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Language Services Market Report 2024 - Language Solutions Market Size, Opportunities, And Trends
Language Services Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to globalization and international business expansion, translation for literature and publishing, legal and regulatory compliance, media and entertainment localization, emergence of global social media platforms, diversity and inclusion initiatives, international conferences and events, global travel and tourism industry.
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%. The growth in the forecast period can be attributed to e-commerce globalization, language access in healthcare services, demand for multilingual customer support, government initiatives for multilingual communication, increased demand for audiovisual translation, rise of multilingual virtual assistants, language services for accessibility, localization in gaming industry. Major trends in the forecast period include ai and machine translation integration, remote interpreting services, neural machine translation (nmt), voice and speech recognition technology, hybrid and blended translation approaches, e-learning and training localization, real-time language analytics, artificial intelligence in language editing.
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Market Drivers and Trends:
Rise in international students is expected to propel the growth of the language services market going forward. International students are individuals who travel from their home country to another country for the purpose of pursuing educational opportunities. As these students pursue education in a foreign language environment, there is a heightened need for language support in various aspects of academic life, including lectures, assignments, and interactions with peers. For instance, in September 2022, according to international student recruitment data, UK based International Student Recruitment Board, in 2021-22 there were 679,970 international students studying in the UK. 120,140 of these were from the EU and 559,825 were non-EU. Therefore, rise in international students is driving the growth of the language services market going forward.
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.
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Major Key Players of the Market:
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
Language Services Market 2024 Key Insights:
• 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%.
• The Surge In Outsourcing Translates To Growth In The Language Services Market
• Language Services Market Embraces Ai And Machine Learning For Technological Advancements
• North America was the largest region in the language services market in 2023
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