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Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Global Market Analysis, Trends, Growth, Research And Forecast 2033
Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Global Market
As per the report, the language services market size has grown strongly in recent years. It will grow from $55.13 billion in 2023 to $59.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The language services market size is expected to see strong growth in the next few years. It will grow to $81.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
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The Surge In Outsourcing Translates To Growth In The Language Services Market
An increase in the outsourcing of translation and interpreting services is expected to propel the growth of the language services market going forward. The outsourcing of translation and interpretation services refers to procuring language services from outside sources to a professional translation agency. Outsourcing of translation and interpretation services aids in the growth of language services as it offers substantial infrastructure, as well as devoted staff members like developers and managers, to support the technologies that make professional translation feasible. For instance, in May 2022, according to the European Language Industry Survey, conducted by a Europe-based association of translation companies, in Europe, the average (weighted) percentage of business that is outsourced to language companies is around 22% in 2022, with levels that are largely consistent across all small and medium-sized businesses. This is much higher than the reported 2020 figure of 18%. Therefore, an increase in the outsourcing of translation and interpretation services is driving the growth of the language services market going forward.
Language Services Market Embraces Ai And Machine Learning For Technological Advancements
Technological advancement is a key trend in the language services market. Major players in the market are creating technologically advanced products using artificial intelligence and machine learning to sustain themselves in the market. For instance, in October 2022, Meta Inc., a US-based multinational technology conglomerate, launched AI-powered speech translation system for an unwritten language. The AI-powered speech translation system is a part of the universal speech translator (UST) project which intends to develop AI systems that enable real-time translation from speech to speech in all languages, including those that are spoken but not frequently written. This AI system can reduce language barriers to promote communication and understanding in both the real world and the metaverse.
The language services market covered in this report is segmented -
1) By Component: Software, Hardware
2) By Services: Translation And Transcreation, Interpreting, Localization Services, Other Services
3) By Application: IT And Telecommunications, Commercial, Government, Automotive, Healthcare, Other Application
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Major companies operating in the language services market report are LanguageLine Solutions Inc., Lionbridge Technologies Inc., RWS Holdings PLC, SDI Media Inc., Keywords Studios PLC, TransPerfect Translations LLC, Pactera Technologies NA, Honyaku Center Inc., Cyracom International Inc., Appen Ltd., Acolad Group SAS, Global Linguist Solutions LLC, Hogarth Worldwide Inc., PIXELOGIC MEDIA PARTNERS LLC, PTSGI Inc., Translate plus Ltd., Welocalize Inc., GienTech Technology Co. Ltd., STAR Group, Centific, United Language Group, Propio Language Services, Argos Multilingual, ZOO Digital Group, LOGOS Group, LanguageWire, TAKARA Co. Ltd., SeproTec Multilingual Solutions, Sunyu Transphere, Akorbi, Certified Languages International, Global Talk, KERN Global Language Services
Contents of the report:
1. Executive Summary
2. Language Services Market Report Structure
3. Language Services Market Trends And Strategies
4. Language Services Market - Macro Economic Scenario
5. Language Services Market Size And Growth
…..
27. Language Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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