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The global translation service market will reach USD 47.21 billion at a 2.60% CAGR by 2030, states the new Market Research Future report.
Arrival of Robots and Software to Boost Market Growth
The arrival of software and robots which can translate foreign languages in less time and technological advances will boost market growth in the assessment period.
|Revenue Forecast in 2030:||USD 47.21 Billion|
|Growth Rate:||CAGR of 2.60% from 2022 to 2030|
|Forecast Period:||2022 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
Increased Need for Non-English Languages to offer Robust Opportunities
The increased need for non-English languages and growing need for language conversion services will offer lucrative opportunities for this market in the forecast period.
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Restraints and Challenges
Low Demand from Under-Developed Countries to act as Market Challenge
The low demand from under-developed countries coupled with high translation service cost may act as market challenges over the forecast period.
The global translation service market is bifurcated based on operation type, application basis, and component.
By component, the global translation service market is segmented into software and hardware.
By application basis, the global translation service market is segmented into automotive, IT & Telecommunication, commercial, healthcare, government, and others.
By operation type, the global translation service market is segmented into technical translation and machine translation.
COVID-19 shook the world last year, claiming human lives, causing irreparable commercial losses, and affecting the global economy. The virus arrived as a menace to the planet since no one was prepared for its repercussions. With treatment and symptoms unknown, international health workers were powerless to develop suitable answers, but they tried to provide adequate aid to impacted people while also keeping track of patients and drugs used to cure and treat other patients with similar symptoms. Translation Service was successful in translating the different languages bridging the gap between patients and doctors and government officials keeping ethics to treat diseased people better since colleges, offices, universities, etc. have diverse people race throughout the world. COVID increased the size of the translation service market by 40%, making it 19 times larger than it was before the sickness, giving people an advantage over the disease and assisting people all around the world in these difficult times.
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North America to Lead Translation Service Market
Because of changes in the government and its policies, the North American region led by the United States has made a significant contribution. Many firms, including numerous start-ups, have been conducting new approaches by partnering with service providers as a result of technological advancements in several places. Furthermore, the North American region is home to more than 60% of the top key firms in the translation service market. The translation sector in North America is mostly focused on technical and machine translation, with the former expected to grow even faster as businesses expand into new markets.
In addition, translation services such as blog post translation, product information translation, and marketing copy translation are likely to be in need than interpretation services. Because of increased demand for language conversion services, expanded market presence, and increased research and development activity in this region, North America dominates the translation service industry. Higher usage of security and government agency translation services dominates the industry. Because of the recent increase in crime and terrorism, government security agencies have begun to use translation services all over the world to identify and interpret messages and radio signals. Because of a recent government shift and its strictness, the United States is making a significant contribution. It also accounts for a sizable share of this expansion, particularly in government translation services. Despite several technical advancements, many firms, including diverse start-ups, have begun to implement new techniques and have partnered with service providers. In addition, the region is home to more than 60% of the most prominent businesses in the local market.
Europe to Have Admirable Growth in Translation Service Market
Because Europe is a technologically advanced region, it is expected that increased use of analytics and implementation of advanced translation service capabilities will boost future development. In Europe, the usage of machine translation post-editing (MTPE, also known as PEMT) and artificial intelligence (AI) in the translation process is expected to rise. According to a survey published on the official website of the European Commission, 78% of language service providers (LSPs) intend to begin or increase their use of MTPE. The factors influencing the growth of this market are the increased use of analytics and the increased implementation of enhanced translation service capabilities. The translation services market in Europe is predicted to increase significantly due to widespread knowledge of language translation technology in these regions. Furthermore, the increasing use of this technology in mobile devices such as smartphones and tablets may drive demand for regional language translation services.
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Eminent industry players profiled in the global translation service market report include Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), Net-Translators (U.S.), GlobaLexicon (UK), Foreign Translations (U.S.), LanguageLine Solutions (U.S.), Cuttingedge Translation Services Pvt. Ltd (India), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.), CLS Communication (Switzerland), Dynamic Language (U.S.), Zaharicom, Inc (U.S.), Babylon Software Ltd (Israel), Gengo (U.S.), Global Language Solutions, Inc. (U.S.), Mars Translation Services (China), and Straker Translations (U.S.) among others.
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