Automatic music transcription is considered by many to be the Holy Grail in the field of music signal analysis. However, the performance of transcription systems is still significantly below that of a human expert, and accuracies reported in recent years seem to have reached a limit, although the field is still very active. In this paper we analyse limitations of current methods and identify promising directions for future research. Current transcription methods use general purpose models which are unable to capture the rich diversity found in music signals. In order to overcome the limited performance of transcription systems, algorithms have to be tailored to specific use-cases. Semiautomatic approaches are another way of achieving a more reliable transcription. Also, the wealth of musical scores and corresponding audio data now available are a rich potential source of training data, via forced alignment of audio to scores, but large scale utilisation of such data has yet to be attempted. Other promising approaches include the integration of information across different methods and musical aspects.