Global Legal Transcription Market Overview:
Legal transcription are often found in courtrooms and law firms across the country. They listen to court proceedings, interviews between attorneys and clients, and other meetings with legal ramifications and record what they hear. Legal transcription needs a keen ear and the ability to type quickly and accurately. Grammar and proof-reading skills matter, too, because innocence, precedence and even legislation often lean heavily on what's said. According to the U.S. Bureau of Labor Statistics, the job outlook for legal transcription is better but still expected to grow at a slower rate than the average for all occupations. Legal transcription includes preparing legal documents from written or verbalized information. With the boom within the legal practice management services over the previous couple of years, it's become essential to possess a fast and proficient legal transcription services. Outsourcing legal transcription services helps you to enhance specialize in your core competency and boosts productivity.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2023 |
Forecast Period | 2024-2028 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increasing Automation in Legal Industry and Increasing Demand for More Efficiency from Legal Profession
Market Growth Drivers:
Growing Number of Litigations across the Globe in the Legal Industry
Challenges:
Lack of Understanding How Technology Can Be Deployed In the Legal Function and Lack of Industry Standards
Opportunities:
Growing Demand for Data-Driven Decision by Legal Professionals and Legal Firms to Take Significant Step toward AI and Digital Transformation
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Tech-synergy (United States), Voxtab (United States), Indoswift (United States), Flatworld Solutions Pvt. Ltd. (India), Huntington Court Reporters & Transcription, Inc. (United States), Deposition Service Inc. (United States), Toronto Court Reporters Ltd. (United States), Universal Court Reporting (United States), Optima Juris (United States), Focus Forward (United States) and Voice Products Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Legal Transcription market by 2028. Considering Market by Software/Service Type, the sub-segment i.e. Software (Electronic Reporting and Digital Recording) will boost the Legal Transcription market. Considering Market by End-User, the sub-segment i.e. Corporate Legal Departments will boost the Legal Transcription market.
What Can be Explored with the Legal Transcription Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Legal Transcription Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Legal Transcription
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Legal Transcription market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Legal Transcription market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Legal Transcription Service Providers, Legal Transcription Software Providers, Law Firms, Legal Departments and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.