Translation Service Market: by Service Type (Written Translation Services, Interpretation Services), by Operation Type (Technical Translation and Machine Translation), by Application (Legal, Medical, Financial & Banking, Tourism & Travel, and Others), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
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The translation service market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The study of the report will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the translation service industry.
Translation Service Industry Outlook
The translation service market size is expected to register a 6.7% CAGR during the forecast period, 2021-2027. Language Services have been around for a long time, and Language Service Providers (LSP) offer varying degrees of service. In general, language services include translation, translation and interpretation, dubbing, language courses, language assessment, language technologies, and more. Translation and interpretation services within the language services can be defined as facilitating communication between uses of different languages, encompassing both spoken and signed communication. Definition for interpretation by the International Standards Organization (ISO) is Rendering a spoken or signed message into another spoken or signed language, preserving the register and meaning of the content of source language.
Factors Affecting the Translation Service Industry over the Forecast Period
The global translation service market is driven by huge technological advancements and the arrival of machines and software that can translate any foreign language in less time. Another driver of translation services is growing corporate geographic outreach, thereby increasing the foreign client base and thus developing a need for translation. Translation services are the means by which technology-to-human communication interaction is increased more effectively. One of the big examples of free translation services is Google translate. It has undergone many signs of progress and can now easily detect any language, slang, regional keywords, by written means, or even by voice. Since more people migrating to different countries in search of a better life, they find themselves in an unfamiliar language environment. As a result, these translation services might be needed for a better living. A growing number of industries are seen requiring translation and interpretation services. One of the significant trends observed in the translation industry includes acquisitions by large translation companies of specialty language service providers. The growing demand for voice-based content is also seen as a significant driver of these services.
Many companies are undergoing various changes in terms of acquisitions, partnerships, and product launches. Teleperformance, a major player, has acquired LanguageLine Solutions in the translation services market. This acquisition has been seen by the industry as a major strategic move for the firm. The company claims to be providing its customers and clients with an efficient and reliable service. Amazon Web Services, another major innovator in this market, had launched translation services. The company aims to align itself with Google Translate as a way to increase products and services for new and existing businesses.
The current situation with the language and translation sector is ambivalent. It all depends on the company, its location, and the reaction to the situation. Those who had the technical possibility and succeeded in organizing the efficient work process from home now remain on top. Now the whole world is at home that gives a strong impetus to the development of internet trade and entertainment. YouTube, Netflix, Amazon’s social media witness a surge in the number of users. Globally it generates the need for more content. It’s good news for translators since their services will be in higher demand and remote organization of their work is much easier.
Impact of COVID-19 on Translation Service Market
A comprehensive analysis is conducted on the presence of the Translation Service industry across different regions & countries, top market share of companies, growth rate & analysis of prices. The serious disruptions caused by COVID-19, recovery measures, innovations, new technologies, & emerging sectors are evaluated.
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Scope of the Report
The report outlines the study of the translation service market based on service type, operation type, and application.
Based on service type, the translation service market is segmented into-
- Written Translation Services
- Interpretation Services
Based on operation type, the translation service market is segmented into-
- Technical Translation
- Machine Translation
Based on application, the translation service market is segmented into-
- Financial & Banking
- Tourism & Travel
Translation Service Market: Regional Outlook
From a geographical viewpoint, the translation service market is segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa (MEA). It is estimated that the global market for translation services will grow promisingly in the coming years. Of all the regions, the market is predominantly dominated by higher adoption of security and government agency translation services. Government security agencies have started using translation services around the globe to identify and interpret messages and radio signals owing to the recent rise in crime and terrorism. The US is making a major contribution due to a recent government change and its strictness. Also, it contributes a significant portion of this growth, particularly in government translation services.
Although there have been many technological developments, many enterprises have started to conduct new methodologies, including various start-ups, and have partnered with service providers. The region also holds more than 60% of the top prominent players in the domestic market.
North America closely follows Europe. Europe and North America are the technologically advanced regions, and the increasing use of analytics and the increasing deployment of advanced translation service features are the factors affecting the growth of this market. Furthermore, Asia-Pacific is expected to be the region with the fastest growth due to increased government initiatives.
Translation Service Market Key Competitors Includes –
The leading manufacturers of translation services in the global market include LanguageLine Solutions, Lionbridge, TransPerfect, SDL, GlobaLexicon, Global Language Solutions Inc., and Ingco International.
Other translation service manufacturers include Foreign Translations, CLS Communication, Net-Translators, Dynamic Language, Zaharicom Inc, Cuttingedge Translation Services Pvt. Ltd, Babylon Software Ltd, Gengo, Mars Translation Services, and Straker Translations, among others.
The translation service market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
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Translation Service Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Translation Service Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
Translation Service Market: Target Audience
- Translation service manufactures
- Translation service technology provider
- Research institutions and universities
- Government authorities, associations, and organizations
- Independent Aftermarket players