Dublin, April 21, 2023 (GLOBE NEWSWIRE) -- The "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, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. transcription market size is expected to reach USD 41.89 billion by 2030, registering a CAGR of 5.8% from 2023 to 2030.
Transcription services are widely used in the entertainment, legal, and healthcare sectors as there is a need for accurate data.
An increase in online audio and video content and a significant population with hearing disabilities will further influence the transcription market's growth.
Companies are increasingly turning to transcription services due to the continued growth of the multimedia industry. Live and recorded telecasts of sports events, talk shows, and digital content on OTT platforms are adopting transcription services. Increased access to content from various corners of the globe comes with a specific language barrier.
3Play Media provides transcription services for more than 20 languages backed by innovative technology for its customers in the legal, health, and podcasts industry. Additionally, they also offer transcription for dual languages.
Transcription service providers have adopted advanced Artificial Intelligence AI and Machine Learning technologies to automate processes. Automation saves time and human costs, gives precise results, and is used in courtrooms, institutions, clinics, etc. For instance, Robin Healthcare and Moretti Group have adopted the latest technologies to serve various customers.
U.S. Transcription Market Report Highlights
- Service providers are rapidly adopting speech recognition technology to achieve higher accuracy and reduce costs. Text-to-speech (TTS) technology is said to drive the growth of the transcription market
- In the U.S., 20% of people have hearing impairments, which is prompting the demand for video and audio transcription services, thereby propelling the growth of the market. Service providers follow WCAG 2.0 guidelines developed by World Wide Web Consortium to provide digital content to disabled users
- AI-based transcription services have gained popularity in legal, entertainment, and education sectors as it transforms recorded and live videos and audio with more than 99% accuracy
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 56 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $25.98 Billion |
| Forecasted Market Value (USD) by 2030 | $41.89 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | United States |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
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 Five Forces Analysis
3.6 U.S. Transcription Market - PEST Analysis
3.7 Major Deals & Strategic Alliances Analysis, 2022
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
Chapter 4 U.S. Transcription Market: Vertical Estimates & Trend Analysis
Chapter 5 U.S. Transcription Market: Type Estimates & Trend Analysis
Chapter 6 Competitive Landscape
Companies Mentioned
- Play Media
- VITAC
- TranscribeMe
- Moretti Group
- Robin Healthcare
- Peterson Reporting
- TSG Reporting, Inc.
- Captionmax LLC
- Nuance Communication Inc.
- MModal IP LLC
For more information about this report visit https://www.researchandmarkets.com/r/z1h5py
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
