Home Video Transcription Legal Transcription Market is Anticipated to Grow at a CAGR of 6.5%

Legal Transcription Market is Anticipated to Grow at a CAGR of 6.5%

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Increasing reliance on AI/ML technologies (Artificial Intelligence and Machine Learning) has been shaping the legal transcription market over the recent past. Complementing its accelerated move towards automation, this legal sector is expected to witness major investments in automating legal transcription services.

Global demand for legal transcription services and solutions accounted for revenues worth US$ 1988.9 Mn in 2021, as indicated by a new intelligence report of Future Market Insights (FMI). The market value is anticipated to grow at a CAGR of ~6.5% during the period of projection, 2022 – 2029.

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Paradigm shift from traditional stenography process to advanced digital reporting process remains the primary factor upholding demand for legal transcription services and solutions. AI/ML technologies are trending, creating potential growth opportunities for legal transcription market participants. Moreover, the growing trend of outsourcing legal processes to external firms on the basis of set parameters and timelines is expected to propel the growth of legal transcription market in the near future.

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Key Takeaways – Legal Transcription Market Study

  • Heavy investments in legal tech startups in Asia Pacific is driving regional presence and innovation in the region.
  • Technological innovation and increasing penetration of next-generation technologies such as AI/ML, Natural Language Processing (NLP), Blockchain, and Analytics are expected to create potential growth opportunities in legal transcription marketplace.
  • Diverse pricing models and legal formats continue to be the key challenges in legal transcription market. However, partnerships with regional and local players are expected to be key factors fueling market growth.
  • Customers are demanding more predictability and pricing transparency when it comes to legal transcription services spending.
  • Rapid technology changes in legal and judicial systems and increasingly sophisticated client markets are some factors bolstering the demand for legal transcription services.
  • The demand for legal transcription services from legal attorneys is likely to increase at the CAGR of ~8% during the forecast period. 

Focus Intact on Product Innovation

Legal transcription is a highly fragmented market with presence of a number of small and mid-sized regional players. Leading players in the market are focusing on product innovation, in addition to expansion of their regional footprint. Research expects strategic partnerships and collaborative alliances with local and regional leaders to be the top developmental moves of market participants.

For instance, in April 2022, VIQ Solutions Inc., a global provider of secure, AI-driven, digital voice and video capture technology and services, entered into a significant five-year contract with the Western Australia Police Force to expand its presence in Australia. The study covers some of the leading competitors in legal transcription market, including US Legal Support Inc., Taylor Court Reporters, Aptara Inc., Lexitas Legal, Veritext, and Auscript.

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Key Questions Answered in the Report

Legal Transcription Market Outlook by Category

By Solution :

  • Legal Transcription Software
  • Legal Transcription Service

By End User :

  • Law Firms
  • Law Enforcement Officers
  • Legal Attorneys
  • Court Reporters
  • Others

By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan
  • Japan
  • GCC Countries
  • Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumersz

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The post Legal Transcription Market is Anticipated to Grow at a CAGR of 6.5% appeared first on Future Market Insights.



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