Press release
Translation Service Market Analysis by Service Type, by Vertical | Tot Key Players Are Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), Net-Translators (U.S.), GlobaLexicon (UK), Foreign Translations (U.S.), LanguageLine Solutions (U.S.), Cuttingedge Tra
The translation service industry is anticipated to develop at a sound 8.6% CAGR in the conjecture time frame (2020-2027), states the most recent Market Research Future (MRFR) report.
Drivers
Utilization of AI for Machine Translation to Boost Market Growth
Utilization of artificial intelligence (AI) by driving associations as machine interpretation for diminishing the expenses of interpretation will help market development over the figure time frame. The AI-empowered mechanized interpretation stages, for example, Microsoft Translator, Google Translate and Amazon Translate have taken immense jump forward in interpretation precision.
Open doors
Developing Need for Translation of Websites to offer Robust Opportunities
The expanding need for interpretation of sites and networks content will offer strong open doors for the market in the estimate time frame.
Restrictions
Low Need from Underdeveloped Countries to go about as Market Restraint
The low necessity of interpretation administrations from immature nations might go about as a market limitation over the figure time frame.
Significant expense to go about as Market Challenge
The significant expense of interpretation administrations might go about as a market challenge over the conjecture time frame.
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Segmentation:
The global translation service market has been segmented based on service type, operation type, application basis, and component.
By component, the translation service market is segmented into software and hardware.
By application basis, the translation service market is segmented into government, healthcare, commercial, IT and telecommunication, automotive, and others.
By operation type, the translation service market is segmented into technical translation and machine translation.
By service type, the translation service market is segmented into interpretation service and written translation services.
COVID-19 Analysis
The translation services market has been marginally impacted by the lockdowns owing to the COVID-19 pandemic as the majority of the translators are working from home through digital documents. On the contrary, the interpreters that offer such services in person at international events, conferences, and symposia are experiencing difficulties, as worldwide businesses are not permitted in hosting delegations of partners & foreign clients in conference halls and executive briefing centers. A good number of corporate events had been cancelled or postponed for the outbreak. Besides, relevant documentation, accurately translated, dispersed, and transcribed world over is likely to help experts in collaborating to prevent the spreading of the virus.
Regional Analysis
North America to Precede Translation Service Market
North America will precede the market over the forecast period. Change in government and its policies, partnerships between start-ups and service providers to conduct fresh methodologies, presence of several key players, high adoption of translation services by security agencies and government for identifying and interpreting radio signals and messages, and the increasing use of advanced translation services in the field of analytics are adding to the global translation service market growth in the region.
Key Players
Eminent players profiled in the global translation services market report include Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), Net-Translators (U.S.), GlobaLexicon (UK), Foreign Translations (U.S.), LanguageLine Solutions (U.S.), Cuttingedge Translation Services Pvt. Ltd (India), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.), CLS Communication (Switzerland), Dynamic Language (U.S.), Zaharicom, Inc (U.S.), Babylon Software Ltd (Israel), Gengo (U.S.), Global Language Solutions, Inc. (U.S.), Mars Translation Services (China), Straker Translations (U.S.) among others.
Industry Updates
Zoom will acquire Kites that develop real-time machine translation software. The goal of the acquisition is in providing multi-language translation capabilities for Zoom users for video calls.
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Global Translation Service Market Research by Service Type (Written Translation Services, Interpretation Service), By Operation Type (Technical Translation, Machine Translation), By Component (Hardware and Software) Application - Forecast to 2027
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About Market Research Future:
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.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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