Press release
Translation Services Market Outlook 2024: Exclusive Report By The Business Research Company | TransPerfect Translations, Lionbridge Technologies Inc, LanguageLine Solutions LLC, Semantix AS, Logos Group, Yamagata Corporation
Translation Services Global Market Report 2024
The Business Research Company offers in-depth market insights through Translation Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The translation services market size has grown steadily in recent years. It will grow from $23.81 billion in 2023 to $24.79 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to globalization of businesses, multilingual content creation, international trade and collaboration, global travel and tourism, legal and regulatory compliance..
The translation services market size is expected to see steady growth in the next few years. It will grow to $29.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to rise of e-commerce and global platforms, advancements in machine translation, increased demand for video and multimedia translation, localization for digital marketing, global health and medical translation needs, evolving regulatory landscape.. Major trends in the forecast period include e-learning and localization, hybrid translation models, data security and confidentiality, blockchain for translation verification, post-editing services for machine translation..
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Market Segmentation:
The translation services market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Type: Written Translation Services, Interpretation Services, Other Translation Services Types
3) By Operation Type: Technical Translation, Machine Translation
4) By Application: Legal, Medical, Financial And Banking, Tourism And Travel, Other Applications
Major Driver - Rising Demand For Non-English Languages Drives The Translation Services Market Growth
An increase in demand for non-English languages is expected to propel the growth of the translation services market. Non-English language refers to an individual who, due to their place of origin or culture, speaks a language other than English and is unable to communicate effectively in English during the proceedings. The range of translation services is expanding in order to meet client demands based on preferred languages. For instance, in November 2021, according to a report published by the United States Census Bureau, a US-based agency of the United States Federal Statistical System, a survey of 2,000 UK people was conducted to determine how many languages they are fluent in other than their home tongue, approximately 1.5 billion people worldwide spoke English as a first or second language, a slight rise from the 1.1 billion people who spoke Mandarin Chinese at the time of the study. In the United States, 21.6% of households do not speak English. This translates to one in every five people. There are 3.3 billion multilingual people in the globe, accounting for 43% of the global population. Therefore, the increasing demand for non-English languages is driving the growth of the translation services market.
Competitive Landscape:
Major companies operating in the translation services market report are TransPerfect Translations, Lionbridge Technologies Inc, LanguageLine Solutions LLC, Semantix AS, Logos Group, Yamagata Corporation, RWS Group, Simple DirectMedia Layer, Welocalize Inc., Mission Essential LLC, Gengo Inc., Text Master, One Hour Translation Ltd., Babylon Software Ltd., Propio Language Services, Ingco International, CLS Communication, Thebigword Holdings Ltd., Day Translations Inc., Global Language Solution, GTS Translation Services, Language Services Associates, STARS Group, Straker Translations, THEBIGWORD GROUP, Translations.com, Acolad Group, Hogarth Worldwide .
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Top Trend - Tech Advancements Transforming Translation Services
Technological advancements are the key trend gaining popularity in the translation services market. Major companies operating in the translation services market are focusing on developing technologically advanced solutions to sustain their market position. For instance, in October 2022, Google LLC, a US-based technology company launched Translation Hub, a new cloud service that allows companies to translate documents on a self-service basis. Workers can use the Hub to upload documents and choose the languages they want translated into. Whereas if original document is a Google Doc or Slide, PDF, or Microsoft Word document, the Hub quickly spits out the translation while preserving the source document's layout. According to Google, the Hub also includes administrative capabilities that allow users to easily monitor translations and provide feedback.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Translation Services Market Characteristics
3. Translation Services Market Trends And Strategies
4. Translation Services Market - Macro Economic Scenario
5. Translation Services Market Size And Growth
…..
27. Translation Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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