentation & Scope
3.2 Penetration & Growth Prospect Mapping
3.3 Value Chain Analysis
3.4 Market Dynamics
3.4.1 Market Drivers
3.4.1.1 Growing need for accurate data
3.4.1.2 Growing adoption of transcription services across medical and legal sectors
3.4.1.3 Development of hearing-impaired transcription services
3.4.2 Market Restraints
3.4.2.1 Concerns over data security
3.5 Industry Analysis - Porter’s
3.5.1 Supplier Power
3.5.2 Buyer Power
3.5.3 Substitution Threat
3.5.4 Threat from new entrant
3.5.5 Competitive rivalry
3.6 U.S. Transcription Market - PEST Analysis
3.6.1 Political
3.6.2 Economic
3.6.3 Social
3.6.4 Technological
3.7 Major Deals & Strategic Alliances Analysis, 2019
3.8 Use-Case Analysis, by Vertical
3.8.1 Medical
3.8.1.1 Documentation
3.8.1.2 Reporting
3.8.2 Legal
3.8.2.1 Deposition
3.8.2.2 Court Briefings
3.8.3 Media and Entertainment
3.8.3.1 Script Transcription
3.8.3.2 Film Transcription
3.8.3.3 Others
3.8.4 BFSI
3.8.4.1 Finance
3.8.4.2 Insurance
3.8.5 Government
3.8.6 Education
3.8.6.1 Corporate
3.8.6.2 Academics
3.8.7 Others
3.9 Pricing Analysis
3.9.1 General Transcription
3.9.1.1 Pricing analysis, by standard delivery
3.9.1.2 pricing analysis, by urgent delivery
3.9.2 Domain-specific Transcription
3.9.2.1 Pricing analysis, by standard delivery
3.9.2.2 pricing analysis, by urgent delivery
3.10 Analyst Recommendation
3.10.1 Real-time Transcription
3.10.1.1 Court Reporting
3.10.1.2 Deposition
3.11 Real-time and Post Processing Analysis, by Vertical, 2019 & 2027
3.11.1 Real-time and Post Processing Ballpark Estimates, by Legal, 2019 & 2027
3.11.2 Real-time and Post Processing Ballpark Estimates, by Medical, 2019 & 2027
3.11.3 Real-Time and Post Processing Ballpark Estimates, By Media And Entertainment, 2019 & 2027
3.11.4 Real-time and Post Processing Ballpark Estimates, by BFSI, 2019 & 2027
3.11.5 Real-time and Post Processing Ballpark Estimates, by Government, 2019 & 2027
3.11.6 Real-time and Post Processing Ballpark Estimates, by Education, 2019 & 2027
3.11.7 Real-time and Post Processing Ballpark Estimates, by Others, 2019 & 2027
3.12 Automatic and Manual Analysis, by Vertical, 2019 & 2027
3.12.1 Automatic and manual Ballpark Estimates, by Legal, 2019 & 2027
3.12.2 Automatic and manual Ballpark Estimates, by Medical, 2019 & 2027
3.12.3 Automatic and manual Ballpark Estimates, By Media And Entertainment, 2019 & 2027
3.12.4 Automatic and manual Ballpark Estimates, by BFSI, 2019 & 2027
3.12.5 Automatic and manual Ballpark Estimates, by Government, 2019 & 2027
3.12.6 Automatic and manual Ballpark Estimates, by Education, 2019 & 2027
3.12.7 Automatic and manual Ballpark Estimates, by Others, 2019 & 2027
CHAPTER 4 U.S. TRANSCRIPTION MARKET: VERTICAL ESTIMATES & TREND ANALYSIS
4.1 Vertical Size Movement Analysis & Market Share, 2019 & 2027
4.2 U.S. Transcription market, By Vertical, 2016 - 2027
4.2.1 U.S. Transcription market, By vertical, BY Education, 2016 - 2027
4.2.1.1 U.S. Transcription market, by education, BY Academics, 2016 - 2027
CHAPTER 5 U.S. TRANSCRIPTION MARKET: TYPE ESTIMATES & TREND ANALYSIS
5.1 Type Size Movement Analysis & Market Share, 2019 & 2027
5.2 U.S. Transcription market, By Type, 2016 - 2027
5.2.1 U.S. Transcription market, By type, BY software, 2016 - 2027
CHAPTER 6 COMPETITIVE LANDSCAPE
6.1 3Play Media
6.1.1 Company overview
6.1.2 Product benchmarking
6.1.3 Recent developments
6.2 VITAC
