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.
- Growing Number of Litigations across the Globe in the Legal Industry
- Increasing Automation in Legal Industry
- Increasing Demand for More Efficiency from Legal Profession
- Growing Demand for Data-Driven Decision by Legal Professionals
- Legal Firms to Take Significant Step toward AI and Digital Transformation
- Lack of Understanding How Technology Can Be Deployed In the Legal Function
- Lack of Industry Standards
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 2026. 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.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
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.