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.
The COVID-19 pandemic has normalized remote work and impacted the growth of the U.S. transcription industry. Meetings consume time, and communication barriers make them more difficult. Transcription companies have used this to their advantage to expand their businesses. For instance, VITAC provides Internet Captioning Services (ICS) for events to its VITAC Zoom customers, reducing customers' requirements to share large volumes of API tokens.
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.
The COVID-19 pandemic has normalized remote work and impacted the growth of the U.S. transcription industry. Meetings consume time, and communication barriers make them more difficult. Transcription companies have used this to their advantage to expand their businesses. For instance, VITAC provides Internet Captioning Services (ICS) for events to its VITAC Zoom customers, reducing customers' requirements to share large volumes of API tokens.
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
Table of Contents
Chapter 1 Methodology and Scope1.1 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 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
3.11 Real-time and Post-processing Analysis, by Vertical, 2022 & 2030
3.11.1 Real-time and Post-processing Ballpark Estimates, by Legal, 2022 & 2030
3.11.2 Real-time and Post-processing Ballpark Estimates, by Medical, 2022 & 2030
3.11.3 Real-Time and Post-processing Ballpark Estimates, by Media And Entertainment, 2022 & 2030
3.11.4 Real-time and Post-processing Ballpark Estimates, by BFSI, 2022 & 2030
3.11.5 Real-time and Post-processing Ballpark Estimates, by Government, 2022 & 2030
3.11.6 Real-time and Post-processing Ballpark Estimates, by Education, 2022 & 2030
3.11.7 Real-time and Post-processing Ballpark Estimates, by Others, 2022 & 2030
3.12 Automatic and Manual Analysis, by Vertical, 2022 & 2030
3.12.1 Automatic and manual Ballpark Estimates, by Legal, 2022 & 2030
3.12.2 Automatic and manual Ballpark Estimates, by Medical, 2022 & 2030
3.12.3 Automatic and manual Ballpark Estimates, by Media And Entertainment, 2022 & 2030
3.12.4 Automatic and manual Ballpark Estimates, by BFSI, 2022 & 2030
3.12.5 Automatic and manual Ballpark Estimates, by Government, 2022 & 2030
3.12.6 Automatic and manual Ballpark Estimates, by Education, 2022 & 2030
3.12.7 Automatic and manual Ballpark Estimates, by Others, 2022 & 2030
Chapter 4 U.S. Transcription Market: Vertical Estimates & Trend Analysis
4.1 Vertical Size Movement Analysis & Market Share, 2022 & 2030
4.2 U.S. Transcription market, by Vertical, 2018 - 2030
4.2.1 U.S. Transcription market, by vertical, by Education, 2018 - 2030
4.2.1.1 U.S. Transcription market, by Education, by Academics, 2018 - 2030
Chapter 5 U.S. Transcription Market: Type Estimates & Trend Analysis
5.1 Type Size Movement Analysis & Market Share, 2022 & 2030
5.2 U.S. Transcription market, By Type, 2018 - 2030
5.2.1 U.S. Transcription market, by type, by software, 2018 - 2030
Chapter 6 Competitive Landscape
6.1 3 Play 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
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, 2018 - 2030 (USD Billion)
Table 4 U.S. transcription market, by vertical, by education, 2018 - 2030 (USD Billion)
Table 5 U.S. transcription market, by education, by academics, 2018 - 2030 (USD Billion)
Table 6 U.S. transcription market, by type, 2018 - 2030 (USD Billion)
Table 7 U.S. transcription market, by type, by software, 2018 - 2030 (USD Billion)
List of Figures
Fig. 1 Market segmentation
Fig. 2 Research Process
Fig. 3 Market Formulation
Fig. 4 U.S. Transcription market, 2018 - 2030 (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, 2022 & 2030 (USD Billion)
Fig. 12 Real-time and post-processing ballpark estimate, by Medical, 2022 & 2030 (USD Billion)
Fig. 13 Real-time and post-processing ballpark estimate, by media and entertainment, 2022 & 2030 (USD Billion)
Fig. 14 Real-time and post-processing ballpark estimate, by BFSI, 2022 & 2030 (USD Billion)
Fig. 15 Real-time and post-processing ballpark estimate, by government, 2022 & 2030 (USD Billion)
Fig. 16 Real-time and post-processing ballpark estimate, by education, 2022 & 2030 (USD Billion)
Fig. 17 Real-time and post-processing ballpark estimate, by others, 2022 & 2030 (USD Billion)
Fig. 18 Automatic and manual ballpark estimate, by legal, 2022 & 2030 (USD Billion)
Fig. 19 Automatic and manual ballpark estimate, by medical, 2022 & 2030 (USD Billion)
Fig. 20 Automatic and manual ballpark estimate, by media and entertainment, 2022 & 2030 (USD Billion)
Fig. 21 Automatic and manual ballpark estimate, by BFSI, 2022 & 2030 (USD Billion)
Fig. 22 Automatic and manual ballpark estimate, by government, 2022 & 2030 (USD Billion)
Fig. 23 Automatic and manual ballpark estimate, by education, 2022 & 2030 (USD Billion)
Fig. 24 Automatic and manual ballpark estimate, by others, 2022 & 2030 (USD Billion)
Fig. 25 Market Share by vertical, 2022 & 2030
Fig. 26 Market Share by type, 2022 & 2030
Companies Mentioned
- Play Media
- VITAC
- TranscribeMe
- Moretti Group
- Robin Healthcare
- Peterson Reporting
- TSG Reporting, Inc.
- Captionmax LLC
- Nuance Communication Inc.
- MModal IP LLC
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 56 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 25.98 Billion |
| Forecasted Market Value ( USD | $ 41.89 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | United States |
| No. of Companies Mentioned | 10 |
