Market Research Future Insights:
The need for seamless communication between expanding regional economies is expected to drive the translation service market through 2020. Market Research Future creates the ICT industry reports, which highlight potential markets for market growth.
The geographic footprint expansion is anticipated to accelerate the growth of the market for translation services. Additionally, the market for translation services is anticipated to change as a result of the increased availability of translation goods and services.
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Translation Service Market Report Scope:
|Revenue Forecast in 2030:
|USD 47.21 Billion
|CAGR of 2.6% from 2020 to 2030
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
The regional inquiry of the translation service market finds that the market is controlled due to the higher adoption of translation services in government and security agencies of the regions where the language is not native. The North American region lead by the United States has a key contribution, owing to change in the government and its policies. The players in several regions have seen developments in the technology; as a result of which many enterprises such as various start-ups have also begun conducting fresh methodologies by partnering with service providers. Moreover, the North American region holds more than 60% of the top important players offering services in the translation service market. The North American region is closely trailed by the European region. As the regions of Europe and North America are the technologically advanced regions, the growing use of analytics and increasing deployment of advanced translation service features are estimated to enhance further development. The Asia-Pacific region is anticipated to be the fastest increasing region owing to mounting initiatives by the government. Since Europe and North America are the technologically most developed regions, it is anticipated that the increased use of analytics and the deployment of advanced translation service features will accelerate further development. Due to growing government initiatives, it is anticipated that the Asia-Pacific region will experience the fastest growth.
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On the basis of service type, operation type, component, application, and geography, the translation service market is segmented for analysis. The hardware and software segments of the translation service industry are separated by component. The translation service market is divided into the following categories: commercial, healthcare, government, IT & telecommunication, automotive, and others. The market for translation services is divided into machine translation and technical translation based on the type of operation. The translation service market is divided into North America, Europe, Asia Pacific, and the remaining regions based on geography. The translation service market is divided into interpretation services, written translation services, and other services, depending on the service type.
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The noteworthy companies in the translation services market are 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), Straker Translations (U.S.) among others.
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