The Translation Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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The Translation Services market, as per The Business Research Company’s report, has shown consistent growth over recent years, projecting an upward trajectory from $23.81 billion in 2024 to $24.79 billion in the same year, boasting a Compound Annual Growth Rate (CAGR) of 4.1%. This growth surge in the historical period is attributable to the profound impact of globalization on businesses, the surge in multilingual content creation, the expansion of international trade and collaboration, the flourishing global travel and tourism sector, as well as the imperative of legal and regulatory compliance.
Anticipations for the Translation Services market foresee a continued upward trend, with estimates soaring to $29.85 billion by 2028, exhibiting a robust CAGR of 4.8%. This surge in the forecasted period is underpinned by the escalating prominence of e-commerce and global platforms, the evolution of machine translation technologies, heightened demand for video and multimedia translation services, the imperative of localization for digital marketing strategies, the expanding scope of global health and medical translation requirements, and the dynamic shifts in regulatory landscapes.
Looking ahead, the Translation Services sector is poised to witness transformative trends, including the proliferation of e-learning initiatives and localization efforts, the integration of hybrid translation models, the heightened emphasis on data security and confidentiality protocols, the emergence of blockchain technology for translation verification, and the growing demand for post-editing services to refine machine-generated translations.
An increase in demand for non-English languages is expected to propel the growth of the translation services market. Non-English language refers to an individual who, due to their place of origin or culture, speaks a language other than English and is unable to communicate effectively in English during the proceedings. The range of translation services is expanding in order to meet client demands based on preferred languages. For instance, in November 2021, according to a report published by the United States Census Bureau, a US-based agency of the United States Federal Statistical System, a survey of 2,000 UK people was conducted to determine how many languages they are fluent in other than their home tongue, approximately 1.5 billion people worldwide spoke English as a first or second language, a slight rise from the 1.1 billion people who spoke Mandarin Chinese at the time of the study. In the United States, 21.6% of households do not speak English. This translates to one in every five people. There are 3.3 billion multilingual people in the globe, accounting for 43% of the global population. Therefore, the increasing demand for non-English languages is driving the growth of the translation services market.
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The translation services market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Type: Written Translation Services, Interpretation Services, Other Translation Services Types
3) By Operation Type: Technical Translation, Machine Translation
4) By Application: Legal, Medical, Financial And Banking, Tourism And Travel, Other Applications
Top 5 Major Players:
Furthermore, technological advancements stand out as a pivotal trend reshaping the Translation Services landscape. Notably, major players within the market are strategically investing in cutting-edge solutions to fortify their market presence. A case in point is Google LLC, the US-based technology titan, which unveiled Translation Hub—a groundbreaking cloud service—in October 2022. This innovative platform empowers organizations to seamlessly translate documents through a self-service interface. Leveraging the Hub, users can effortlessly upload documents and specify their desired target languages. Noteworthy is the Hub’s ability to swiftly generate translations while meticulously preserving the layout of the source document. Additionally, the platform offers robust administrative features, facilitating easy monitoring of translations and streamlined feedback mechanisms, thus exemplifying Google’s commitment to advancing translation technologies and enhancing user experiences.
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31. Global Translation Services Market Competitive Benchmarking
32. Global Translation Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Translation Services Market
34. Translation Services Market Future Outlook and Potential Analysis
35. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Translation Services Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Translation Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Translation Services Market, Segmentation By Operation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: TransPerfect Translations Financial Performance
Table 76: Lionbridge Technologies Inc Financial Performance
Table 77: LanguageLine Solutions LLC Financial Performance
Table 78: Semantix AS Financial Performance
Table 79: Logos Group Financial Performance
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