The increasing preference for automation in the jury process is one of the important reasons driving the demand for legal transcription services. The adoption of legal transcription solutions is expected to grow at a significant rate over the forecast period, due to the increasing preference for more secured and reliable operations.
The market for legal transcription was valued at about US$ 1,988.9 million in 2021 and is anticipated to grow at a CAGR of 6.5 percent to US$ 3,267.7 million by 2029. The market for business transcription is only about 30.0% the size of the legal transcription market.
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From the past few decades, technological evolutions are increasingly contributing to different industry verticals, and law firms are one of them. With the constant increase in crime scenes, the need for more advanced, fast, and secure ways of courtroom data recording is increasing rapidly. The interest of law firms has grown regarding the conversion of traditional courtrooms into high-tech courtrooms.
Global Legal Transcription Market: Drivers and Restraints
One of the major factors driving the market for legal transcription software as well as services is the recent boom in legal practice and different types of law firms. Rising crime scenes on a global level are making it crucial to have quick and proficient legal transcription services available on a real-time basis.
In addition to this, the availability of different options such as interrogations, on-time transcription of data, phone calls, training sessions, announcements, and others for legal transcription users is also an important factor driving the growth of the legal transcription management solutions market.
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Key Companies Profiled
- Huntington Court Reporters & Transcription, Inc.
- Verbatim Reporting and Transcription, LLC
- Litigation Services, LLC
- Aptara Inc.
- Deposition Service Inc.
- Court Reporting Services Inc.
- Optima Juris
- Lloyd Michaux
- JML Transcription
- Auscript
- Veritext
- Toronto Court Reporters Ltd.
- A.S.A.P. Reporting Services Inc.
- TransPerfect
- Lexitas Inc
- NexDep
- Textnet
- Pacific Transcription
- Universal Court Reporting
- Sullivan Reporting Company
- Planet Depos, LLC
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Global Legal Transcription Market: Trends
Legal transcription vendors are continually focusing on delivering customer-centric products with advanced flexibility for software users. The deployment of legal transcription over the cloud is a significant trend. Cloud deployment is expected to contribute to significant growth over the forecast period.
In addition to this, the availability of mobile applications for smartphones and tablets is creating new market opportunities, as smartphones allow flexibility to track data from any remote location. These market trends are creating potential market opportunities for software vendors.
Legal Transcription Market Outlook by Category
By Solution :
- Legal Transcription Software
- Digital Recording
- Electronic Reporting
- Legal Transcription Service
- Consultation
- Transcription Services
- Deposition Suites
- Case management Services
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
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