Translation Services Market: Current Analysis and Forecast (2022-2028)

Global Translation Services Market is expected to grow at a significant rate of around 2.5% during the forecast period. Translation is a mode of conveying one form of language in other. With growing customer outreach, the scope of translation services is growing in order to fulfill the needs of the customers based on their preferences of language.

Many industries are using translation services. Majorly media and entertainment Industrial companies have used translation services. Audio and video subtitles translation has been creating jobs in the media industry and dubbing and interpretation are also part of the media industry. Furthermore, growing investments in translation services providing startups are expected to drive the market. For instance, iFlytek, a speech recognition company based out of China that provides translation services, was successful in raising USD 407 million (CNY 2.8 billion) from its investors.

LanguageLine Solutions, Lionbridge Technologies Inc, TransPerfect Translations, Toppan Digital Language, Global Language Solutions Inc, Ingco International, Straker Translations, Mars Translation Services, Gengo Inc, and Welocalize are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst services, written translation category to witness higher CAGR during the forecast period"

Based on services, the market is segmented into written translation services, interpretation translation services, and others. The written translation services are expected to grow with a significant CAGR during the forecast period. The growing adoption of written translation services can be attributed to the growing use of translation services in the media and entertainment sectors. The translation services are to make subtitles of content so that it could reach an audience that doesn't speak the language. Furthermore, written translation services are faster and can be used to translate larger quantities of data.

"Amongst type, the software segment is expected to hold a significant share in the market in 2020"

Based on type, the market is segmented into software and hardware. The software segment is expected to grow with a robust CAGR during the forecast period. The translation software is used to deliver efficient and accurate translations. Furthermore, the growing implementation of AI in translation software is expected to drive the translation software market.

"Europe to hold a significant share in the market"

In 2020, the European region held a significant share of the global translation services market. There are 27 countries in Europe, and 24 official languages, to maintain transparency and better communication translation services are used. Furthermore, the European government has become cautious about decoding the messages floating through the government network. Moreover, the growing traveling activities are also expected to drive the translation services Market in the region. Additionally, companies are investing heavily in the development of reliable translation technology. These factors are expected to drive market growth in the region.

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The study includes market sizing and forecasting Analytics validated by authenticated key industry experts.

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The report covers in-depth Analytics of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level Analytics of the industry.

Customization Options:

The global translation services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.