Global Translation Service Market, By Service Type (Written Translation Services, Interpretation Service, Others), Operation Type (Technical Translation, Machine Translation), Component (Hardware, Software), Application (Commercial, Automotive, IT & Telecommunication, Healthcare, Government, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Translation Service Market
Translation service market will reach at an estimated value of USD 973.86 million by 2028 and grow at a CAGR of 17.45% in the forecast period of 2021 to 2028. Increase in the globalization acts as an essential factor driving the translation service market.
Translation is defined as a mode of conveying one form of language in other. The scope of translation services is rising in order to fulfill the needs of the customers based on their preferences of language. This mode of services generally requires an integrated platform of cloud computing and big data analytics so that the data can be accessed from anywhere and the storage capacity is also more efficient.
Increase in calls for non-english languages is a crucial factor accelerating the market growth, also increase in the demand for language conversion services, rise in the presence of market players and rise in the demand from American countries are the major factors among others boosting the translation service market. Moreover, rise in the research and development activities and rise in the demand from the emerging economies will further create new opportunities for translation service market in the forecast period mentioned above.
However, low requirement from under-developed countries all over the globe and the high cost of translation services are the major factors among others restraining the market growth, and will further challenge the translation service market in the forecast period mentioned above.
This translation service market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on translation service market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Translation Service Market Scope and Market Size
Translation service market is segmented on the basis of service type, operation type, component and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of service type, translation service market is segmented into written translation services, interpretation service and others.
- Based on operation type, the translation service market is segmented into technical translation and machine translation.
- Based on component, the translation service market is segmented into hardware and software.
- The translation service market is also segmented on the basis of application into commercial, automotive, it & telecommunication, healthcare, government and others.
Translation Service Market Scope Country Level Analysis
Translation service market is analysed and market size, volume information is provided by country, service type, operation type, component and application as referenced above.
The countries covered in the translation service market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the translation service market due to increase in the demand for language conversion services, rise in the presence of market players and rise in the research and development activities in the market in this region. Asia-Pacific is the expected region in terms of growth in translation service market due to increase in the demand for language conversion services, rise in the presence of market players and rise in the research and development activities in the market in this region.
The country section of the translation service market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Translation Service Market Share Analysis
Translation service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to translation service market.
The major players covered in translation service market report are LanguageLine Solutions, Lionbridge Technologies, LLC, TRANSPERFECT, SDL, GlobaLexicon, Global Language Solution, - Straker Translations, Mars Translation, Gengo, Inc, Welocalize, OneHourTranslation and TextMaster among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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