The Language Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Language Services Global Market Report 2024, The language services market size has grown strongly in recent years. It will grow from $55.13 billion in 2023 to $59.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to globalization and international business expansion, translation for literature and publishing, legal and regulatory compliance, media and entertainment localization, emergence of global social media platforms, diversity and inclusion initiatives, international conferences and events, global travel and tourism industry..
The language services market size is expected to see strong growth in the next few years. It will grow to $81.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to e-commerce globalization, language access in healthcare services, demand for multilingual customer support, government initiatives for multilingual communication, increased demand for audiovisual translation, rise of multilingual virtual assistants, language services for accessibility, localization in gaming industry.. Major trends in the forecast period include ai and machine translation integration, remote interpreting services, neural machine translation (nmt), voice and speech recognition technology, hybrid and blended translation approaches, e-learning and training localization, real-time language analytics, artificial intelligence in language editing..
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. For instance, in May 2022, according to the European Language Industry Survey, conducted by a Europe-based association of translation companies, in Europe, the average (weighted) percentage of business that is outsourced to language companies is around 22% in 2022, with levels that are largely consistent across all small and medium-sized businesses. This is much higher than the reported 2020 figure of 18%. Therefore, an increase in the outsourcing of translation and interpretation services is driving the growth of the language services market going forward.
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The language services market covered in this report is segmented –
1) By Component: Software, Hardware
2) By Services: Translation And Transcreation, Interpreting, Localization Services, Other Services
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:
- Executive Summary
- Language Services Market Characteristics
- Language Services Market Trends And Strategies
- Language Services Market – Macro Economic Scenario
- Global Language Services Market Size and Growth
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- Global Language Services Market Competitive Benchmarking
- Global Language Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Language Services Market
- Language Services Market Future Outlook and Potential Analysis
- Appendix
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