The Business Research Company’s report on the Language Services Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the language services market?
An increase in the outsourcing of translation and interpreting services is expected to propel the growth of the language services market going forward. The outsourcing of translation and interpretation services refers to procuring language services from outside sources to a professional translation agency. Outsourcing of translation and interpretation services aids in the growth of language services as it offers substantial infrastructure, as well as devoted staff members like developers and managers, to support the technologies that make professional translation feasible. For instance, in May 2022, according to the European Language Industry Survey, conducted by a Europe-based association of translation companies, in Europe, the average (weighted) percentage of business that is outsourced to language companies is around 22% in 2022, with levels that are largely consistent across all small and medium-sized businesses. Therefore, an increase in the outsourcing of translation and interpretation services is driving the growth of the language services market going forward.
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How has the language services market size evolved, and what are the latest forecasts for its expansion?
The language services market size has grown strongly in recent years. It will grow from $58.05 billion in 2024 to $61.87 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to globalization and international business expansion, translation for literature and publishing, legal and regulatory compliance, media and entertainment localization, emergence of global social media platforms, diversity and inclusion initiatives, international conferences and events, global travel and tourism industry.
The language services market size is expected to see rapid growth in the next few years. It will grow to $90.82 billion in 2029 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to e-commerce globalization, language access in healthcare services, demand for multilingual customer support, government initiatives for multilingual communication, increased demand for audiovisual translation, rise of multilingual virtual assistants, language services for accessibility, localization in gaming industry. Major trends in the forecast period include ai and machine translation integration, remote interpreting services, neural machine translation (NMT), voice and speech recognition technology, hybrid and blended translation approaches, e-learning and training localization, real-time language analytics, artificial intelligence in language editing.
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Which major companies dominate the language services market?
Major companies operating in the language services market 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, 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
What trends will shape the future of the it asset disposition market?
Technological advancement is a key trend in the language services market. Major players in the market are creating technologically advanced products using artificial intelligence and machine learning to sustain themselves in the market. For instance, in October 2022, Meta Inc., a US-based multinational technology conglomerate, launched an AI-powered speech translation system for an unwritten language. The AI-powered speech translation system is a part of the universal speech translator (UST) project which intends to develop AI systems that enable real-time translation from speech to speech in all languages, including those that are spoken but not frequently written. This AI system can reduce language barriers to promote communication and understanding in both the real world and the metaverse.
Which region dominates the language services market, and what factors contribute to its leadership?
North America was the largest region in the language services market in 2024. 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.
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How is the language services market segmented, and which segment holds the largest share?
The language services market covered in this report is segmented –
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
Subsegments:
1) By Software: Translation Software, Localization Tools, Machine Translation Solutions, Language Learning Applications, Speech Recognition And Synthesis Software
2) By Hardware: Language Translation Devices, Speech-To-Text And Text-To-Speech Devices, Communication Devices With Language Support
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How is the language services market defined, and what are its core characteristics?
Language services refer to a kind of service that makes it possible for users to communicate with audiences and speakers who do not share their language or culture. The purpose of language services is to connect linguistic and cultural divides, allowing individuals and businesses to communicate effectively in a globalized world. These services play a vital role in promoting understanding, ensuring compliance, and improving accessibility across various fields.
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