Press release
Translation Services Market Is Forecasted To Reach US$ 54.1 Billion At A CAGR Of 2.5% By 2034
Translation Services
Globalization of businesses is driving the need for effective translation software solutions. Several governments across the globe are supporting and investing funds for the enhancement of translation services. Translation services are a type of language services that converts written or spoken information from one language to another. Effective translation services are important to maintain cross-culture communication.
Get Free Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7537
Written translation services are set to hold major market share by 2034. These services are often utilized for document translation. It encompasses translation of articles, contracts, academic papers, reports, and others. The legal, medical, and tourism department makes high use of written translation services.
Translation services are not limited to text alone, they involves multimodal translation such as conversion of audio, images, and video across different languages. One of the best examples of multimodal translation is the conversion of original film dialogues into regional language. Several end users are demanding AI and image recognition technologies for effective and quick results.
Key Takeaways from Market Study
Global demand for translation services is forecasted to increase at a CAGR of 2.5% during the next 10 years (2024 to 2034).
The United States is estimated to account for 44.5% of the North American market share in 2024. The market is Japan is projected to reach a value of US$ 3.7 billion by 2034. Written translation service demand is calculated at a market value of US$ 29.6 billion for 2024.
"Integration of artificial intelligence (AI) and machine learning (ML) will enhance the features of language translation solutions going forward," says a Fact.MR analyst.
Key Companies Profiled are LanguageLine Solutions; TransPerfect; Yamagata Corporation; Lionbridge; Logos Group; SDN; RWS; Lingotek; Welocalize; Semantix
Country-wise Insights:
The expanding operations of diverse sectors in the United States are fueling the demand for translation services. Key industries such as BFSI, IT & telecom, healthcare, pharmaceuticals, and government agencies are reaping the benefits of translation and interpretation services across the nation. This surge can be largely credited to the growing influx of immigrants seeking to build prosperous futures. Within the country, select companies specialize in providing customized translation services to meet specific needs.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7537
Competitive Landscape
The translation services market boasts a vast landscape, populated by a plethora of local and global entities. Key players employ various strategies such as acquisitions, portfolio expansions, upgrades, contracts, and amalgamations to bolster their global market shares and profitability.
In a notable instance from June 2022, TransPerfect partnered with major law firms to offer pro bono services in aid of former Afghan judges seeking asylum in the United Kingdom. TransPerfect Legal Solutions (TLS) provided pro bono language assistance in Pashto and Dari, facilitating the preparation of legal documentation crucial for asylum cases. This collaborative effort involves a multinational team comprising lawyers from prominent international law firms, initiated in response to the peril faced by these judges following the Taliban's assumption of power in Afghanistan.
Another significant development occurred in January 2021 when Semantix, in collaboration with its partner ES Team, secured the EU Commission's prestigious tender GROW/2020/OP/0002, one of the largest translation contracts in Europe. This initiative aims to harness translation services across all EU languages to propel the EU towards a smart, sustainable, and inclusive economy.
Furthermore, in November 2020, LanguageLine Solutions announced its integration with Bluestream Health, facilitating seamless access to over 13,000 professional, medically trained interpreters proficient in 240+ languages at the touch of a button.
For comprehensive insights into the translation services market, Fact.MR offers an updated market report detailing key providers' price points, global positioning, sales growth, production capacity, and potential technological advancements.
Browse Full Report with TOC@ https://www.factmr.com/report/translation-services-market
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global translation services market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on type (written translation services, interpretation services, others) and application (legal, financial & banking, medical, tourism & travel, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
About Fact.MR:
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Translation Services Market Is Forecasted To Reach US$ 54.1 Billion At A CAGR Of 2.5% By 2034 here
News-ID: 3581336 • Views: …
More Releases from Fact.MR
Well Intervention Market is Predicted to Reach US$ 17.1 Billion by 2035, Expandi …
The global well intervention market is projected to increase from USD 8.7 billion in 2025 to USD 17.1 billion by 2035, with a compound annual growth rate (CAGR) of 7.0% during the forecast period. Growth is driven by the growing need for energy, along with aging oil and gas wells. Offshore rig operators are stepping up their game by investing in both light and heavy intervention services to enhance efficiency…
Assembly Robot Market Size Worth US$ 54,915.6 Million by 2035 at a CAGR Of 11.6% …
The global assembly robot market is projected to rise from USD 18,325.4 million in 2025 to USD 54,915.6 million by 2035, reflecting a robust compound annual growth rate (CAGR) of 11.6% during the forecast period. This growth is fueled by advancements in artificial intelligence, machine learning, and 5G technology, which enhance robots' precision, efficiency, and safety, particularly in collaborative operations alongside human workers.
