PUBLISHER: The Business Research Company | PRODUCT CODE: 1425602

PUBLISHER: The Business Research Company | PRODUCT CODE: 1425602

Language Services Global Market Report 2024

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Description

Language 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 language 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.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for language services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The language 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: Software; Hardware
2) By Services: Translation And Transcreation; Interpreting; Localization Services; Other Services
3) By Application: IT And Telecommunications; Commercial; Government; Automotive; Healthcare; Other Application
Companies Mentioned: LanguageLine Solutions Inc.; Lionbridge Technologies Inc.; RWS Holdings PLC; SDI Media Inc.; Keywords Studios PLC
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

Language services encompass facilitating communication between users and individuals who speak different languages or hail from diverse cultures.

Within language services, the primary categories include translation and transcreation, interpreting, localization services, and other related offerings. Translation involves converting text from one language to another, ensuring accuracy in conveying the intended meaning. Transcreation, on the other hand, involves not just translation but preserving the original tone, intent, and style while adapting it into another language. These language services play a vital role across various industries like IT, telecommunications, commercial sectors, government entities, automotive, healthcare, and more by aiding in conveying precise meanings and nuances.

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

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%. Historic growth was primarily driven by globalization's impact on international business expansion. It encompassed translation services for literature, legal compliance, and regulatory requirements, alongside localization efforts within media, entertainment, and the emergence of global social media platforms. The period also saw significant contributions from initiatives promoting diversity and inclusion, coupled with increased participation in international conferences, events, and the burgeoning 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 anticipated growth in the upcoming period can be linked to several factors. These include the globalization of e-commerce, the imperative for language accessibility in healthcare services, heightened demand for multilingual customer support, and government initiatives promoting multilingual communication. Additionally, there's an increasing need for audiovisual translation, the rise of multilingual virtual assistants, language services geared towards accessibility, and localization efforts within the gaming industry.

The language services market anticipates significant growth due to increased outsourcing of translation and interpreting services. Outsourcing these services involves procuring language expertise from external sources, aiding in professional translation through substantial infrastructure and dedicated staff. For example, the European Language Industry Survey of 2022, conducted by a European association of translation companies, revealed an average outsourced business percentage of around 22% in Europe, a notable increase from 2020's reported figure of 18%. This trend forecasts a robust expansion in the language services market.

Growth in the language services market is expected owing to a rise in international students seeking educational opportunities abroad. These students, relocating to foreign countries for their studies, require language support across various academic spheres. Notably, in the UK alone, data from the International Student Recruitment Board indicated a substantial population of 679,970 international students in the 2021-22 academic year, emphasizing the escalating need for language services to support this demographic.

Technological advancement emerges as a pivotal trend in the language services market, with major industry players leveraging artificial intelligence and machine learning to enhance their offerings. in October 2022, Meta Inc., a US-based multinational technology conglomerate, unveiled an AI-powered speech translation system targeting unwritten languages as part of their Universal Speech Translator (UST) project. This innovation aims to break language barriers, enabling real-time speech-to-speech translation, even in languages primarily spoken but less frequently written.

Strategic partnerships and collaborations with start-ups and mid-sized firms drive expansion and diversification strategies in the language services market. For instance, in March 2022, A notable instance involved the partnership between the US-based soccer club, Philadelphia Union, and Language Services Associates, Inc. (LSA), a leader in interpretation and translation services. This collaboration aimed at enhancing fan engagement by expanding language accessibility in press conferences, media kits, player interviews, community outreach, and other initiatives, reflecting the increasing diversity of their fan base.

In August 2022, Propio Language Services, a US-based technology-enabled interpreting and translation service provider acquired Telelanguage for an undisclosed amount. With this acquisition, Propio Language Services aimed to significantly increase its presence on the West Coast and its capacity to meet the communication needs of its clients. Telelanguage is a US-based language service company providing interpretation and translation services.

Major companies operating in the language services market report are 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

North America was the largest region in the language services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the language services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

The language services market includes revenues earned by entities by providing services such as translation management systems, production of linguistic assets, global SEO (search engine optimization) management, and more. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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: r12833

1. Executive Summary

2. Language Services Market Characteristics

3. Language Services Market Trends And Strategies

4. Language 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 Language Services Market Size and Growth

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

6. Language Services Market Segmentation

6.1. Global Language Services Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Software
Hardware
6.2. Global Language Services Market, Segmentation By Services, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Translation And Transcreation
Interpreting
Localization Services
Other Services
6.3. Global Language Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
IT And Telecommunications
Commercial
Government
Automotive
Healthcare
Other Application

7. Language Services Market Regional And Country Analysis

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

8. Asia-Pacific Language Services Market

8.1. Asia-Pacific Language 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 Language Services Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Language Services Market, Segmentation By Services, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Language Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Language Services Market

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

10. India Language Services Market

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

11. Japan Language Services Market

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

12. Australia Language Services Market

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

13. Indonesia Language Services Market

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

14. South Korea Language Services Market

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

15. Western Europe Language Services Market

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

16. UK Language Services Market

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

17. Germany Language Services Market

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

18. France Language Services Market

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

19. Italy Language Services Market

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

20. Spain Language Services Market

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

21. Eastern Europe Language Services Market

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

22. Russia Language Services Market

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

23. North America Language Services Market

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

24. USA Language Services Market

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

25. Canada Language Services Market

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

26. South America Language Services Market

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

27. Brazil Language Services Market

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

28. Middle East Language Services Market

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

29. Africa Language Services Market

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

30. Language Services Market Competitive Landscape And Company Profiles

30.1. Language Services Market Competitive Landscape
30.2. Language Services Market Company Profiles
- 30.2.1. LanguageLine Solutions Inc.
  - 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. RWS Holdings PLC
  - 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. SDI Media Inc.
  - 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. Keywords Studios PLC
  - 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 Language Services Market Competitive Benchmarking

32. Global Language Services Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Language Services Market

34. Language Services Market Future Outlook and Potential Analysis

34.1 Language Services Market In 2028 - Countries Offering Most New Opportunities
34.2 Language Services Market In 2028 - Segments Offering Most New Opportunities
34.3 Language 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

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