Global Translation Services Market - Size
Base Year For Estimation
2023
Forecast Data Period
2024-2030
Historical Data Period
2018-2021
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
Translation is communication of meaning from one language to other languages. The purpose of translation is to convey the original quality, tone, essence, and intent of the message. Humans have used the translation from centuries after the arrival of literature. Modern day translation services rely on new technologies which use software to simplify the translation of languages. Organizations around the world use translations for the business purposes, missions, mandates, user reviews, reports and many more.
Global Translation Services Market Size & Growth:
The global translation services market is estimated to reach $XX Billion by 2025, at a CAGR of XX% from $XX Billion in 2019 during the forecast period 2019-2025. The critical factors responsible for the global translation services market growth are globalisation, substantial technological advancements, growing geographical outreach and increase in foreign client base. One to one correlation between words, inevitable loss of intended meaning and machines cannot be able to translate the context are hampering the global translation market growth during the forecast period. The significant challenges facing by the global translation services market are the level of accuracy is very low, and it can be improved. Use of artificial intelligence to translate the languages are creating profitable opportunities for the market growth during 2019-2025.
Global Translation Services Market Segments Share:
The global translation services market is segmented based on the type, service,
Global Translation Services Market - Growth
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
component, application and geography. By type, the global translation services market is segregated into technical and machine translation. Among the type segment, technical translation segment is expected to register the highest growth in the global translation services market, and machine translation holds the largest market share in the global translation services market. By service, the market is categorised into written service and interpretation service. Among these, written service is expected to register the highest growth in the global translation services market, and Interpretation services hold the largest market share during the forecast period. It is mainly due to Huge technological advancement, growing geographical outreach of enterprises, increase in foreign client base. By component, the market is segmented into hardware and software. Among these, the software segment shows the significant growth. By geography, North America holds the largest market share in the global translation services market due to the huge technological development and growing geographical outreach. Europe is expected to register the highest growth in global translation services market due to increase in foreign client base.
Global Translation Services Market Trends:
- 2018: Google announces Auto ML vision, natural language, translation and contacts Artificial intelligence centre.
- 2017: Globalexion Company has announced that its expansion of language services in the operations centre.
- 2018: SDL company has announced its collaboration with the Veeva technology program to provide quality
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Global Translation Services Market - Porter's Five Force Analysis
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
translation services.
2018: Language line solutions recognised as CIO 100 winner due to its translation services has been worldwide popular.
Global Translation Services Market Research Report:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have a complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried out to understand the market more comprehensively.
Regional and Global Diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
Identifying DROC in the current market and their impact on altering the market dynamics.
Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with significant competitors.
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
The primary critical players in the Global Translation Services Market are:
Language line solutions
- Lionbridge
- TransPerfect
- SDL translations
- Globalexion
- Global language solutions Inc.
Along with these companies, there were many other companies considered/ cited in the report while analysing the global Translation Services market. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and stable customer base.
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