Leveraging New Technologies for Client-driven Innovation
In recent years, businesses have felt the impact of digital disruption. Innovative technologies have caused a radical upheaval in everything from physical work environment to the way companies collaborate for a project. Traditional sectors such as law firms have been slower to adopt these modern ways. Moreover, such disruption presents various challenges, as the legal sector struggles to move from traditional hierarchies, manual research requirement, and time-based billing model to tech-powered operations fit for the future. However, due to rising information complexity, changing clients demand, and evolving market forces, legal professionals are turning to advanced technologies to achieve better outcomes. The legal field is heavily reliant on transcription for managing, processing, and creating huge volumes of sensitive information. A notable rise in the demand for legal services, with increasing collaborations of companies with legal advisors and rapid implementation of customer-focused services. In order to ensure accurate legal or court proceedings, law professional need to stay organized and streamlined, thereby potentially raising the demand for legal transcription.
Key Factors Shaping Legal Transcription Market
Increasing Adoption of Cloud Services
In the recent past, cloud computing witnessed rapid adoption within the legal industry. Even with limited data control and security concerns of the cloud storage technology, smaller law firms and independent lawyers are still adopting cloud services in their daily operations. Lawyers are now mobile and demand agile work environment form anywhere, any time. Cloud technology enabled attorneys and lawyers to run a successful legal practice through mobile devices. Cloud services also offer additional benefits of increased security for sensitive data that these law firms are handling.
Advancements in Speech Recognition Technology
In today's technology-driven world, legal practice management has undergone a drastic change. The legal industry is now increasing its inclination towards AI and ML technologies. These technologies are bringing a significant transformation in the legal sector. Automatic speech recognition provides huge opportunity to quickly transcribe high quality audio or video recordings that are considered acceptable to evidentiary standards. Speech recognition enables conversion of speech into text by recognizing spoken words. The textual data that is generated from speech recognition software is analyzed to derive useful insights. This technology leverages “language modeling” to recognize and distinguish millions of human expressions that form a language.
Legal Transcription Market Structure Analysis
- The global legal transcription market is a highly fragmented market, with presence of many small- and mid-sized service providers.
- Most of the top players are focusing on partnerships with technology providers, in order to make customers embrace the AI-driven technologies and leverage the advanced technologies and solutions.
- Through partnerships and collaborations, legal transcription providers in the market can strengthen their market position and target a stronger global footprint.
- Tier-1 legal transcription vendors account for ~50% of the overall market share. Players in this tier such as US Legal Support Inc., Taylor Court Reporters, Aptara Inc., Lexitas Legal, and Veritext are the prominent and most experienced in the industry, with a significant regional coverage.
Frequently Asked Questions about the Legal Transcription Market:
What is the valuation of the global market for legal transcription?
According to the estimates by Future Market Insights, the demand for legal transcription services and solutions will create revenues worth US$ 3.5 billion by 2019.
How will the growth discern for the legal transcription market in the future?
The global market for legal transcription is expected to grow at an impressive value CAGR of ~6% during 2019-2029.
Which industry trends market players must keep in mind while planning upcoming business strategies?
End users are showing a preference towards legal transcription services. However, adoption of legal transcription software is expected to increase to a new extent in the coming years.
Who are the top end-users in the legal transcription market?
Future Market Insights finds that low firms remain among the target end-users for most stakeholders. Leading market players are also increasing attention towards the rise in demand from legal attorneys.
What the latest trends in the legal transcription market?
Recent advancements in Artificial Intelligence (AI) and other next-generation technological features such as automated speech recognition (ASR), are giving rise to automated legal transcription services.
Stakeholders Go ‘Paperless’ for Accurate Documentation
Transcriptions are of paramount importance in any legal proceedings to provide accurate recording of witness testimonies and judge’s decisions. In the legal sector, traditional methods of data handling have long been considered more secure than new technological methods that are susceptible to incidences of data breach and information theft. As the tech evolved and keeping a track of conversation to legally document the progress of cases becomes difficult with conventional methods, the transition to e-documentation is considered a real option. Emergence of software platforms that offer watertight security and capabilities to store highly sensitive information has offered significant impetus to the growth of legal transcription market. In addition to easier access to past proceedings, a move from paper to digital files has ensured high accuracy and faster turnaround time. Growing spending on legal services for cyber security and data privacy is also expected to work to the advantage of legal transcription market players.
Developed Markets Take the Center Stage
North America is projected to capture significant share in the legal transcription market, owing to strong presence of private law firms and relatively high adoption of automation technology in the region. With greater awareness of online and crowdsourced legal services, customers continue to demand personalized legal advice at reasonable prices. Legal transcription market players are thus hard-pressed to automate their process and offer cost-effective services. Today, organizations are preferring law firms that are savvy on data and cybersecurity issues and pro-active in sharing knowledge of many jurisdictions. Legal transcription thus become vital to read and review large volume of information at different times.
