Market Highlights
The global Translation Service Industry is growing continually, witnessing an increased adoption rate in major end-user industries. Besides, the growing demand for these services from healthcare, travel & transport, media & entertainment, and the education industry boosts market size.
With substantial investments transpired by key players in the development of translation service platforms, the market is forecasted to witness significant traction in the years to come. In this regard, Market Research Future (MRFR) asserts that the global translation service market is expected to grow pervasively during the review period (2020-2027).
Additionally, rising government initiatives and funding in developing multilingual translation technology impact the growth of the market positively. Growing uptake of translation and interpretation services by information and communications technology departments as part of efforts promoted by the internal affairs and communications ministries influence the market's growth.
On the other hand, complexities associated with the development of translation services are the major factors projected to impede the growth of the market. Nevertheless, increasing AI implementation in the media & entertainment sectors would support market growth throughout the review period. Also, the growing competition across the industries and growing emphasis on business intelligence boost the development of the market.
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Segmentation:
The report is segmented into services, operation types, components, applications, and regions. The service segment is sub-segmented into written translation services, interpretation services, and others. The operation type segment is sub-segmented into technical translation and machine translation.
The component segment is sub-segmented into hardware and software. The application segment is sub-segmented into medical & healthcare, automotive, media & entertainment, IT, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the rest-of-the-world.
Translation Service Market - Regional Analysis
North America dominates the global translation service market. The largest market share attributes to technological advances and the presence of a large number of translation service providers in the region. Besides, the increasing adoption of advanced translation and interpretation services in various industry verticals drives the regional market's growth. Rising penetration of natural language processing, machine learning, and multilingual translation technology substantiates the market growth in the region.
Europe stands second in the global market. The market growth attributes to the presence of various notable players and large deployments of translation service. The high adoption of translation and interpretation services by governments to decode messages floating through webs to curtail increased terror and crimes in the region pushes the development of the regional market. Additionally, substantial R&D investments in developing multilingual translation technology increase the translation service market size.
The Asia Pacific translation service market is growing rapidly. Factors such as the increasing adoption of translation services and cloud deployment boost the regional market growth. Furthermore, the massive uptake of language processing technology to enhance customer satisfaction and operational performance boosts the regional market growth.
China, Japan, Australia, and India are the major markets for translation services in the region. Technology advancement and increased deployments of complex algorithms and statistical & analytical translation & interpretation services to better customer satisfaction influence the market growth.
Translation Service Market - Competitive Analysis
Highly competitive, the translation service market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans.
Major Players:
Players leading the translation service market include Language Line Solutions (US), Babylon Software LTD (Israel), SDL (UK), CLS Communications (Switzerland), and Ingco International (US), among others.
Industry/Innovation/Related News:
May 14, 2021 ---- Fujitsu Ltd. (Japan), a multinational information & communications technology, equipment, and services company, released a multilingual speech translation service that eliminates the need for handheld devices. The service is designed for medical settings in which multilingual communication is needed amid a rise in the domestic population of non-Japanese speakers.
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Global Translation Service Industry Research by Service Type (Written Translation Services, Interpretation Service), By Operation Type (Technical Translation, Machine Translation), By Component (Hardware and Software) Application - Forecast to 2027
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