These innovations allow assembly robots to execute complex…
Zonal Isolation Packers Market is Predicted to Reach US$ 4.6 Billion by 2035, Ex …
The global zonal isolation packers market is projected to increase from USD 2.8 billion by 2025 to USD 4.6 billion by 2035, with a CAGR of 5.1% during the forecast period. Growth is driven by rising focus on well integrity during drilling and production, which has accelerated the use of mechanical and swellable packers.
Operators are adopting zonal isolation systems to prevent cross-zone fluid migration and ensure long-term performance. The rise…
Lithium-Ion Battery Pack Market Size Expected to Reach US$ 92.8 Billion by 2035: …
The global lithium-ion (Li-ion) battery pack market is poised for significant growth, with projections indicating an increase from USD 66.4 billion in 2025 to USD 92.8 billion by 2035, reflecting a compound annual growth rate (CAGR) of 3.4% during the forecast period.
This expansion is largely driven by the rising adoption of electric vehicles (EVs), advances in renewable energy storage solutions, and ongoing innovations in battery technology.
For More Insights into the…
More Releases for Translation
Professional Translation Services | Mars Translation
In an era where globalization has become a driving force behind business expansion, effective communication across languages and cultures is no longer a luxury-it is a necessity. Companies aiming to succeed in international markets face the critical challenge of connecting with diverse audiences while maintaining the authenticity of their brand message. This is where Mars Translation steps in. As a leading provider of translation and localization services, Mars Translation has…
ITU Translation Promise 100% Quality Guaranteed on Translation Services in Miami
ITU Translation provides professional translation services in Miami at the most competitive rates in the industry, now offering 100% Quality Guaranteed on their translation services. They have vast experience translating a wide range of content types.
ITU Translation provides transcription services in over 150 languages for all industries and professions at an affordable rate. They specialize in legal transcription, academic research transcription, financial, insurance and investigation transcription.
Their clients upload their dictation,…
ITU Translation – Translation Agency Based In Miami Launches New Website
2017 has been an eventful year for ITU Translation, the leading provider for document translation services and language services in Miami because they conclude the year by upgrading their abilities to provide a complete digital experience to document translation services.
ITU Translation has created a new website to make its services more easily available to worldwide and local businesses located in Miami who are searching for a translation agency at their…
ITU Translation Services Launches Translation Services in Miami
ITU Translation Services is the one-stop translation company happy offering translation services in Miami and Florida. Miami is rich in culture. The mixture of nationalities, languages, and cultures is what makes Miami beautiful. In Miami of most places, we understand that communication is important. In a city packed with various languages and nationalities, not understanding each other is not a solution. ITU Translation Services have discovered solutions to connect the…
Translation Express is Technology-Powered by Projetex Translation Management Sys …
Translation Express, one of the most recognized companies in Singapore and ASEAN countries, became powered by Projetex: Translation Management System for Translation Agencies by AIT. Projetex was selected to support the Translation Express business with the top-notch up-to-date workflow solutions.
The main feature of Translation Express has been in undertaking the task of translation only by professionally-qualified translators working into their mother-tongue. More than 200 Translation Express linguists are located…
Translation Services USA Releases Translation Cloud Facebook App
Translation Services USA, a trusted provider of professional translations has launched the Translation Cloud Facebook App, the latest addition to the companies quickly expanding list of language resources and tools. Harnessing the power of Facebook’s 550M users, Translation Cloud is a fresh and easy-to-use platform for freelance translators and can be used all over the world.
Translation Cloud boasts a simplified sign-up process, taking no more than 5 minutes to complete.…