6.2.1 Company overview
6.2.2 Product benchmarking
6.2.3 Recent developments
6.3 TranscribeMe Inc.
6.3.1 Company overview
6.3.2 Product benchmarking
6.4 Moretti Group
6.4.1 Company overview
6.4.2 Product benchmarking
6.5 Robin Healthcare
6.5.1 Company overview
6.5.2 Product benchmarking
6.5.3 Recent developments
6.6 Peterson Reporting
6.6.1 Company overview
6.6.2 Product benchmarking
6.7 TSG Reporting, Inc.
6.7.1 Company overview
6.7.2 Product benchmarking
6.8 Captionmax LLC
6.8.1 Company overview
6.8.2 Product benchmarking
6.8.3 Recent developments
6.9 Nuance Communication Inc.
6.9.1 Company overview
6.9.2 Financial performance
6.9.3 Product benchmarking
6.9.4 Recent developments
6.10 MModal IP LLC
6.10.1 Company overview
6.10.2 Product benchmarking
6.10.3 Recent developments
1.1 Market Segmentation & Scope
1.1.1 Research Scope and Assumptions
1.2 Market Definition
1.3 Information Procurement
1.3.1 Secondary sources & third-party perspectives
1.3.2 Primary research
1.4 Information Analysis
1.5 Market Formulation & Data Visualization
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Market Overview
2.1.1 Medical
2.1.2 Legal
2.1.3 Education
CHAPTER 3 MARKET VARIABLES, TRENDS & SCOPE
3.1 Market Segmentation & Scope
3.2 Penetration & Growth Prospect Mapping
3.3 Value Chain Analysis
3.4 Market Dynamics
3.4.1 Market Drivers
3.4.1.1 Growing need for accurate data
3.4.1.2 Growing adoption of transcription services across medical and legal sectors
3.4.1.3 Development of hearing-impaired transcription services
3.4.2 Market Restraints
3.4.2.1 Concerns over data security
3.5 Industry Analysis - Porter’s
3.5.1 Supplier Power
3.5.2 Buyer Power
3.5.3 Substitution Threat
3.5.4 Threat from new entrant
3.5.5 Competitive rivalry
3.6 U.S. Transcription Market - PEST Analysis
3.6.1 Political
3.6.2 Economic
3.6.3 Social
3.6.4 Technological
3.7 Major Deals & Strategic Alliances Analysis, 2019
3.8 Use-Case Analysis, by Vertical
3.8.1 Medical
3.8.1.1 Documentation
3.8.1.2 Reporting
3.8.2 Legal
3.8.2.1 Deposition
3.8.2.2 Court Briefings
3.8.3 Media and Entertainment
3.8.3.1 Script Transcription
3.8.3.2 Film Transcription
3.8.3.3 Others
3.8.4 BFSI
3.8.4.1 Finance
3.8.4.2 Insurance
3.8.5 Government
3.8.6 Education
3.8.6.1 Corporate
3.8.6.2 Academics
3.8.7 Others
3.9 Pricing Analysis
3.9.1 General Transcription
3.9.1.1 Pricing analysis, by standard delivery
3.9.1.2 pricing analysis, by urgent delivery
3.9.2 Domain-specific Transcription
3.9.2.1 Pricing analysis, by standard delivery
3.9.2.2 pricing analysis, by urgent delivery
3.10 Analyst Recommendation
3.10.1 Real-time Transcription
3.10.1.1 Court Reporting
3.10.1.2 Deposition
3.11 Real-time and Post Processing Analysis, by Vertical, 2019 & 2027
3.11.1 Real-time and Post Processing Ballpark Estimates, by Legal, 2019 & 2027
3.11.2 Real-time and Post Processing Ballpark Estimates, by Medical, 2019 & 2027
3.11.3 Real-Time and Post Processing Ballpark Estimates, By Media And Entertainment, 2019 & 2027
3.11.4 Real-time and Post Processing Ballpark Estimates, by BFSI, 2019 & 2027
3.11.5 Real-time and Post Processing Ballpark Estimates, by Government, 2019 & 2027
3.11.6 Real-time and Post Processing Ballpark Estimates, by Education, 2019 & 2027
3.11.7 Real-time and Post Processing Ballpark Estimates, by Others, 2019 & 2027
3.12 Automatic and Manual Analysis, by Vertical, 2019 & 2027
