The language services market has seen strong growth in recent years, reaching $58.05 billion in 2024. This growth should continue, reaching $61.87 billion in 2025 with a compound annual growth rate (CAGR) of 6.6%. Factors contributing to this growth include globalization and international business expansion, translation for literature and publishing, legal and regulatory compliance, media and entertainment localization, and the emergence of global social media platforms.
Furthermore, the language services market is expected to rapidly expand over the coming years, hitting $90.82 billion in 2029 at a predicted CAGR of 10.1%. This 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, and the rise of multilingual virtual assistants.
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What Are the Key Drivers of the Language Services Market Growth?
A key driver for the language services market going forward is the increased outsourcing of translation and interpretation services. Such outsourcing, which involves procuring language services from outside sources, helps grow the language services industry by providing substantial infrastructure and devoted staff members to support the technologies that make professional translation feasible. According to the European Language Industry Survey, in May 2022, the average percentage of business outsourced to language companies was around 22%.
What Are the Major Segments Within the Global Language Services Market?
– By Component: Software, Hardware
– By Services: Translation And Transcreation, Interpreting, Localization Services, Other Services
– By Application: IT And Telecommunications, Commercial, Government, Automotive, Healthcare, Other Application
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Who Are The Major Players In Language Services Market?
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., and others are among the leading companies in the language services market.
What Are The Emerging Trends In The Language Services Market?
Technological advancements, such as artificial intelligence and machine learning, are key trends within the language services market. Tech giants like Meta Inc. have launched AI-powered speech translation systems for unwritten languages to reduce language barriers and promote global communication.
Which Region Is Leading The Language Services Market?
North America was the largest region in the language services market in 2024, with Asia-Pacific projected to be the fastest-growing region in the forecast period. Other covered regions in the report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Language Services Market Report 2025 Offer?
The Language Services Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Language services enable communication with audiences and speakers who do not share a common language or culture. These services play a crucial role in connecting linguistic and cultural divides, ensuring compliance, and improving accessibility across various fields.
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