December 17 2019
Global Translation Service Market Research by Service Type (Written Translation Services, Interpretation Service), By Operation Type (Technical Translation, Machine Translation), By Component (Hardware and Software) Application - Forecast to 2022
Translation Service Global Market - Overview
The global translation services market is projected an impressive 11% CAGR from 2017 to 2022 (forecast period) to touch a size of USD 57 billion by 2022, states Market Research Future (MRFR) in its latest report. Advances in deep learning, machine learning, and artificial intelligence are likely to boost its demand exponentially during the forecast period.
The proliferation of the internet to far-reaching regions has created the need for accurate interpretation of words. Companies and brands looking to establish their presence in these regions are inclined towards translation services to gain a competitive edge in the market. Integration of online tools such as Google Translate coupled with their own tools to successfully translate documents in emerging languages such as Hindi, Arabic, and Mandarin can induce the demand for the Translation Services Market.
Interpretation of languages in regional dialects is being focused on translation service providers to boost their client’s brand globally. This is evident with the continuous upgrades made by Google for its translation service. Its move in assisting application developers in reaching a wider audience and translating their product description in numerous global languages can trigger innovation among key players.
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Cloud-based translation services are gaining increasing traction in the market owing to the rapid access to information and high storage capacity of cloud technology. In addition, different pricing models offered by service providers can also play a vital role. The move by renowned organizations in centralizing their processes and utilizing machine translation for automating their workflow can hamper the market growth.
But the low accuracy ratio of translations by machines has shifted the ball to freelance writers and service providers. Multilingual services are in high demand in the light of increasing migration of citizens to global marketplaces such as the U.S. and U.K.
The prominent players in the market of Translation Service are– LanguageLine Solutions (U.S.), Lionbridge (U.S.), TransPerfect (U.S.), LanguageLine (U.S.), SDL (UK), GlobaLexicon (UK), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.) among others. Other vendors include Foreign Translations (U.S.), CLS Communication (Switzerland), Net-Translators (U.S.), Dynamic Language (U.S.), Zaharicom, Inc (U.S.), Cuttingedge Translation Services Pvt. Ltd (India), Babylon Software Ltd (Israel), Gengo (U.S.), Mars Translation Services (China), Straker Translations (U.S.) among others
The prominent players constantly keep innovating and investing in research and development in order to present a cost-effective portfolio. There have been recent mergers and acquisitions among the key players, where the business entities expect to strengthen their reach to their customers.
The global translation service market has been segmented based on service type, operation type, component, and application.
By region, the global translation service market has been segmented into North America, Europe, Asia Pacific (APAC), and the rest of the World (RoW).
North America is domineering the global translation service market. The high adoption rate of translation services in government and security agencies can be credited for the growth of the market. The steep rise in crime has prompted the government to take strict measures to identify and interpret radio signals which have spurred the adoption of translation services among government agencies in the region. Developments in technology and a growing number of partnerships, start-ups, and introduction of new methodologies boost the market growth in North America. The existence of major key players in the region also acts as a plus for the growth of the market.
Europe follows North America closely and is driven by growing application of translation services in analytics. The APAC market is expected to exhibit the highest CAGR over the forecast period.
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TABLE OF CONTENTS
LIST OF TABLES
Table1 World Population By Major Regions (2017 To 2030)
Table2 Global Translation Services Market: By Region, 2017-2022
Table3 North America Translation Services Market: By Country, 2017-2022
Table4 Europe Translation Services Market: By Country, 2017-2022
Table5 Asia-Pacific Translation Services Market: By Country, 2017-2022
Table6 The Middle East & Africa Translation Services Market: By Country, 2017-2022
Table7 Latin America Translation Services Market: By Country, 2017-2022
Table8 Global Translation Services By Operation Type Market: By Regions, 2017-2022
Table9 North America Translation Services By Operation Type Market: By Country, 2017-2022
Table10 Europe Translation Services By Operation Type Market: By Country, 2017-2022
Table11 Asia-Pacific Translation Services By Operation Type Market: By Country, 2017-2022
Table12 The Middle East & Africa Translation Services By Operation Type Market: By Country, 2017-2022
Table13 Latin America Translation Services By Operation Type Market: By Country, 2017-2022
Table14 Global Operation Type Market: By Region, 2017-2022
Table15 Global Deployment Market: By Region, 2017-2022
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