3.12.1 Automatic and manual Ballpark Estimates, by Legal, 2019 & 2027
3.12.2 Automatic and manual Ballpark Estimates, by Medical, 2019 & 2027
3.12.3 Automatic and manual Ballpark Estimates, By Media And Entertainment, 2019 & 2027
3.12.4 Automatic and manual Ballpark Estimates, by BFSI, 2019 & 2027
3.12.5 Automatic and manual Ballpark Estimates, by Government, 2019 & 2027
3.12.6 Automatic and manual Ballpark Estimates, by Education, 2019 & 2027
3.12.7 Automatic and manual Ballpark Estimates, by Others, 2019 & 2027
CHAPTER 4 U.S. TRANSCRIPTION MARKET: VERTICAL ESTIMATES & TREND ANALYSIS
4.1 Vertical Size Movement Analysis & Market Share, 2019 & 2027
4.2 U.S. Transcription market, By Vertical, 2016 - 2027
4.2.1 U.S. Transcription market, By vertical, BY Education, 2016 - 2027
4.2.1.1 U.S. Transcription market, by education, BY Academics, 2016 - 2027
CHAPTER 5 U.S. TRANSCRIPTION MARKET: TYPE ESTIMATES & TREND ANALYSIS
5.1 Type Size Movement Analysis & Market Share, 2019 & 2027
5.2 U.S. Transcription market, By Type, 2016 - 2027
5.2.1 U.S. Transcription market, By type, BY software, 2016 - 2027
CHAPTER 6 COMPETITIVE LANDSCAPE
6.1 3Play Media
6.1.1 Company overview
6.1.2 Product benchmarking
6.1.3 Recent developments
6.2 VITAC
6.2.1 Company overview
6.2.2 Product benchmarking
6.2.3 Recent developments
6.3 TranscribeMe Inc.
6.3.1 Company overview
6.3.2 Product benchmarking
6.4 Moretti Group
6.4.1 Company overview
6.4.2 Product benchmarking
6.5 Robin Healthcare
6.5.1 Company overview
6.5.2 Product benchmarking
6.5.3 Recent developments
6.6 Peterson Reporting
6.6.1 Company overview
6.6.2 Product benchmarking
6.7 TSG Reporting, Inc.
6.7.1 Company overview
6.7.2 Product benchmarking
6.8 Captionmax LLC
6.8.1 Company overview
6.8.2 Product benchmarking
6.8.3 Recent developments
6.9 Nuance Communication Inc.
6.9.1 Company overview
6.9.2 Financial performance
6.9.3 Product benchmarking
6.9.4 Recent developments
6.10 MModal IP LLC
6.10.1 Company overview
6.10.2 Product benchmarking
6.10.3 Recent developments
LIST OF TABLES
Table 1 Key market driver impact
Table 2 Key market restraint impact
Table 3 U.S. transcription market, by vertical, 2016 - 2027 (USD Billion)
Table 4 U.S. transcription market, by vertical, by education, 2016 - 2027 (USD Billion)
Table 5 U.S. transcription market, by education, by academics, 2016 - 2027 (USD Billion)
Table 6 U.S. transcription market, by type, 2016 - 2027 (USD Billion)
Table 7 U.S. transcription market, by type, by software, 2016 - 2027 (USD Billion)
Table 1 Key market driver impact
Table 2 Key market restraint impact
Table 3 U.S. transcription market, by vertical, 2016 - 2027 (USD Billion)
Table 4 U.S. transcription market, by vertical, by education, 2016 - 2027 (USD Billion)
Table 5 U.S. transcription market, by education, by academics, 2016 - 2027 (USD Billion)
Table 6 U.S. transcription market, by type, 2016 - 2027 (USD Billion)
Table 7 U.S. transcription market, by type, by software, 2016 - 2027 (USD Billion)
LIST OF FIGURES
Fig. 1 Market segmentation
Fig. 2 Research Process
Fig. 3 Market Formulation
Fig. 4 U.S. Transcription market, 2016 - 2027 (USD Billion)
Fig. 5 Value Chain Analysis
Fig. 6 U.S. Transcription market dynamics
Fig. 7 Pricing analysis for general transcription, by standard delivery
Fig. 8 Pricing analysis for general transcription, by urgent delivery
Fig. 9 Pricing analysis for domain-specific transcription, by standard delivery
