Translation Services Global Market Report 2024

Description

“Translation Services Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on translation services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for translation services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The translation services market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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
Companies Mentioned: TransPerfect Translations; Lionbridge Technologies Inc; LanguageLine Solutions LLC; Semantix AS; Logos Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Translation services encompass professional solutions for converting written or spoken content from one language to another, facilitating communication and idea exchange between parties across different countries.

The primary categories within translation services include written translation, interpretation, and additional specialized services. Written translation involves the use of hardware and software tools to convert text or words between languages. This includes technical translation and machine translation, catering to various sectors such as legal, medical, financial, banking, tourism, and other industries.

The translation services market research report is one of a series of new reports from The Business Research Company that provides translation services market statistics, including the translation services industry global market size, regional shares, competitors with translation services market share, detailed translation services market segments, market trends, and opportunities, and any further data you may need to thrive in the translation services industry. This translation services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 expansion observed in the historical period can be credited to the globalization of businesses, the development of multilingual content, increased international trade and collaboration, the rise in global travel and tourism, as well as the emphasis on 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 anticipated growth in the forecast period is driven by the surge in e-commerce and global platforms, ongoing advancements in machine translation, a heightened need for video and multimedia translation, the localization of digital marketing strategies, the increasing demand for global health and medical translation services, and the evolving regulatory landscape. Key trends expected in the forecast period encompass e-learning and localization initiatives, the emergence of hybrid translation models, a focus on data security and confidentiality, the integration of blockchain technology for translation verification, and the expanding role of post-editing services for machine-generated translations.

The translation services market is poised for growth, driven by an increasing demand for non-English languages. The term 'non-English languages' refers to languages spoken by individuals who, due to their cultural background or place of origin, communicate in a language other than English. The translation services market is expanding its offerings to meet the diverse language preferences of clients. For instance, a report by the United States Census Bureau in November 2021 revealed that approximately 1.5 billion people worldwide spoke English as a first or second language. In the United States, where 21.6% of households do not speak English, addressing linguistic diversity is crucial. With 3.3 billion multilingual individuals globally, accounting for 43% of the population, the translation services market is responding to the growing need for effective communication across languages.

The translation services market is set to experience significant growth due to the surge in online education and e-learning. Online education and e-learning leverage digital technology to provide educational information and support learning outside traditional settings. Translation services play a vital role in making online education accessible and affordable by overcoming language barriers and ensuring educational content reaches a diverse global audience. Notably, according to the World Economic Forum in January 2022, Coursera witnessed a significant increase in student registrations, with 92 million students enrolling in online courses in 2021, up from 71 million in 2020. Similarly, ProsperityForAll reported in September 2023 that a total of 220 million individuals registered for at least one Massive Open Online Course (MOOC). The surge in online education and e-learning, exemplified by a rapid increase in MOOC sign-ups, is a driving force behind the growth of the translation services market.

Technological advancements play a pivotal role in shaping the landscape of the translation services market. Major companies within the market are keen on developing cutting-edge solutions to stay at the forefront of technological innovation. An illustrative example is Google LLC, which, in October 2022, introduced Translation Hub-a cloud service empowering companies to independently translate documents. Through this platform, users can upload documents, select desired languages for translation, and receive translated content while maintaining the original document's layout. Google's Translation Hub also incorporates administrative capabilities for users to monitor translations and provide feedback, enhancing the overall translation process.

Strategic partnerships are emerging as a prominent approach among major players in the translation services market to address language barriers effectively. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. A notable collaboration occurred in November 2022 when The Boeing Company joined forces with Tarjimly to enhance access to translation services for immigrants and refugees globally. Boeing's commitment included a $100,000 multi-year investment to support Tarjimly in improving its app's user experience and connecting over 10,000 migrants with crucial language support. This collaboration tapped into Boeing's diverse and multilingual workforce, offering opportunities for employees to volunteer as translators or interpreters through a training program facilitated by Tarjimly-a language and translation app based in the United States.

In December 2021, Summa Linguae Technologies, a language and technology service provider based in Poland, successfully completed the acquisition of Datamundi for a total consideration of EUR 5 million (USD 5.7 million). This strategic move aimed to enhance Summa Linguae Technologies' data solutions portfolio by incorporating Datamundi's expertise. Notably, Datamundi's 'intelligent' interface was a key asset, facilitating precise task instructions for over a thousand linguists engaged in specialized, hands-on tasks. Datamundi, headquartered in Belgium, is recognized for its focus on machine translation and communication bots within the translation service sector.

Major companies operating in the translation services market report are 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 .

North America was the largest region in the translation services market in 2023. The regions covered in the translation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the translation services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The translation services market consists of revenues earned by entities by providing technical translation services, legal translation services, financial translation services, medical and life sciences translation, literary translation, and business translation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The translation services market also includes sales of translation compilers, interpreters, and assemblers which are used in providing translation services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11401

1. Executive Summary

2. Translation Services Market Characteristics

3. Translation Services Market Trends And Strategies

4. Translation Services Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Translation Services Market Size and Growth

5.1. Global Translation Services Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Translation Services Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Translation Services Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Translation Services Market Segmentation

6.1. Global Translation Services Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Hardware
Software
6.2. Global Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Written Translation Services
Interpretation Services
Other Translation Services Types
6.3. Global Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Technical Translation
Machine Translation
6.4. Global Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Legal
Medical
Financial And Banking
Tourism And Travel
Other Applications

7. Translation Services Market Regional And Country Analysis

7.1. Global Translation Services Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Translation Services Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Translation Services Market

8.1. Asia-Pacific Translation Services Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Translation Services Market

9.1. China Translation Services Market Overview
9.2. China Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Translation Services Market

10.1. India Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Translation Services Market

11.1. Japan Translation Services Market Overview
11.2. Japan Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Translation Services Market

12.1. Australia Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Translation Services Market

13.1. Indonesia Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Translation Services Market

14.1. South Korea Translation Services Market Overview
14.2. South Korea Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Translation Services Market

15.1. Western Europe Translation Services Market Overview
15.2. Western Europe Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Translation Services Market

16.1. UK Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Translation Services Market

17.1. Germany Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Translation Services Market

18.1. France Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Translation Services Market

19.1. Italy Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Translation Services Market

20.1. Spain Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Translation Services Market

21.1. Eastern Europe Translation Services Market Overview
21.2. Eastern Europe Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Translation Services Market

22.1. Russia Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Translation Services Market

23.1. North America Translation Services Market Overview
23.2. North America Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Translation Services Market

24.1. USA Translation Services Market Overview
24.2. USA Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Translation Services Market

25.1. Canada Translation Services Market Overview
25.2. Canada Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Translation Services Market

26.1. South America Translation Services Market Overview
26.2. South America Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Translation Services Market

27.1. Brazil Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Translation Services Market

28.1. Middle East Translation Services Market Overview
28.2. Middle East Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Translation Services Market

29.1. Africa Translation Services Market Overview
29.2. Africa Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Translation Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Translation Services Market Competitive Landscape And Company Profiles

30.1. Translation Services Market Competitive Landscape
30.2. Translation Services Market Company Profiles
- 30.2.1. TransPerfect Translations
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Lionbridge Technologies Inc
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. LanguageLine Solutions LLC
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Semantix AS
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Logos Group
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Translation Services Market Competitive Benchmarking

32. Global Translation Services Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Translation Services Market

34. Translation Services Market Future Outlook and Potential Analysis

34.1 Translation Services Market In 2028 - Countries Offering Most New Opportunities
34.2 Translation Services Market In 2028 - Segments Offering Most New Opportunities
34.3 Translation Services Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer