Global Translation Services Market is expected to foresee significant growth. Europe to lead the growth!
- Vikas Kumar
- January 12, 2023
- NEWS, TELECOM & IT
- Asia Translation Services Market, Europe Translation Services Market, Middle East Translation Services Market, Translation Services, Translation Services Market, Translation Services Market analysis, Translation Services Market forecast, Translation Services Market growth, Translation Services Market shape, Translation Services Market share, Translation Services Market size, Translation Services Market trends, US Translation Services Market
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Translation is the conversion of information from one language to another. Human translation is the communication of a message from a source language to an end language, performed by a trained professional in both dialects, giving it that human touch. Translation services provide an opportunity to get your point across to an international audience.
The growing adoption of translation services can be attributed to increasing globalization around the world. Furthermore, various companies have been opting for translation services in order to provide comfort to their national as well as international clients. Moreover, 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.
The Translation Services Market is expected to grow at a steady rate of around 2.5% during the forecast period (2022-2028. The market growth is owed to the growing international business across the globe and the growing immigration rate.
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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.
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.
For a detailed analysis of the Global Translation Services Market browse through– https://univdatos.com/report/translation-services-market/
For a better understanding of the market adoption of the translation services industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. 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 the market in the region.
Some of the major players operating in the market include Polaris Inc., Honda Motor Co. Ltd., Textron Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Deere & Company, Bombardier Recreational Products Inc., KWANG YANG MOTOR CO. LTD., and Hisun Motors Corp.
Global Translation Services Market Segmentation
Market Insight, by Services
• Written Translation Services
• Interpretation Translation Services
• Others
Market Insight, by Type
- Software
- Hardware
Market Insight, by Application
• Legal
• Finance and Banking
• Medical
• Tourism and Travel
• Others
Market Insight, by Region
- North America
- US
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- LanguageLine Solutions
- Lionbridge Technologies Inc
- TransPerfect Translations
- Toppan Digital Language
- Global Language Solutions Inc
- Ingco International
- Straker Translations
- Mars Translation Services
- Gengo Inc
- Welocalize.
