Artificial Intelligence
Medical Transcription Software Market Worth Over USD 190.2 Billion by 2032, At CAGR 9.60%
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New York, March 07, 2023 (GLOBE NEWSWIRE) — The medical transcription software market size accounted for USD 77.8 billion in 2022 and is projected to achieve a market size of USD 190.2 billion by 2032 rising at a CAGR of 9.60% from 2032 to 2032. Medical transcription is the act of transcribing the patient’s voice during consultations. The physicians refer these transcribes to them for treatment decisions and future reference. This software significantly reduces clinical documentation time, allowing physicians to concentrate on patient treatment plans. In addition, remote access to dictation platforms enables physicians to dictate anywhere, anytime. This allows for greater adoption of medical transcription software. These product offerings are being adopted because of a variety of factors. These technologies are being adopted in many areas of healthcare to streamline the clinical workflow.
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Key Takeaway:
- By Type, the voice recognition segment dominates the medical transcription software market throughout the forecast period (2023-2032).
- By Deployment, the cloud web-based segment dominated the market and anticipated the highest CAGR of 9.61% during the forecast period (2023-2032).
- By End-user, the hospital segment held the majority of the market share in the medical transcription software market.
- In 2022, North America dominated the market with the highest revenue share of 35.0%.
- Europe is predicted to expand substantially during the forecast period due to increased approval of healthcare cloud and voice recognition technologies.
- Asia-Pacific region is anticipated to register the highest CAGR due to increased awareness of clinical documentation.
The slowdown in healthcare services and non-emergency procedures has significantly impacted some healthcare segments. While there have been declines in the healthcare sector in some markets, medical transcription software has seen a positive effect from the coronavirus epidemic.
Factors affecting the growth of the medical transcription software Market industry?
Several factors can affect the growth of the medical transcription software market. Some of these factors include:
- Increasing demand for medical transcription services: The increasing demand for medical transcription services from hospitals and healthcare organizations is a major driver for the medical transcription software market. As healthcare organizations are increasingly adopting medical transcription software to streamline the documentation process of medical records, the demand for these services is expected to grow over the forecast period.
- Growing demand for remote medical transcriptionists: The growing demand for remote medical transcriptionists is another major driver for the medical transcription software market. This is because remote medical transcriptionists are more cost-effective and provide greater flexibility for organizations.
- Technological advancements: Technological advancements in the medical transcription software market, such as voice recognition and natural language processing, are also driving market growth. These technologies are helping to reduce the need for manual data entry by medical transcriptionists, which results in cost savings and improved accuracy.
- The growing use of Electronic Health Records (EHRs): The growing use of Electronic Health Records (EHRs) is also a major driver for the medical transcription software market. The use of EHRs is allowing healthcare organizations to efficiently store patient data, which is leading to a higher demand for medical transcription software.
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Top Trends in the Medical Transcription Software Market
Top trends in the medical transcription software market include the adoption of cloud-based solutions, increasing demand for speech recognition technology, and the increasing demand for integrated healthcare systems. Additionally, the increasing demand for cost-effective solutions and the introduction of advanced analytics tools are expected to drive the growth of the medical transcription software market.
Market Growth
Due to strong demand, new products in this software market have been launched faster than usual due to the COVID-19 pandemic. For example, ZyDoc introduced its COVID-19 EHR documentation service in March 2020 to all hospitals and healthcare providers affected by the COVID-19 pandemic.
Due to COVID-19, the global medical transcription market will see a positive impact on its growth and experience an increase in demand in 2020. The pandemic has seen an increase in the use of digital health technology, such as telemedicine, EHR, and teleconsulting. This will lead to an increase in demand for transcription software and services in 2023. The pandemic has raised awareness about digital health technologies. This will result in greater adoption of transcription software over the forecast period. The pandemic is expected to bring about favorable regulatory changes, which will allow for faster adoption of digital healthcare.
Regional Analysis
The global medical transcription software market is segmented on the basis of region into North America, Eastern Europe, Western Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America holds the largest market share in terms of revenue and is expected to remain the leading region throughout the forecast period. The rapid adoption of advanced medical transcription software and growing demand for remote medical transcription services are the major factors driving the growth of the medical transcription software market in North America.
Europe is expected to be the second-largest medical transcription software market and witness significant growth during the forecast period. The increasing adoption of medical transcription software by hospitals and medical centers in the region is expected to drive the market growth. Furthermore, the presence of major players in the region is also expected to fuel the growth of the medical transcription software market in Europe.
Asia-Pacific is expected to be the fastest-growing region in the global medical transcription software market between 2023 and 2032. This growth can be attributed to the increasing adoption of medical transcription software in countries such as India, China, and Japan. Additionally, the presence of major players in the region is also expected to drive the growth of the market. The growing demand for advanced healthcare IT solutions and the increasing number of healthcare facilities in the region are expected to contribute to the growth of the market.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 77.8 billion |
| Market Size (2032) | USD 190.2 billion |
| CAGR (from 2023 to 2032) | 9.6% |
| North America Revenue Share | 35.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The global medical transcription software market is expected to grow significantly over the forecast period, primarily driven by the increasing adoption of electronic health records (EHRs) and the increasing demand for efficient and accurate transcription services. The increasing demand for healthcare information technology, growing need for healthcare data management, and the rising prevalence of chronic diseases are some of the other factors expected to drive the growth of the market. Furthermore, the increasing need for reducing healthcare costs and enhancing the quality of healthcare services is anticipated to provide lucrative opportunities for market growth.
