U.S. Transcription Market Trends And Adapting To Technological Advancements

 U.S. Transcription Industry Overview

The U.S. transcription market size was valued at USD 25.98 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. Organizations generate an enormous amount of data to efficiently analyze business scenarios and gain valuable insights. Data accuracy is important for making business decisions. To ensure the accurate archiving of critical information, organizations are opting for transcription services.

Gather more insights about the market drivers, restrains and growth of the U.S. Transcription Market

Human-based transcription services can assist businesses, government agencies, non-profit corporations, and government agencies in maintaining accurate records. They can also assist in improving staff training programs by giving written data and ensuring compliance with rules. In judicial procedures, proper transcribing can aid in the preservation of crystal-clear versions of court judgments. Thus, the increasing demand for maintaining accurate information is expected to drive market growth in the coming years.

Introducing new products to help emerging verticals track accurate data is becoming increasingly important in response to growing demands. For instance, Robin Healthcare has launched its own AI-based product Robin using cutting-edge technology. The device captures conversations between medical practitioners and patients in exam rooms and uses the data for clinical documentation. Robin posts it within 24 hours in an EMR for evaluation. Companies benefit from such services because they enable employees to listen instead of taking notes.

Transcripts have become an integral part of many industries, including healthcare, education, media, and entertainment. In response to the growing demand for transcription services, primary market participants are launching innovative services. Advanced techniques and automation have driven the market’s growth in healthcare, education, and the legal industry. As students with hearing impairment and learning difficulties become increasingly dependent on transcription services, they also adopt them. These factors will accelerate the industry’s growth.

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U.S. Transcription Market Segmentation

Grand View Research has segmented the U.S. transcription market based on vertical and type:

U.S. Transcription Vertical Outlook (Revenue, USD Billion, 2018 - 2030)
• Legal
• Medical
• Media and Entertainment
• BFSI
• Government
• Education
o Corporate
o Academics
o K-12
o Undergraduates
o Universities
o Individual
o Others

U.S. Transcription Type Outlook (Revenue, USD Billion, 2018 - 2030)
• Software
o Electronic Reporting
o Digital Recording
• Services

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Key Companies profiled:
• 3Play Media
• VITAC
• TranscribeMe
• Moretti Group
• Robin Healthcare
• Peterson Reporting
• TSG Reporting, Inc.
• Captionmax
• Nuance Communication, Inc.
• MModal IP LLC