U.S. Transcription Market
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