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How big is the global transcription industry?
Hello and thank you for your question in regards to the size of the global transcription industry. In short, after extensive research through academic sources, industry reports, and media sites, I have determined that the total size of the industry is not made publicly available as the majority of research data available is specific to medical transcription. However, I was able to find information on the three major sectors of the industry which are medical, legal, and general. The medical transcription market is anticipate to be at $54.9 billion by the end of 2017 and is expected to reach $60.6 by 2019.
METHODOLOGY
I have ensured to limit my research to recent and reputable sources that include Transparency Market Research Reports, IBIS World Reports, as well as trusted media sites. However, please note that after extensive research through various sources such as industry research reports, academic sites, media sites, regulatory filings, and corporate websites, I have determined that the total size of the global transcription industry is not publicly available. The reason for that is that the majority of the information and research available on the topic was specific to one of its largest sectors, medical transcription. Nevertheless, I was able to identify that the three major verticals of the global industry is medical, legal, and general transcription services. I have included information on each one as was made publicly available below.
FINDINGS
The main verticals of the global transcription industry are medical, legal, and general transcription. The introduction of new technologies such as speech recognition does pose a threat to the global transcription industry as this market was at $3.73 billion in 2015 and is expected to reach $9.97 billion by 2020. However, the industry as a whole is still expected to grow regardless.
The global medical transcription IT spending market is expected to grow at a CAGR of 6.48% from 2016-2020. The medical market is being driven by the developing healthcare IT industry leading the market to be expected to reach $60.6 billion by 2019. In 2012, the market was at $41.4 billion and was growing at a CAGR of 6%. Using these numbers to calculate the global medical transcription market size, it is expected to reach $54.9 billion by the end of 2017 which includes offshoring, onshoring, as well a combination of both transcription sectors.
In terms of decline, The Bureau of Labor Statistics is anticipating a 3% decline of medical transcription jobs from 2014-2024.
The North American medical transcription market is anticipated to reach $18 billion by 2019, while the Asia Pacific medical transcription market is expected to experience rapid growth due to the Philippines and India's major involvement in the industry.
Some of the main players in the global market of medical transcription include P Precyse Solutions LLC., Nuance Communications Inc., Acusis LLC, MModal Inc., Trans Tech Medical Solutions, Superior Global Solutions Inc., Scribe Healthcare Technologies Inc., and iMedX Information Services Pvt. Ltd.
LEGAL TRANSCRIPTION
Alongside medical, the legal transcription sector is one of the largest in the global industry of transcription. Looking at the US alone, the document preparation services, that includes legal and secretarial transcription, has a revenue of $5 billion. On a larger scale in the legal sector, one survey asking the top legal firms about the change factor that they anticipate to see in the next 10 years in the legal industry, 32% noted that it would be technology and the continuous use of transcription.
One of the major players in the global legal transcription sectors include Integron, which has been recognized as the global leader in legal outsourcing services. Another is Global Voices offering their services to global large firms as well as smaller ones. The market is also saturated with freelancers that do transcriptions.
GENERAL TRANSCRIPTION
General transcription consists of transcription for various purposes that include interviews, conferences, academic, news, historical, business, insurance, as well as many others. It is transcription services that are not specific to medical or legal purposes. Although there are is no clear data available on the exact size of this sector due to its vast applications, it is important to note this market is also saturated with freelancers.
CONCLUSION
To summarize, after extensive search through academic sources, industry reports, and media sites, I have determined that the total size of the industry is not made publicly available as the majority of research data is specific to medical transcription. However, I was able to find information on the three major sectors of the industry which are medical, legal, and general. The medical transcription market is anticipate to be at $54.9 billion by the end of 2017 and is expected to reach $60.6 by 2019.
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