Press release
Translation Services Market Expansion Continues, with Forecast Valuation of $34.24 Billion by 2029
Translation Services Market
What Will the Translation Services Industry Market Size Be by 2025?
The market scope for translation services has been on a consistent rise over recent years. It is projected to expand from $26.7 billion in 2024 to reach $27.78 billion in 2025 at a compound annual growth rate (CAGR) of 4.1%. Factors such as business globalization, creation of content in multiple languages, expansion of international trade and partnerships, worldwide travel and tourism, as well as legal and regulatory compliance requirements have spurred the growth seen in the historic period.
What's the Long-Term Growth Forecast for the Translation Services Market Size Through 2029?
It is projected that the translation services market will witness significant expansion in the coming years, valuing at $34.24 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 5.4%. The predicted growth in this period can be accredited to the surge in global platforms and e-commerce, improvements in machine translation, a rising need for video and multimedia translation, localization for digital marketing, worldwide health and medical translation prerequisites, and an evolving regulatory framework. Key trends expected during this forecast period include e-learning and localization, hybrid translation methodologies, data protection and privacy, the use of blockchain for verifying translations, along with after-service editing for machine translations.
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What Are the Key Growth Drivers Fueling the Translation Services Market Expansion?
The surge in demand for languages other than English is projected to stimulate the expansion of the translation services market. Non-English language pertains to someone who speaks a language other than English due to their background or cultural context, and has difficulty effectively communicating in English. The breadth of translation services is diversifying to accommodate customer preferences for different languages. For example, a survey in July 2024 by Preply, an online language learning platform based in the US, disclosed that 36% of UK adults are bilingual, approximately over 24 million people. The survey also discovered that nearly half of London residents are proficient in at least two languages, and cites like Belfast and Brighton have noteworthy bilingual community, with a quarter of their residents being bilingual. Spanish is the most sought-after second language in the US, as delineated by the survey, with more than 75,300 people looking for Spanish language classes every month. Hence, the escalating demand for non-English languages is fueling the development of the translation services market.
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What Are the Key Trends Driving Translation Services Market Growth?
Technological innovation is emerging as a prominent trend in the translation services sector. Several leading companies in the market are intent on creating advanced technological solutions to maintain their dominance in the marketplace. Google LLC, an American technology enterprise, exemplifies this trend by launching Translation Hub in October 2022. This new cloud service enables companies to conduct self-service translation of documents. Employees can upload documents to the Hub and select their desired translation languages. The Hub can efficiently translate Google Docs, Slides, PDFs, or Microsoft Word documents, keeping the layout of the original document intact. Google has also integrated administrative features into the Hub to help users manage translations and submit feedback effortlessly.
How Is the Translation Services Market Segmented?
The translation services market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Type: Written Translation Services, Interpretation Services, Other Translation Services Types
3) By Operation Type: Technical Translation, Machine Translation
4) By Application: Legal, Medical, Financial And Banking, Tourism And Travel, Other Applications
Subsegments:
1) By Hardware: Translation Devices, Audio Or Visual Equipment
2) By Software: Machine Translation Software, Translation Management Systems, Localization Software
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Which Companies Are Leading the Charge in Translation Services Market Innovation?
Major companies operating in the translation services market include TransPerfect Translations, Lionbridge Technologies Inc, LanguageLine Solutions LLC, Logos Group, Yamagata Corporation, RWS Group, Welocalize Inc., Mission Essential LLC, 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, Straker Translations, Translations.com, Acolad Group, Hogarth Worldwide
Which Regions Are Leading the Global Translation Services Market in Revenue?
North America was the largest region in the translation services market in 2024. The regions covered in the translation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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