The Translation Services Global Market Report 2023, provides comprehensive information on the translation services market 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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As per The Business Research Company’s Translation Services Global Market Report 2023, the market size is expected to grow from $22.72 billion in 2022 to $23.66 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. 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 translation services market size is expected to reach $27.86 billion in 2027 at a CAGR of 4.2%.
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Technological advancements are the key trend gaining popularity in the translation services market. Major companies operating in the translation services market are focusing on developing technologically advanced solutions to sustain their market position. For instance, in October 2022, Google LLC, a US-based technology company launched Translation Hub, a new cloud service that allows companies to translate documents on a self-service basis. Workers can use the Hub to upload documents and choose the languages they want translated into. Whereas if original document is a Google Doc or Slide, PDF, or Microsoft Word document, the Hub quickly spits out the translation while preserving the source document’s layout. According to Google, the Hub also includes administrative capabilities that allow users to easily monitor translations and provide feedback.
The translation services market is segmented:
1) By Type: Written Translation Services, Interpretation Services, Other Translation Services Types
2) By Component: Hardware, Software
3) By Operation Type: Technical Translation, Machine Translation
4) By Application: Legal, Medical, Financial And Banking, Tourism And Travel, Other Applications
North America was the largest region in the translation services market in 2022.
The table of contents in TBRC’s translation services market report includes:
1. Executive Summary
2. Translation Services Market Characteristics
3. Translation Services Market Trends And Strategies
4. Translation Services Market – Macro Economic Scenario
5. Translation Services Market Size And Growth
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26. Africa Translation Services Market
27. Translation Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Translation Services Market
29. Translation Services Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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