The global translation services markets will grow at a CAGR of 6.7% during the forecast period, 2021-2027. The Language Services market has been around for many years, and Language Service Providers (LSPs) offer different service levels.
The language services offered worldwide include translation, translation and interpretation, dubbing, language courses, language assessments, language technologies, and more. As part of the language services, translation and interpretation help enhance communication between users of different languages, including spoken and sign language. According to the International Standards Organization (ISO), interpretation is translating a spoken or signed message into another spoken or signed language while maintaining the register and meaning of the content of the original language.
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Factors that Affect the Translation Service Industry
Technology advances and the arrival of machines and software that can translate any foreign language in less time are driving demand for translation services worldwide. Translation varies by a company’s geographical reach, which increases the number of foreign clients and thus creates a need for translation. A translation service is a way to improve technology-to-human communication interaction. Google translate is one of the most popular free translation services. As a result, it has shown many signs of progress and can now detect any language, expression, regional keyword, written or spoken. In an increasingly global economy, people are migrating abroad to find better opportunities. Therefore, translation services can help make a better living. Translating and interpreting services are becoming increasingly important in many industries. Large translation companies are acquiring specialty language service providers as one of the significant trends observed in the translation industry. Voice-based content has also turned out to be a significant driver for the growth of these services.
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Acquisitions, partnerships, and new launches are among the changes companies are going through. LanguageLine Solutions, a market leader in translation services, was acquired by Teleperformance. The acquisition of this company served as a strategic move by the industry. Customers and clients claim to receive reliable and efficient service from the company. One of the major innovators in this market is Amazon Web Services, which offers translation services. Google Translate is partnering with the company to increase services and products for existing and new businesses alike.
There is ambivalence about the current situation in the translation and language industry. A company’s location, its reaction to the situation, and its size all factor into the equation. Nowadays, those who managed to organize their work processes efficiently at home and had the technological resources are in the lead. The whole world is at home now, giving a great deal of momentum to trade and entertainment over the internet. A surge of users has been seen recently on the social media platforms of Amazon, Netflix, and YouTube. Globally, it increases the demand for content. For translators, it’s great news since there will be a high demand for their services, and they can manage their work remotely more easily.
COVID-19 Impact on Translation Service Market
Translation Services are extensively analysed by researching their presence and market shares in different regions & countries, along with growth rates. Several aspects of COVID-19 are evaluated, including the serious disruptions, recovery measures, innovations, and new technologies.
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Outline of the Report
This report examines the translation services market on the basis of type of service, application, and type of operation.
Service segmentation of the translation service market is sub-segmented into:
Written Translation Services
Operation segmentation of the translation service market is sub-segmented into:
Application segmentation of the translation service market is sub-segmented into:
Financial & Banking
Tourism and Travel
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Regional Overview of the Global Translation Service Market
According to a geographical breakdown, the translation services market is segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa (MEA). The global translation market is estimated to grow quickly in the near future. The safety and government sector translation services dominate the market among all regions. Recent increases in crime and terrorism are causing government security agencies across the globe to use translation services to interpret radio signals and identify messages. The US is contributing a great deal due to its new government and its strictness. Additionally, government translation services account for a significant part of this growth.
Despite a number of technological advancements, several enterprises have started to use new methods, such as start-ups, and have partnered with service providers. Over 60% of top domestic companies operate in the region.
As the most technologically advanced regions, Europe and North America employ sophisticated analytics, and more advanced translation services exist. These factors drive market growth. Furthermore, a boost in government initiative in Asia-Pacific will play a major role in the region’s growth.
Key Competitors of Translation Service Market
The global market for translation services consists mainly of the following companies:
Language Line Solutions
Global Language Solutions Inc.
Some other companies that provide translation services are:
Babylon Software Ltd
Gengo, Mars Translation Services
Cuttingedge Translation Services Pvt Ltd
This report analyses macroeconomic factors and market attractiveness for each segment. Reports will analyse market segments and regional segments in depth from a quantitative and qualitative standpoint. The information included in the report was gathered from a wide range of industry experts and participants
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Comprehensive Analysis of the Translation Service Market Report
Market Segmentation & Regional Analysis
Supply & Demand Analysis
Product Life Cycle Analysis
Market and Forecast Factor Analysis
Market Opportunities, Risks, & Trends
Market Size of 10 years
Porter’s Five Forces & Value Chain Analysis
Developed & Emerging Economies Analysis
Conclusion & Recommendation
15+ Company Profiles
Regional Segments of Translation Service Market
The Middle East & Africa
Target Audience of Translation Service Market
Government authorities, associations, and organizations
Translation service manufactures
Independent Aftermarket players
Translation service technology provider
Research institutions and universities
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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