The global translation service market size is predicted to touch USD 57 billion at a healthy 11% CAGR between 2016- 2022, states the recent Market Research Future (MRFR) analysis. Translation services include establishments that are engaged primarily to translate written material from one language into another. These services have worked wonders in streamlining the provision of services, utilizing technologies and tools which help to keep the process of translation adaptable, flexible, and consistent. Owing to its alluring features and numerous wonderful benefits, translation services have wide applications in government, healthcare, commercial, IT and telecommunication, automotive, and others.
Various factors are propelling the global translation service industry share. According to the recent MRFR report, such factors include advances in technology in MT technology, implementation of new approaches such as crowd sourcing that may cut down the machine translation cost, rapid and cost-effective conversion of documents in regional languages, and burgeoning use of translation services by key players to develop multilingual content.
On the contrary, high translation services cost, low requirement, especially from under-developed countries, and the COVID-19 impact may impede the growth of the global translation service market over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global translation service market based on application, component, operation type, and service type.
By component, the global translation service market is segmented into software and hardware.
By application, the global translation service market is segmented into government, healthcare, commercial, IT and telecommunication, automotive, and others.
By operation type, the global translation service market is segmented into technical translation and machine translation.
By service type, the global translation service market is segmented into written translation services, interpretation services, and others.
Based on the region, the global translation service market covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Higher adoption in security & government agencies, change in government as well as its policies, technological developments, smart-ups conducting fresh methodologies by joining hands with service providers, and the presence of top industry players are adding to the global translation services market growth in the region. Additional factors adding market growth include the increasing adoption of technological advancements, growing deployment of advanced translation service features, and surging use of analytics.
The global translation service market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing initiatives by the government to mainstream translation & localization services, coupled with the increasing globalization of businesses, are adding to the global translation services market growth over the forecast period.
The global translation service market in Europe is predicted to have notable growth over the forecast period. Relocation of people in the region from various countries, growing digitalization, presence of key players, presence of advanced network infrastructure, and growing awareness about language translation technology are adding to the global translation services market growth in the region.
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The global translation service market in the RoW is predicted to have sound growth over the forecast period.
Leading contenders profiled in the translation service market report include Straker Translations (U.S.), Mars Translation Services (China), Gengo (U.S.), Babylon Software Ltd (Israel), Cuttingedge Translation Services Pvt. Ltd (India), Zaharicom, Inc (U.S.), Dynamic Language (U.S.), Net-Translators (U.S.), CLS Communication (Switzerland), Foreign Translations (U.S.), Ingco International (U.S.), Global Language Solutions, Inc. (U.S.), GlobaLexicon (UK), TransPerfect (U.S.), SDL (UK), Lionbridge (U.S.), and LanguageLine Solutions (U.S.). Industry players have incorporated strategies such as new product launch, mergers, strategic alliances, and others to stay at the forefront.
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