Global Language Services Market Size To Hit US$ 98.6 Billion By 2028

IMARC Group has recently released a new research study titled "Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

The global language services market size reached US$ 67.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.

Download a free sample report to get a detailed overview of the market: https://www.imarcgroup.com/language-services-market/requestsample

What are the growth prospects and trends in the language services industry?

Globalization and internationalization of businesses have significantly increased the demand for language services. Companies are expanding their operations globally, necessitating effective communication with customers, partners, and employees across different languages. These systems enable businesses to bridge language gaps, penetrate new markets, and establish a strong global presence, which represents one of the key factors driving the market.

Another factor influencing the market growth includes the rising digital content and online platforms, which have created a need for localization and translation services. Companies require their websites, software applications, and digital content to be adapted to target markets, ensuring linguistic and cultural relevance. Additionally, the growing e-commerce sector has increased the demand for multilingual customer support services and product descriptions, which is favoring the market growth.

Moreover, advancements in machine translation and artificial intelligence (AI) for efficient and cost-effective language solutions are creating a positive outlook for the market. In line with this, the increasing importance of diversity and inclusion in businesses, a gradual shift toward remote and cloud-based solutions, and the escalating organizational need to connect with global audiences and navigate linguistic complexities are supporting the market growth.

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 Solutions

Key Market Segmentation:

The report has segmented the global language services market based on 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
• Others

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2216&flag=C

Industry Definition and Definition:

Language services provide a wide range of language-related solutions and services to facilitate effective communication across different languages and cultures. It encompasses translation, interpretation, localization, transcription, and other language-related offerings. In an increasingly interconnected world, where businesses operate on a global scale, language barriers can hinder effective communication and impede business growth. Language services play a crucial role in overcoming these barriers by enabling accurate and culturally appropriate language translation and interpretation, ensuring smooth communication across diverse linguistic contexts.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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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This release was published on openPR.