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Translation Services Market Growth, Trends & Forecast 2024-2033
Translation Services Market Growth
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Translation Services Market 2024 Key Insights:
• The translation services market will grow to $29.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Rising Demand For Non-English Languages Drives The Translation Services Market Growth
• Tech Advancements Transforming Translation Services
• North America was the largest region in the translation services market in 2023
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