01-10-2019 07:24 AM CET - IT, New Media & Software
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Translation Service Market 2019 Global Trends and Key Leaders: Ortelio, Rockwell Automation, Calvary Robotics, Kuka AG, Fanuc, Yaskawa Electric, Rapyuta Robotics, Motion Controls Robotics

Press release from: Market Research Future



Market Research Future published a research report on “Translation Service Market Research Report - Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Translation Service Global Market - Overview

The global translation service market is showing immense growth; mainly due to the growing need for accurate interpretation services. Translation services help in bridging the gap between communication and technology. Major driver for this market include expanding geographical reach of the organizations where companies are dealing with foreign clients and translation becomes the need of the business. Technological advancements and arrival of machines and software which can provide translation in less amount of time are other factors fuelling the market growth.

According to a recent study report published by Market Research Future, The global market of translation service is increasing and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Language translation services include on-demand access to professional interpreters via phone, video remote, and onsite, translation and localization of any content, testing and training of bilingual and interpreter staff, implementation support and services and competitive, cost-effective language access solutions. Time sensitive and urgent translation service is a growing requirement by many industries including city transit, airports, hotels, online services such as social media companies and other customer service providers. There are a variety of solutions available but choosing the right kind of services according to the business requirements is important.

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On the other hand, lack of technical expertise and unawareness regarding the importance of the translation services are some of the factors hindering the growth of translation service market. Also, implementation of translation service will be an added service, which will ultimately result in added costs and may hamper the market growth.

Segmentation

• On the basis of service type, the market is segmented into written translation services, interpretation service, others
• On the basis of operation type, the market is segmented into technical translation, machine translation.
• On the basis of the component, the market is segmented into hardware and software
• On the basis of application, the market is segmented into commercial, automotive, IT & Telecommunication, healthcare, government and others
• On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world.

Key Players

The key players of global Translation Service Market report include Rockwell Automation, Inc. (U.S.), Kuka AG (Germany), ABB Group (Switzerland), Fanuc Corporation (Japan), Yaskawa Electric Corporation (Japan), Rapyuta Robotics Co. Ltd. (Japan), Ortelio Ltd. (UK), Calvary Robotics (U.S.), Motion Controls Robotics (U.S.) and others.

Regional analysis

The global translation service market is estimated to grow at a promising rate in upcoming years. The geographical analysis of translation service market is spanned across North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand) and rest of the world (including the Middle East, Africa, and Southern America). Of all the regions, the market is mostly dominated due to higher adoption of translation services in security and government agencies. Due to the recent rise in crime and terrorism, the government security service agencies have started using translation services across the globe to identify and interpret messages and radio signals. The United States has a major contribution, due to a recent change in the government and its strictness. It contributes a major proportion of this growth, especially in government translation Service.

Although there have been many developments in the technology, many enterprises including various start-ups have begun conducting new methodologies and have also partnered with service providers. Also, the region holds more than 60% of the top prominent players providing services in this market. North America is closely followed by Europe region. Europe and North America are the technologically advanced regions, and the factor affecting the growth of this market is the growing application of analytics and increasing deployment of advanced translation service features. Asia-Pacific is expected to be the fastest growing region due to increasing initiatives by the government.

Industry News

March 2017 – Teleperformance folds LanguageLine into new unit, keeps brand. Teleperformance announced acquisition of LanguageLine Solutions in September 2016 and has been the biggest acquisition in the language industry.

November 2017 – LanguageLine Solutions wins Gold in Best in Biz Awards 2017. The company takes top prize with revolutionary LanguageLine InSight video-interpretation solution, which provides one-touch connection to over 9,000 professional interpreters. The company aims to empower clients in order to provide outstanding service and exceptional care to limited-English-proficient, deaf, and hard-of-hearing populations.

November 2017 – Amazon Web Services launches translation services as part of its AWS extravaganza. Amazon is pitching the new translate service as a way for businesses to expand products and services using its text translation tool.

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Intended Audience

• Translation Service Manufacturers
• Distributors
• Research firms
• Consultancy firms
• Software developers
• Vendors
• Semiconductor Manufacturers
Stakeholders
• End-user sectors
• Technology Investors

About Us:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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