Global Translation Services Market Size And Forecast

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The Language Services Global Market Report 2023 by The Business Research Company, provides language services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/language-services-global-market-report

According to The Business Research Company’s Language Services Global Market Report 2023, the market size is expected to grow from $51.16 billion in 2022 to $55.91 billion in 2023 at a compound annual growth rate (CAGR) of 9.29%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The language services market size is expected to grow to $74.49 billion in 2027 at a CAGR of 7.44%.

An increase in the outsourcing of translation and interpreting services is expected to propel the growth of the language services market going forward. The outsourcing of translation and interpretation services refers to procuring language services from outside sources to a professional translation agency. Outsourcing of translation and interpretation services aids in the growth of language services as it offers substantial infrastructure, as well as devoted staff members like developers and managers, to support the technologies that make professional translation feasible.

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The language services market is segmented:

1) By Services: Translation And Transcreation, Interpreting, Localization Services, Other Services

2) By Component: Software, Hardware

3) By Application: IT And Telecommunications, Commercial, Government, Automotive, Healthcare, Other Application

Technological advancement is a key trend in the language services market. Major players in the market are creating technologically advanced products using artificial intelligence and machine learning to sustain themselves in the market. For instance, in October 2022, Meta Inc., a US-based multinational technology conglomerate, launched AI-powered speech translation system for an unwritten language. The AI-powered speech translation system is a part of the universal speech translator (UST) project which intends to develop AI systems that enable real-time translation from speech to speech in all languages, including those that are spoken but not frequently written. This AI system can reduce language barriers to promote communication and understanding in both the real world and the metaverse.

The language services market report table of contents includes: