The U.S. Transcription Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The U.S. transcription market size is estimated to reach USD 32.7 billion by the end of 2027, according to a new report by Million Insights. The market is likely to grow at over 6% of CAGR over the forecast duration. Factors such as increased accessibility, enhanced content value and improved turnaround time are attributing to the growth of the market. Transcription services help increase the productivity of employees by ensuring better accuracy. Transcription services allow easy recording of critical data that are used for decision-making, thereby, gaining traction among organizations.
Key Players:
- 3Play Media
- VITAC
- TranscribeMe Inc.
- Moretti Group
- Robin Healthcare
- Peterson Reporting
- TSG Reporting, Inc.
- Captionmax LLC
- Nuance Communication Inc.
- MModal IP LLC
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Growth Drivers:
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. 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 the 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 providers Rev.com, in October 2019, intended to introduce 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 transcript. Such transcript services help enterprises in enhancing their productivity as employees focus on 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 the innovative solution 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 disability and students having issues while learning. These factors are propelling the market demand in the education sector.
Vertical Outlook:
- Legal
- Medical
- Media and Entertainment
- BFSI
- Government
- Education
- Corporate
- Academics
- K-12
- Undergraduates
- Universities
- Individual
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 “corona virus” 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 predicted to generate significant demand in post-COVID-19 period.
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