What Has Driven the Growth of the Translation Services Market in Recent Years?
The translation services market has seen considerable growth due to a variety of factors.
• The market size for translation services has seen consistent growth over recent years. It is projected to increase from $26.7 billion in 2024 to $27.76 billion in 2025, with a compound annual growth rate (CAGR) of 4.0%. This growth throughout the historical period can be credited to factors such as business globalization, creation of multilingual content, international trade and cooperation, global tourism and travel, and compliance with legal and regulatory standards.
How Will the Translation Services Market in the Coming Years?
The Translation Services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of translation services is projected to witness substantial growth over the next few years. It is predicted to increase to $33.9 billion by 2029, maintaining a compound annual growth rate (CAGR) of 5.1%.
This growth during the forecast period may mainly be due to the expansion of e-commerce and global platforms, improvement in machine translation technology, an escalating demand for video and multimedia translation, localization required for digital marketing, and global translation needs for the health and medical sectors. Also, the constantly changing regulatory environment contributes to this trend. Significant trends during the prediction period encompass e-learning and localization, hybrid models of translation, maintaining data security and confidentiality, utilizing blockchain for translation authentication, and post-editing facilities for machine-based translation.
Which Factors Are Boosting Growth In The Translation Services Market?
The growth of the translation services market is projected to be driven by a rising demand for languages other than English. The term 'non-English language' is used to describe a person who primarily speaks a language other than English due to their cultural background or place of birth and struggles to communicate in English effectively. To cater to the specific language preferences of clients, translation services are expanding their offerings. For instance, a survey in July 2024 by Preply, a US-based online language learning marketplace, revealed that 36% of UK adults, equivalent to over 24 million people, are bilingual. The survey also showed that in cities like Belfast and Brighton, a quarter of the population can speak two languages and 49.5% of Londoners are fluent in at least two languages. Moreover, the report disclosed that Spanish is the most sought-after second language in the US, with more than 75,300 monthly searches for Spanish language courses. Hence, the surge in demand for languages other than English is pushing the expansion of the translation services market.
What Key Areas Define The Segmentation Of The Global Translation Services Market?
The translation services market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Type: Written Translation Services, Interpretation Services, Other Translation Services Types
3) By Operation Type: Technical Translation, Machine Translation
4) By Application: Legal, Medical, Financial And Banking, Tourism And Travel, Other Applications
Subsegments:
1) By Hardware: Translation Devices, Audio Or Visual Equipment
2) By Software: Machine Translation Software, Translation Management Systems, Localization Software
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How Are Emerging Trends Reshaping The Dynamics Of The Translation Services Market?
The evolution of technology is a leading trend observed in the translation services sector. Major industry players are eager to maintain their market position by innovating tech-advanced solutions. For instance, in October 2022, Google LLC, an American tech firm, introduced a novel cloud service named Translation Hub, allowing businesses to self-translate documents. Staff can employ the Hub to upload documents and select the languages they wish to be translated into. If the original is a Google Doc, Slide, PDF, or Microsoft Word document, the Hub promptly generates the translated document while maintaining the layout of the source. Moreover, Google reveals that the Hub carries administrative functions that make monitoring translations and giving feedback straightforward.
Who Are the Key Players In The Translation Services Market?
Major companies operating in the translation services market include:
• TransPerfect Translations
• Lionbridge Technologies Inc
• LanguageLine Solutions LLC
• Logos Group
• Yamagata Corporation
• RWS Group
• Welocalize Inc.
• Mission Essential LLC
• One Hour Translation Ltd.
• Babylon Software Ltd.
• Propio Language Services
• Ingco International
• CLS Communication
• Thebigword Holdings Ltd.
• Day Translations Inc.
• Global Language Solution
• GTS Translation Services
• Language Services Associates
• Straker Translations
• Translations.com
• Acolad Group
• Hogarth Worldwide
What Is The Most Dominant Region In The Translation Services Market?
North America was the largest region in the translation services market in 2024. The regions covered in the translation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
