Translation Service Market: Global Translation Service Market Outlook and Forecast (2022-2029)

Translation Service Market is expected to grow at a rate of 2.37 % CAGR from 2022 to 2029, the Translation Service Market is reaching almost US$ 47.22 Bn. in 2029.
Translation Service Market Overview:
Since 2000, Global Translation Services has been a full-service translation and interpreting agency, providing translation and interpreting services in over 200 languages. Translation is a method of converting one language into another. With increased consumer outreach, the breadth of translation services is expanding to meet the needs of clients based on their language preferences.

As more companies make their services available through the internet, the demand for website and web content translation has increased. In order to serve their clients and stay up with their demands, businesses seek translation services. Individuals, on the other hand, use this type of service.To know about the Research Methodology :- Request Free Sample Report

Affecting Factors in the Translation Services Industry:

Global demand for translation services is being driven by technological advancements and the arrival of robots and software that can translate any foreign language in less time. The requirement for translation fluctuates depending on a company's geographic spread, which increases the number of foreign clients and hence the necessity for translation. A translation service is a means to improve the connection between technology and humans. One of the most often used free translation services is Google Translate. As a result, it has made significant progress and can currently detect any written or spoken language, expression, or regional term. People are travelling abroad to seek better prospects in an increasingly global economy. As a result, translation services might assist in earning a better life.

In many industries, translation and interpreting services are becoming increasingly crucial. One of the most noticeable trends in the translation industry is the acquisition of specialty language service providers by large translation companies. Voice-based content has also proven to be a big driver of these services' growth.

Companies are rapidly evolving such as acquisitions, partnerships, and new product releases. Teleperformance acquired Language Line Solutions, an industry leader in translation services. The industry's acquisition of this company was a strategic move. Customers and clients claim that the company provides dependable and efficient service. Amazon Web Services, which provides translation services, is one of the market's leading innovators. Google Translate has teamed up with the company to expand its services and solutions for both existing and new enterprises.
Translation Service Market Segment Analysis:
Based on the type, the written translation services segment is projected to grow at the highest CAGR of 3.11% during 2021-2029 with a market value of USD XX Billion by 2029. Interpretation Services was the second-largest market in 2021. Likewise, the report will provide an accurate prediction of the contribution of the various segments to the growth of the Translation Service Market size.
Regional Growth Trends in the Translation Service Industry:
Regional analysis is another highly comprehensive part of the research and analysis study of the global market for Translation Service presented in the report.

Europe: Europe accounted for the largest market share of XX% in 2021, with a market value of US$ XX Bn, and is projected to grow at the highest CAGR of 2.45%. Machine translation post-editing (MTPE, also known as PEMT) and artificial intelligence (AI) in the translation process are predicted to grow in popularity in Europe. According to a survey published on the European Commission's official website, 78 % of language service providers (LSPs) plan to start or increase their use of MTPE.

North America: In North America, the translation industry is primarily focused on technical and machine translation, with the former predicted to develop even higher by 2029, owing to enterprises expanding into new markets. Furthermore, translation services such as blog post translation, product information translation, and marketing copy translation are likely to be in higher demand than interpretation services.

Asia-Pacific: In the Asia-Pacific region, mainly in Japan and China, the language sector is rapidly expanding. More language service providers are partnering with tech businesses in the Asia-Pacific area, which means we may expect to see more use cases for machine translation in the future. The global machine translation market is predicted to develop at a compound yearly growth rate of 19% until 2029.

South America: In South America, Portuguese is the most widely spoken language, followed by Spanish. However a tiny number of other South American countries have Dutch, French, or English as their official languages, both of these languages are classified as the region's commercial languages.
Demand & Supply Side Insight:
The MMR report analyzes factors affecting market from both demand and supply side and further evaluates market dynamics effecting the Translation Service Market during the forecast period:

• Market Demand:

Document translation into languages including English, Italian, German, French, Spanish, and Portuguese is in high demand. Translation to and from common Asian languages such as Korean, Japanese, and Chinese, as well as Russian and Turkish, is in high demand.

• Market Supply:

Cloud-based translation service providers are in high demand, and the supply market is mature. Suppliers are investing more in technology, with real-time translation being a top priority. This would allow suppliers to lower their costs, resulting in lower prices and faster turnaround times.

The objective of the report is to present a comprehensive analysis of the global Translation Service Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Translation Service Market dynamics, structure by analyzing the market segments and projects the global Translation Service Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Translation Service Market make the report investor’s guide.
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Translation Service Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 39.15 Bn.


Forecast Period 2021 to 2029 CAGR:
2.37%
Market Size in 2029:
US $ 47.22Bn.


 Segments Covered:
by Type
• Written Translation Services
• Interpretation Services
• Others


by Application
• Legal
• Financial & Banking
• Medical
• Tourism & Travel
• Others


by Component
• Hardware
• Software



Translation Service Market by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Translation Service Market Key Players
• Language Line Solutions
• Lionbridge
• TransPerfect
• SDL
• GlobaLexicon
• Global Language Solutions, Inc
• Ingco International
• Straker Translations
• Mars Translation Services
• Gengo
• Welocalize
• One Hour Translation
• Text Master
• Semantix
• Lingotek
• Yamagata Corporation
• Day Translations
• Mission Essential
• Logos Group
• STARS Group

Frequently Asked Questions:

1. Which region has the largest share in Global Translation Service Market?
Ans: Europe region held the highest share in 2021.

2. What is the growth rate of Global Translation Service Market?
Ans: The Global Translation Service Market is growing at a CAGR of 2.37% during forecasting period 2022-2029.

3. What is scope of the Global Translation Service market report?
Ans: Global Translation Service Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Translation Service market?
Ans: The important key players in the Global Translation Service Market are – Language Line Solutions, Lionbridge, TransPerfect, SDL, GlobaLexicon, Global Language Solutions, Inc, Ingco International, Straker Translations, Mars Translation Services, Gengo, Welocalize, One Hour Translation, Text Master, Semantix, Lingotek, Yamagata Corporation, Day Translations, Mission Essential, Logos Group, and STARS Group

5. What is the study period of this market?
Ans: The Global Translation Service Market is studied from 2021 to 2029.