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Translation Service Market Overview:
The global translation agency is projected to grow USD 47.21 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.60% during the forecast period (2022 – 2030). The global Translation Service Market witnesses rapid traction. The market growth attributes to the increased adoption of translation services in major end-user industries. Besides, the growing demand for these services from healthcare, travel & transport, media & entertainment, and the education industry boosts market size. Substantial investments in developing translation platforms and improve services drive the market growth.
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Key Players:
- TransPerfect
- Lionbridge
- LanguageLine
- SDL
- RWS
- WELOCALIZE
- Yamagata Corporation
- Semantix
- Logos Group
- Lingotek
Translation and interpretation services enable businesses to succeed in a new culture, helping them to focus on local content adaptations. This process helps with all relatable content that appropriately fits into the local culture. Moreover, translation services help increase social media outreach and targeted email marketing campaigns and make e-commerce easier to navigate.
In marketing, translation services help to use many figurative languages, which need a high level of cultural understanding to translate. In the eCommerce sector, translation services are necessary to increase the market reach to customers who speak different languages. Rise in online marketing & SEO and the e-commerce sector substantiate the market valuation.
The market is likely to witness significant traction in the years to come. According to Market Research Future (MRFR), the global translation service market is poised to create substantial valuation by 2027, pervasively growing at a phenomenal CAGR during the review period (2020-2027). Rising government initiatives and funding in developing multilingual translation technology impact the growth of the market positively.
Global Translation Service Market – Segments
The translation service market forecast is segmented into operation types, services, components, applications, and regions. The service segment is sub-segmented into written translation services, interpretation services, and others. The operation type segment is sub-segmented into technical translation and machine translation.
The component segment is sub-segmented into hardware and software. The application segment is sub-segmented into medical & healthcare, automotive, media & entertainment, IT, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the rest-of-the-world.
Global Translation Service Market – Regional Analysis
North America leads the global translation service market, mainly due to technological advances. Besides, the largest market share attributes to the presence of a large number of translation service providers in the region.
Rising adoption of advanced translation and interpretation services in various industry verticals in the region drives the growth of the regional market. Moreover, the rising penetration of natural language processing, machine learning, and multilingual translation technology substantiates the market growth in the region.
Europe is the second-largest market for translation services globally. The market growth attributes to the strong presence of notable players and large translation service deployments.
Additionally, governments’ high adoption of translation and interpretation services to decode messages floating through webs to curtail increased terror and crimes in the region pushes the development of the regional market. Substantial R&D investments in developing multilingual translation technology increase the translation service market size.
The Asia Pacific translation service market is growing rapidly. Factors such as the increasing adoption of translation services and cloud deployment boost the regional market growth. Furthermore, the massive uptake of language processing technology to enhance customer satisfaction and operational performance boosts the regional market growth.
Japan, China, Australia, and India are the major translation service markets in the region. Technology advancement and increased deployments of complex algorithms and statistical & analytical translation & interpretation services influence the market growth.
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Global Translation Service Market – Competitive Landscape
The translation service market appears to be competitive due to the presence of several well-established players. Players initiate strategic approaches such as mergers & acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share. The market would witness intensified competition with innovations and an increase in R&D investments and M&A.
Industry/Innovation/Related News:
May 03, 2021 —- Propio Language Services (the US) announced the acquisition of Vocalink, a leading translation and interpreting provider. These companies have highly compatible geographic footprints and a clear focus on interpreting services, accounting for around 80% of combined company revenues, and localization makes up the rest. The acquisition supports Propio’s strategic expansion path and allows clients and interpreters to obtain access, value, and results immediately.
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