Translation Services Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Services (Written Translation Services, Interpretation Services, And Others); Type (Software and Hardware); Application (Legal, Finance and Banking, Medical, Tourism and Travel, And Others) and Region/Country
Global Translation Services Market is expected to grow at a significant rate of around 2.5% during the forecast period. Translation is a mode of conveying one form of language in other. With growing customer outreach, the scope of translation services is growing in order to fulfill the needs of the customers based on their preferences of language.
Many industries are using translation services. Majorly media and entertainment Industrial companies have used translation services. Audio and video subtitles translation has been creating jobs in the media industry and dubbing and interpretation are also part of the media industry. Furthermore, growing investments in translation services providing startups are expected to drive the market. For instance, iFlytek, a speech recognition company based out of China that provides translation services, was successful in raising USD 407 million (CNY 2.8 billion) from its investors.
LanguageLine Solutions, Lionbridge Technologies Inc, TransPerfect Translations, Toppan Digital Language, Global Language Solutions Inc, Ingco International, Straker Translations, Mars Translation Services, Gengo Inc, and Welocalize are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst services, written translation category to witness higher CAGR during the forecast period”
Based on services, the market is segmented into written translation services, interpretation translation services, and others. The written translation services are expected to grow with a significant CAGR during the forecast period. The growing adoption of written translation services can be attributed to the growing use of translation services in the media and entertainment sectors. The translation services are to make subtitles of content so that it could reach an audience that doesn’t speak the language. Furthermore, written translation services are faster and can be used to translate larger quantities of data.
“Amongst type, the software segment is expected to hold a significant share in the market in 2020”
Based on type, the market is segmented into software and hardware. The software segment is expected to grow with a robust CAGR during the forecast period. The translation software is used to deliver efficient and accurate translations. Furthermore, the growing implementation of AI in translation software is expected to drive the translation software market.
“Europe to hold a significant share in the market”
In 2020, the European region held a significant share of the global translation services market. There are 27 countries in Europe, and 24 official languages, to maintain transparency and better communication translation services are used. Furthermore, the European government has become cautious about decoding the messages floating through the government network. Moreover, the growing traveling activities are also expected to drive the translation services Market in the region. Additionally, companies are investing heavily in the development of reliable translation technology. These factors are expected to drive market growth in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting Analytics validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers in-depth Analytics of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level Analytics of the industry.
The global translation services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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|2.1.||Research Process of the Translation Services Market|
|2.2.||Research Methodology of the Translation Services Market|
|5||IMPACT OF COVID-19 ON THE TRANSLATION SERVICES MARKET|
|6||TRANSLATION SERVICES MARKET REVENUE (USD BN), 2020-2028F|
|7.1.||Written Translation Services|
|9.2.||Finance and Banking|
|9.4.||Tourism and Travel|
|10.1.3.||Rest of North America|
|10.2.2.||The United Kingdom|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||TRANSLATION SERVICES MARKET OPPORTUNITIES|
|13||TRANSLATION SERVICES MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Fiver Forces Analysis|
|17.2.||Lionbridge Technologies Inc|
|17.4.||Toppan Digital Language|
|17.5.||Global Language Solutions Inc|
|17.8.||Mars Translation Services|
Research Methodology for the Translation Services Market Analytics (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global translation services market were the three major steps undertaken to create and analyze the adoption of translation services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global translation services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analytics of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the translation services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the translation services market, we conducted a detailed secondary Analytics to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as services, type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analytics:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor Analytics to estimate the current market size of the translation services market. Further, we conducted factor Analytics using dependent and independent variables such as various services, types, and applications of Translation services. A thorough Analytics was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the translation services market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global translation services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the translation services market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global translation services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical Analytics was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global translation services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of services, types, and applications in the global translation services market.
The main objective of the Global Translation Services Market Study
The current & future market trends of the global translation services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative Analytics performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the translation services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the services, type, and application.
- Define and Analytics of the regulatory framework for the translation service
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the translation services market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Translation Services Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level Analytics of the industry