Language Services Market Trends, Size, Growth, Opportunity and Industry Analysis 2022-2027

The latest report published by IMARC Group, titled "Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the language services market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global language services market reached a value of US$ 62.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.1 Billion by 2027, exhibiting at a CAGR of 7.5% during 2022-2027.

COVID-19 Impact Analysis:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Language services are a set of language assistance solutions that offer a wide range of electronic, written, and multimedia materials for transcription, narration, dubbing, and voice-over. The adoption of such services promotes the integration of technology with human communication. It provides several degrees of translation, localization, interpretation, comprehension, and other training services. It also extends additional benefits, such as effective communication, wide geographic outreach, a high accuracy rate, and skill development. Language services offer a highly interactive learning platform to the users, due to which it is witnessing a massive demand across the medical, education, legal, IT and telecommunication, automotive, and banking, financial services, and insurance (BFSI) sectors.

Language Services Market Trends:

The primary factor driving the market growth include the rapid advancement in the IT and telecommunication sectors. In line with this, the rising geographical outreach has compelled companies to opt for language services to develop accurate translation and interpretation results, which is providing an impetus to the market growth. Moreover, the shifting consumer preference toward cross-cultural communication has surged the global demand for such services to create an efficient learning platform, which is bolstering the market growth. Besides this, the integration of artificial intelligence (AI) with language services, the rapid influx of translation and interpretation outsourcing, and the increasing investments in research and development (R&D) activities are creating a positive outlook for the market.

Language Services Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the language services market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Global Linguist Solutions, LLC
• Hogarth Worldwide
• Keywords Studios Plc
• LanguageLine Solutions (Teleperformance)
• Lionbridge Technologies, Inc.
• Mission Essential Personnel
• RWS Holdings plc
• SDI Media
• SDL plc
• TransPerfect Translations

Key Market Segmentation:

The report has segmented the global language services market on the basis of service, component, application and region.

Breakup by Service:

• Translation Services
• Interpretation Services
• Others

Breakup by Component:

• Software
• Hardware

Breakup by Application:

• IT and Telecommunications
• Commercial
• Government
• Automotive
• Healthcare
• Other

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.