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.
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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.
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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).
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