Fig. 10 Pricing analysis for domain-specific transcription, by urgent delivery
Fig. 11 Real-time and post processing ballpark estimate, by legal, 2019 & 2027 (USD Billion)
Fig. 12 Real-time and post processing ballpark estimate, by MEdical, 2019 & 2027 (USD Billion)
Fig. 13 Real-time and post processing ballpark estimate, by media and entertainment, 2019 & 2027 (USD Billion)
Fig. 14 Real-time and post processing ballpark estimate, by BFSI, 2019 & 2027 (USD Billion)
Fig. 15 Real-time and post processing ballpark estimate, by government, 2019 & 2027 (USD Billion)
Fig. 16 Real-time and post processing ballpark estimate, by education, 2019 & 2027 (USD Billion)
Fig. 17 Real-time and post processing ballpark estimate, by others, 2019 & 2027 (USD Billion)
Fig. 18 Automatic and manual ballpark estimate, by legal, 2019 & 2027 (USD Billion)
Fig. 19 Automatic and manual ballpark estimate, by medical, 2019 & 2027 (USD Billion)
Fig. 20 Automatic and manual ballpark estimate, by media and entertainment, 2019 & 2027 (USD Billion)
Fig. 21 Automatic and manual ballpark estimate, by BFSI, 2019 & 2027 (USD Billion)
Fig. 22 Automatic and manual ballpark estimate, by government, 2019 & 2027 (USD Billion)
Fig. 23 Automatic and manual ballpark estimate, by education, 2019 & 2027 (USD Billion)
Fig. 24 Automatic and manual ballpark estimate, by others, 2019 & 2027 (USD Billion)
Fig. 25 Market Share by Vertical, 2019 & 2027
Fig. 26 Market Share by Type, 2019 & 2027
Fig. 1 Market segmentation
Fig. 2 Research Process
Fig. 3 Market Formulation
Fig. 4 U.S. Transcription market, 2016 - 2027 (USD Billion)
Fig. 5 Value Chain Analysis
Fig. 6 U.S. Transcription market dynamics
Fig. 7 Pricing analysis for general transcription, by standard delivery
Fig. 8 Pricing analysis for general transcription, by urgent delivery
Fig. 9 Pricing analysis for domain-specific transcription, by standard delivery
Fig. 10 Pricing analysis for domain-specific transcription, by urgent delivery
Fig. 11 Real-time and post processing ballpark estimate, by legal, 2019 & 2027 (USD Billion)
Fig. 12 Real-time and post processing ballpark estimate, by MEdical, 2019 & 2027 (USD Billion)
Fig. 13 Real-time and post processing ballpark estimate, by media and entertainment, 2019 & 2027 (USD Billion)
Fig. 14 Real-time and post processing ballpark estimate, by BFSI, 2019 & 2027 (USD Billion)
Fig. 15 Real-time and post processing ballpark estimate, by government, 2019 & 2027 (USD Billion)
Fig. 16 Real-time and post processing ballpark estimate, by education, 2019 & 2027 (USD Billion)
Fig. 17 Real-time and post processing ballpark estimate, by others, 2019 & 2027 (USD Billion)
Fig. 18 Automatic and manual ballpark estimate, by legal, 2019 & 2027 (USD Billion)
Fig. 19 Automatic and manual ballpark estimate, by medical, 2019 & 2027 (USD Billion)
Fig. 20 Automatic and manual ballpark estimate, by media and entertainment, 2019 & 2027 (USD Billion)
Fig. 21 Automatic and manual ballpark estimate, by BFSI, 2019 & 2027 (USD Billion)
Fig. 22 Automatic and manual ballpark estimate, by government, 2019 & 2027 (USD Billion)
Fig. 23 Automatic and manual ballpark estimate, by education, 2019 & 2027 (USD Billion)
Fig. 24 Automatic and manual ballpark estimate, by others, 2019 & 2027 (USD Billion)
Fig. 25 Market Share by Vertical, 2019 & 2027
Fig. 26 Market Share by Type, 2019 & 2027
