Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 2.5 % over the past five years, to reach an estimated $1.8bn in 2024.
Trends and Insights
AI transcription seems irreplacable, but is filled with subtle errors
- As AI transcription technology continues to evolve, its applications are growing more sophisticated and widespread across various sectors.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
AI integration threatens human nuance, but transcriptionists push back
- As the transcription industry evolves, a critical forecast lies in the synergy between artificial intelligence and human transcriptionists. The trajectory is not one where AI supplants humans, but rather where each complements the other.
Biggest companies in the Transcription Services in the US
There are no companies that hold a large enough market share in the Transcription Services in the US industry for IBISWorld to include in this product.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Captioning and document services, Live event recording and stenographic services and Business services. Captioning and document services is the largest segment of the Transcription Services in the US.
Trends and Insights
Document creation is the most typical transcription service
- In the media production and accessibility sectors, transcription services are critical for enabling closed captioning, a necessity for compliance with regulations such as the Americans with Disabilities Act (ADA). E-learning platforms rely on captioning and transcription not only for ADA compliance but also for enhancing comprehension and retention among learners, citing increased engagement when multimedia content is textually reinforced.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Operators in this industry are primarily engaged in transcription and other secretarial services.
What's included in this industry?
Typing and document finishing servicesCopying servicesTelemarketing and other servicesCompanies
Purchase this report to view all major companies in this industry.
Related Terms
OUTSOURCINGARTIFICIAL INTELLIGENCE (AI)SPEECH-TO-TEXT SOFTWAREIndustry Code
NAICS 561410 - Transcription Services in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The transcription landscape brims with ineffable human subtleties that AI solutions are still grappling to perfect, driving companies to judiciously balance cutting-edge tech ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Factors that influence volatility in the industry
- Key success factors for businesses to overcome volatility
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
At the nucleus of transcription product development lies the stark recognition that words carry more than mere meaning—a blend of context, emotion, and specificity that dictat...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Purchase this report to unlock analyst insights.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
In the transcription arena, market concentration remains low, reflecting a field decentralized by the omnipresent need for customized record fidelity across businesses and ind...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The transcription sector sits under the watchful eye of regulation—particularly poignant when dealing in realms bound by confidentiality, such as healthcare and judicial setti...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit margins in the transcriptionist script tell a tale of constrained gains, where elevated input costs clash with the relentless tide of pricing competition and necessitat...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Transcription Services in the US industry in United States in 2024?
The market size of the Transcription Services in the US industry in United States is $1.8bn in 2024.
How many businesses are there in the Transcription Services in the US industry in 2024?
There are 4,476 businesses in the Transcription Services in the US industry in United States, which has declined at a CAGR of 2.2 % between 2019 and 2024.
Has the Transcription Services in the US industry in United States grown or declined over the past 5 years?
The market size of the Transcription Services in the US industry in United States has been declining at a CAGR of 2.5 % between 2019 and 2024.
What is the forecast growth of the Transcription Services in the US industry in United States over the next 5 years?
Over the next five years, the Transcription Services in the US industry in United States is expected to decline.
What does the Transcription Services in the US in United States include?
Typing and document finishing services and Copying services are part of the Transcription Services in the US industry.
How competitive is the Transcription Services in the US industry in United States?
The level of competition is moderate and increasing in the Transcription Services in the US industry in United States.
Related Industries
Widen your competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- There are no industries to display.
International industries
- There are no industries to display.
View all industries in United States
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