Automated Transcription to Shape the Road Ahead
Disruptive technologies such as Artificial Intelligence, Machine Learning, and data analytics are gradually entering into Legal Tech platforms, and legal transcription is no exception. Given consideration to the need to nurture a culture of growth, key market players are focusing on automated transcription technology that helps transform the note-taking workflow for better. In recent times, automated speech recognition (ASR) has held a grip of law firms to transcribe speech and other information in real-time. Use of AI-driven, digital voice, and video capture technology and services for legal transcription helps streamline documentation processing and boost efficiency. As legal firms and government bodies continue to outsource their transcription processes, market stakeholders are focusing on offering digital dictation services that provide an easy way to record, upload, and transcribe information- all at once.
Service remains highly preferred
Demand for software grows rapidly
Law firms remain top end user
Demand from legal attorneys increases
How Growth will Unfold
Demand for legal transcription is currently based on increasing investments in legal technologies and growing use of AI to optimize transcription process. However, recent slowdown in demand for legal services in various regions, due to market volatility and less merger & acquisition activity, which is expected to negatively impact the growth of legal transcription market. Significant variations in legal formats and diverse pricing models for different services and transcription options remain key challenges for market players to offer customize solutions at affordable prices. In consequence, value-added strategies have been developed to offer cost-effective advanced speech transcription and AI-driven solutions.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Legal Transcription Market Analysis 2019 - 2029
A recent market study published by FMI on the legal transcription market includes a global industry analysis 2014 - 2018 and an opportunity assessment 2019 - 2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of this market, growth prospects of the market are obtained with maximum precision.
Legal Transcription Market Taxonomy
The global legal transcription market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Digital Recording
- Electronic Reporting
- Transcription Services
- Deposition Suites
- Case Management Services
- Law Firms
- Law Enforcement Officers
- Legal Attorneys
- Court Reporters
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- GCC Countries
- Middle East & Africa
The report initiates with the executive summary of the legal transcription market, which includes a summary of key findings and statistics of the market. It also includes the demand and supply-side trends pertaining to this market.
Readers can find the definition and a detailed taxonomy of the legal transcription market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to legal transcription and its properties are provided in this section. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the legal transcription market report.
This section explains the global market value analysis and opportunity assessment for the legal transcription market during the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical legal transcription market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). Along with this, the pricing analysis at the regional level has been provided in this section.
This chapter explains key macroeconomic factors that are expected to influence the growth of the legal transcription market over the forecast period. Along with macroeconomic factors, this section also highlights forecast factors and value chain analysis of the legal transcription market. Moreover, in-depth information about market dynamics and impact analysis have been provided in the successive section.
The legal transcription market report provides key market drivers, restraints, challenges, and opportunities that are expected to significantly impact market growth during the forecast period. Detailed industry trends are also provided in this section.
Based on solution, the legal transcription market is segmented into software and services. The software segment is further segmented into digital recording and electronic reporting software. Furthermore, the service segment is segmented on the basis of consultation, transcription service, deposition suites, and case management services. In this chapter, readers can find information about key trends and developments in the legal transcription market and market attractiveness analysis, based on solution.
Based one end user, the legal transcription market is segmented as law firms, law enforcement officers, legal attorneys, court reporters, and others. In this chapter, readers can find information about key trends in the legal transcription market and market attractiveness analysis, based on end user.
This chapter explains how the legal transcription market will grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, GCC Countries, and the Middle East & Africa.
This chapter offers a detailed analysis of the growth of the North America legal transcription market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends and market growth based on solution, end user, and countries in North America.
This chapter provides the growth scenario of the legal transcription market in Latin American countries such as Brazil, Mexico, and the rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the legal transcription market in several countries such as Belgium, the UK, France, Spain, Italy, BENELUX, and the rest of Western Europe, are included in this chapter.
This chapter provides the growth scenario of the legal transcription market in Eastern Europe countries such as Russia, Poland, and the rest of Eastern Europe.
This chapter highlights the growth of the legal transcription market in APEJ by focusing on China, India, ASEAN, Australia & New Zealand, and the rest of APEJ. This section also help readers understand key factors that are responsible for the growth of the legal transcription market in APEJ.
This section also help readers understand key factors that are responsible for the growth of the legal transcription market in Japan.
This chapter provides information about how the legal transcription market will grow in GCC countries that include Saudi Arabia, Kuwait, U.A.E, Qatar, Bahrain, and Oman, during the forecast period of 2019-2029.
This chapter provides information about how the legal transcription market will grow in major countries in the MEA region, such as Turkey, Northern Africa, South Africa, and the rest of MEA, during the forecast period of 2019-2029.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the legal transcription market, along with their market presence analysis by region and product portfolio. Competition Analysis - In this section, readers can find a comprehensive list of all the prominent stakeholders in the legal transcription market, along with the detailed information about each company, which include the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Huntington Court Reporters & Transcription, Inc., Verbatim Reporting and Transcription, LLC, Veritext, Auscript, Pacific Transcription, A.S.A.P. Reporting Services Inc., Litigation Services, LLC, Toronto Court Reporters Ltd., Courtpages Inc., Advantage Software, Inc., Advantage Software, Inc., and NCH Software.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the legal transcription market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the legal transcription market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Sales Executives
- Technical Advisor
- Legal Transcription Service Providers
- Legal Software Providers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near term and long term market growth prospects
- Market Segment Splits and Authenticity
- Opinions on market projections and validity of assumptions
- Company’s white papers
- Annual Reports and Investor Presentations
- Research Papers
- Company Press Release
- Government Websites and Publications
Primary Interview Splits