U.S. Transcription Market Competitive Scenario and Key Benefits, Revenues by 2025

 

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.

 

Growing penetration of the multi-media industry in the U.S. is also attributing to the growth of the transcription market. Major market players such as MModal IP LLC and Nuance Communication are introducing the innovative solution to cater to the rising demand for accurate services from their clients.

 

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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.

 

Based on the vertical, the U.S. transcription market is bifurcated into medical, BFSI, legal, education, media & entertainment among others. Of them, the medical segment has accounted for the largest share in the market owing to its wide application in medical training and voice-enabled medical reports. On the other hand, the legal category is anticipated to grow at the highest CAGR over the forecast duration due to increasing use of these services in arbitration hearings, public hearings, meeting minutes, court hearings, depositions, interrogations and judicial hearings. Besides, the media and entertainment segment is anticipated to witness significant growth owing to increasing penetration of transcription services in news, talk shows, interviews, movies, special reports and other applications.

 

Further key findings from the report suggest:

• Key market players are introducing innovative technologies such as artificial intelligence and Machine learning in order to offer improved services.

• The U.S government act, such as the Americans with Disabilities Act is aimed to eliminating any discrimination based on disability, is projected to proliferate the market growth.

• Emergence of advanced technologies in reporting and growing automation in medical sector is estimated to drive the market.

• Key players operating in the market are VITAC, Moretti Group, TSG Reporting, Inc., Robin Healthcare and Captionmax LLC among others.

 

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