09-Jul-2021 | Zion Market Research
Some of key players in Legal Transcription are Tech-synergy, Winscribe, Nch Software, Voxtab, Indoswift, Flatworld Solutions, Huntington Court Reporters & Transcription, Inc., Deposition Service Inc., Toronto Court Reporters Ltd., and Universal Court Reporting, among others.
According to analysts at Zion Market Research, the global Legal Transcription market accounted for USD 4,508.6 Million in 2020 and is expected to reach USD 9,958.1 Million by 2028, growing at a CAGR of 11% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Legal Transcription Market By Product Type (Software and Services), By Vertical (Legal, Medical, Media and Entertainment, BFSI, Government, Education): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Massive Legal Transcription Market to Spur Growth
In this technology-driven society, the management of legal practice has undergone considerable changes. Currently, the legal business is showing interest in advances in artificial intelligence and machine learning. These technologies are bringing significant development to the legal industry. Automatic speech recognition provides a great opportunity to quickly transcribe high-quality video or audio recordings that are considered satisfactory based on the level of evidence. Speech recognition allows you to convert speech to text by detecting spoken words. Examine the literary information generated by the speech recognition program to infer valuable data. This innovation has influenced "language modelling" to perceive and recognize the tens of thousands of human expressions that make up language. In recent years, cloud computing has developed rapidly in the field of legal business. In fact, even when the information control and security threats of cloud computing innovation are limited, independent legal consultants and small law firms have embraced cloud management in their day-to-day activities. The legal advisor is now mobile and requires a smart workplace structure anytime, anywhere. Innovation in the cloud enables lawyers and lawyers to conduct profitable legal practices through portable devices. The cloud plan also provides additional enhanced security advantages for the confidential information handled by these law firms. All these factors have had a positive impact on the growth of the global legal transcription market.
Presence of Big Players in The Region Support North America Dominance
The North America region is expected to grow at a compound annual growth rate of 10.2% during the forecast period. Due to the rapid implementation of legal transcription services by law firms in this field, North America represents a large part of the global legal transcription market. The major industry players in the market include 3Play Media; Vinda; Transcript Me; Moretti Group; Robin Medical; Peterson Report; TSG Report; Captionmax LLC; Micro Communications; and MModal IP LLC. Industry participants are focusing on launching new transcription services to gain a competitive edge in the market. In November 2019, 3Play Media launched an automated live caption service to provide video publishers with a cost-effective and flexible caption solution for live video events. The solution is based on automatic speech recognition technology and aims to simplify the traditional real-time subtitle workflow. You can increase audience participation by making it easier for the hearing impaired to access live events.
The Asia-Pacific market accounts for more than 48% of total global revenue in 2020. Due to the availability of regulators and lawyers, China and India have become the preferred destinations for legal outsourcing. Ability and efficiency in these countries. Due to the increase in digitization and the use of mobile phones, the Asia-Pacific and East Asia regions are expected to grow rapidly in the next few years.
Browse the full “Legal Transcription Market By Product Type (Software and Services), By Vertical (Legal, Medical, Media and Entertainment, BFSI, Government, Education): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/legal-transcription-market
The global Legal Transcription market is segmented as follows:
By Product Type
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