Los Angeles, CA (PRWEB) October 30, 2013
Stenographers, who have been around for centuries, play a crucial role in the courtroom process. Stenographers attend legal proceedings and other public speaking events and create transcriptions. Over the past five years, demand for stenographic services has subdued, as courts have increasingly cut back expenses amid massive budget cuts. More courts have been outfitting their courtrooms with digital recording systems, thus replacing the need for in-person stenographers. A salaried stenographer can cost the court up to $60,000 per year, while the average cost of new audio-video equipment is about $25,000 per courtroom. As a result of subdued demand for stenographic services over the past five years, IBISWorld estimates that industry revenue has contracted at an average annual rate of 0.2% to $3.1 billion. In 2013, revenue is expected to rise a marginal 0.4% as a result of rising legal activity.
According to IBISWorld Industry Analyst Anna Son, “The Stenographic Services industry is highly competitive and fragmented, exhibiting low market share concentration.” According to the US Census Bureau, about 92.2% of industry operators employ fewer than 10 people. Compared with other industries that provide professional services, stenographers operate on relatively thin profit margins. Due to the stiff competition, industry operators have to offer competitive prices, which further cut into operators' bottom lines.
In the five years to 2018, the Stenographic Services industry will continue to undergo the same trends that the industry has faced during the past five years. As federal and state courts struggle to balance their budgets in light of massive budget cuts, they will increasingly seek new cost-saving measurements. As such, “more courts are expected to move away from in-person stenographers toward digital recording systems, thus reducing demand for stenographers in the courtroom,” says Son. Nevertheless, stenographers will be able to find more opportunities outside of the courtroom, including providing closed captioning for television programs and aiding students with hearing imparities or those wanting to learn English as a second language.
For more information, visit IBISWorld’s Stenographic Services in the US industry report page.
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IBISWorld industry Report Key Topics
The Stenographic Services in the US industry provides verbatim reporting and stenotype reporting of live legal proceedings and then transcribes subsequent recorded materials.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.