Market Restraints
The major restraints of the medical transcription software market are the high cost of software installation and the lack of skilled manpower. Additionally, the market is highly competitive and the risk of low profit margins is also a major factor. Furthermore, the adoption of electronic health records (EHRs) and the implementation of stringent government regulations related to the storage and protection of patient data are also expected to hamper the growth of the medical transcription software market.
Market Opportunities
In addition, increasing awareness of product innovations and development due to global technological advancements will create lucrative opportunities for market players from 2023 to 2032. In the future, the market’s growth rate will be further accelerated by expanding remote services in developing countries to fulfill the unmet demand for medical transcription services.
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Report Segmentation of the Medical Transcription Software Market
Type Insight
By type analysis, the market can be divided into two types (i.e., Voice Capture and Voice Recognition). Among these types, the Voice Recognition segment is predicted to generate the maximum revenue share in this market throughout the forecast period. Voice Capture medical transcription software helps medical transcriptionists capture patient recordings and convert them into a digital format for further transcription.
It makes use of speech recognition technology to convert audio files into text, which can then be edited and formatted as per the requirements. This Type of software is beneficial to medical transcriptionists as it helps to reduce the amount of time spent on transcribing audio files and improves accuracy levels. Voice recognition medical transcription software makes use of artificial intelligence (AI) technologies to understand the speech of the patient and then transcribe it into text. This Type of software can be used to make the transcription process faster and more accurate. It also helps reduce the need for manual editing and formatting of text.
Deployment Insight
Based on deployment, the market is segmented into cloud/web-based and installed/on-premises. Because of the widespread deployment of cloud-based software, the cloud/web segment is expected to dominate the medical transcription market. The future launches of advanced cloud-based software as well as the increasing use of electronic health records will boost the growth of this segment.
On the other hand, the installed/on-premises segment is anticipated to lose its market share during the forecast period due to the higher maintenance costs associated with it. The cloud/ web-based model has also seen rapid growth because of its cost-effectiveness and ease of use for large workloads as well as smoother transactions. Global medical transcription software market growth is also expected to be aided by the expansion of the healthcare IT infrastructure.
End User Insight
The global medical transcription software market is segmented by end user into hospitals, clinics, diagnostic centers, and other end users. The market for hospitals and clinics is expected to dominate the market over the forecast period owing to the increasing use of medical transcription software in hospitals and clinics to streamline their workflow processes. The diagnostic centers segment is expected to witness a significant growth rate over the forecast period owing to the increasing use of medical transcription software for accurate and fast record keeping. Other end users such as medical transcription service providers, insurance companies, and research organizations are also expected to contribute to the growth of the global medical transcription software market.
For more insights on the historical and Forecast medical transcription software market data from 2016 to 2032 – download a sample report at https://market.us/report/medical-transcription-software-market/request-sample/
Market Segmentation
Based on Type
- Voice Capture
- Voice Recognition
Based on Deployment
- Cloud / Web Based
- Installed on Premises
Based on End-User
By Geography
North America
- The US
- Canada
- Mexico
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape:
The competitive landscape of the market has also been examined in this report. Some of the major players include,
- 3M
- Nuance Communication Inc.
- Allscripts
- Microsoft Corporation
- Dolbey Systems
- Acusis LLC
- MModal IP LLC
- Voice brook Inc.
- Xelex Digital LLC
- N Thrive Inc.
- Scribe Technology Solutions
- ZyDoc Medical Transcription
- Speech Processing Solutions GmbH
- Global Medical Transcription LLC
- DeepScribe
- Percyse Solutions LLC
- Other Key Players
Recent Development of the medical transcription software Market
April 2019 – VIQ Solutions Inc. is a leading player in the transcription industry. The cloud-based and AI-enabled NetScribe voice recognition platform (software as a services) allows speech to text conversion in real time. It can be used in legal and insurance, among other areas.
February 2019 – 3M acquired MModal IP LLC to increase its healthcare technology portfolio. This acquisition was made with the goal of expanding its revenue cycle management, population management and clinical documentation using speech recognition technology.
January 2019 – Allscripts and Microsoft Corporation joined workforces to create a new cloud-based clinical research tool.
Browse More Related Reports:
- Voice Coil Motor market: size was valued at USD 121.2 million in 2023 and is expected to hit USD 193.3 million by 2033, at a CAGR of 5.1% from 2023 to 2033.
- Cockpit Voice Recorder Market: is expected to grow at a CAGR of 2.6% over the next ten years and will reach USD 202.6 Billion in 2030, from USD 165.6 Billion in 2022.
- Interactive Voice Response Market: size was valued at USD 4.2 Billion in 2021 and is projected to reach USD 6.7 Billion by 2030, growing at a CAGR of 6.19% from 2021 to 2030.
- Legal Transcription Market: stood at around USD 1,988.10 Mn in 2021 and is slated to increase at a CAGR of 6.6% to reach a valuation of USD 3,267.7 Mn by 2029.
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Artificial Intelligence
Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.
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Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
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“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
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Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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