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Market Share US - Nuance (Dragon) and other players

As requested, this response builds upon a previous one on the healthcare medical transcription speech recognition technology market size. Since the market size for the US was determined not to be publicly available, for the purposes of this project we have used North America's medical transcription services market size as an approximation, and the basis for our calculations.

Please note that, whereas Nuance is a public company and its financial information is disclosed, its competitors are not — since these companies are private and do not have the obligation to disclose their financial information, their market shares are calculations based on estimations made by independent sources.

Please note that all numbers below are estimations and should be taken as such. Any discrepancies or contradictions in the information that arose during research have been noted below.


To complete your request, I reviewed the previous response as well as other related requests in your project. I also searched market reports, industry analysis, corporate information and trusted media articles. I found no market information specifically for the voice recognition technology segment of the US medical transcription market, at least in unlocked market report previews. There were also missing data points necessary for a triangulation, namely: a US/North America market size for voice recognition technology in medical transcription, and Nuance's specific sales or revenue figures for Dragon Medical. Therefore, triangulation was impossible for a plausible market size for Nuance. However, I have gathered significant information that I believe might be helpful to your project. Please continue below to see the results of my research.


Due to limited publicly available information, the previous response calculated Nuance's market share against the (1) global transcription market in 2017 and the (2) North America transcription market size in 2019, based on the company's 2017 revenue. However, there was no speech recognition technology market size available for the US. Nuance also did not list specific revenue for its Dragon Medical segment, and so the company's market share could not be clearly determined. Below are the major data points from the previous research for your review:

Global transcription market size - $54.4 billion in 2017
North America transcription market size - $18 billion by 2019
Global Speech Recognition Technology - $6.19 billion in 2017
Nuance FY 2017 revenue - $1.08 billion (overall)

In continuation of this research, I probed deeper into Nuance's own statements about its market position and Dragon Medical. Please continue below.

Nuance FY 2017 Annual Report

In Nuance's latest annual report (FY 2017), revenues are split into 3 major categories with no further specification into the medical transcription segment.

Professional services and hosting - $213 million
Product and licensing - $170 million
Maintenance and support - $82 million

Although Dragon was listed as a popular product, no information regarding product revenue was given. Calculating the nearest revenue segment, i.e. Product and licensing $170 million, against any of the available market sizes yields inaccurate results:

• Global transcription market 2017 - $170 million out of $54.4 billion = 0.3125% market share
• North America transcription market 2019 - $170 million out of $18 billion = 0.94% market share
• Global Speech Recognition Technology 2017 - $170 million out of $6.19 billion = 2.82% market share

These results do not align with current findings, as Nuance is named among the top players in both the global medical transcription and global speech recognition market. Also, the company is known as the dominant player in the artificial intelligence market especially in healthcare. Therefore, quantitative information is currently unavailable to confirm Nuance's market position as the dominant or major player in the voice recognition technology segment of the US medical transcription market.


The most significant information I could find for Dragon, Nuance's virtual assistant for healthcare, came from the company product page itself. Nuance stated that 86% of all hospitals in the US use Nuance's solutions and services to "capture and communicate" over 300 million patient stories annually. The company also added that Dragon Medical's voice recognition technology is used by over 500,000 clinicians.

Seeking Alpha also reported in 2017 that Nuance's Dragon Medical segment realized 19% growth thanks to strong cloud-based offerings.


I did not find any market report or industry analysis that names the major players in the voice recognition segment of the US medical transcription market. However, I found a 2017 article from KNect365 that names 2 other players alongside Nuance's Dragon Medical. These are:

I did not find any market share or revenue information for either product as both companies were private.


Here are additional materials for further review:

Speech Recognition, Global Market Players 2015-2020 - ReportsnReports named Nuance as the global dominant player in 2015 with 31.1% market share. However, no specific market size was given for the medical transcription segment.

Global Medical Transcription Services Market 2017 - MarketBiz names Nuance as one of the top 5 players along with Acusis, iMedX Information Services, and MModal among others. Similar to other report previews, MarketBiz did not give any specific market size for the voice recognition segment.


To wrap it up, despite the lack of publicly available data, we've used available information to pull together the following key findings: 86% of all US hospitals use Nuance's medical transcription solutions annually. Nuance's Dragon Medical segment grew 19% in 2017, and is used by more than 500,000 clinicians. Finally, Dolbey's FusionEMR and Entrada's Mobile Scribe are competitors to Nuance's Dragon Medical.