Global Translation Services Market Overview
The key driver impacting the translation services market is the rapidly growing globalization. For instance, globalization has accelerated due to important factors such as improved trade, augmented labor, and capital mobility, and superior technology. There is growing geographical outreach and a rise in foreign client base with increased trade globally. As per the OECD organization report, multilateral global trade liberalization is expected to increase international trade by 15% by 2060 relative to the status quo, whereas regional liberalization amongst an OECD countries group would lift global trade by 4% owing to trade diversion. The UNCTAD 2018 report reveals Merchandise trade has shown a strong rebound after it reduced drastically in 2015-2016. It is increased strongly, with a growth rate of 10 percent in 2017. The rising globalization rate is likely to create massive demand for translation services in the coming years. Moreover, the increase in the traffic of raw data available on-premise and on the cloud with rising online video content contributes to the translation services market growth in the coming years.
According to Value Market Research, the global translation services market size was valued at around USD 40000 million in 2020, and it is estimated to grow at a CAGR of about 2% during the forecast period 2021 to 2027.
The growing need for translation services from the rapidly expanding e-commerce sector worldwide is estimated to augment translation services in the forecast period. For instance, the most recent UN’s a trade and development body (UNCTA- 2020) report shows that worldwide e-commerce sales represent $25.6 trillion in 2018, which is raised by 8% from 2017. About 1.4 billion people shopped online in 2018. The nations such as the US, UK, and China lead e-commerce sales to consumers. B2C e-commerce was recorded at $4.4 trillion, rose by 16% from 2017. The translated services help in boosting global sales with multilingual content. It also organicallyimprove the company’s international traffic, conversion rates, brand awareness. It connects the users and customers in the best way across the globe. However, stringent regulations and intense competition may hamper the market in the long run. Also, the intense competition due to the growing number of large and small players negatively impacts the market. The current industry trends, such as the increasing content localization, and technological advancements related to machine translation, are expected to offer new lucrative market opportunities for the key players.
The translation services market is vast, with many local and global players. The translation services market is extensive, with many regional and international players. The important market leaders follow numerous strategies to improve their market position, such as acquisitions, extending product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. The significant players studied in the report include Semantix, TransPerfect, Lingotek, Day Translations, Yamagata Corporation, Mission Essential, Lionbridge, Alchemy, LanguageLine, SDL, PROZ, RWS, Logos Group, and STARS Group.
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In this research report, the translation services market is segmented by service type, application and region.
Analysis by Service Type:
By service type, the report is categorized into the written translation services, interpretation service, and others. The written translation services segment dominates the service type segment with over 35% share in 2020. It is due to the rising foreign client base and substantial technological advancement. Also, due to the increasing multi-language documents, many companies are hiring translators within their companies to increase their client base across numerous countries. There is huge demand observed from the legal, medical and travel, and tourism companies for written translation services, thus contribute to the huge demand for written translation services segment in the forecast period.
Analysis by Application:
By application, the report is categorized in legal, medical, tourism & travel, financial & banking, and others. The legal segment dominates the application segment with over 35% share in 2020. It is due to the rising demand for legal translators and interpreters is escalating due to the rising number of non-English speaking customers is in the United States due to immigration. Also, the legal translator provides interpretation services through over-the-phone or video remote translation and interpretation for their foreign clients. They also provide simultaneous, consecutive, and escort interpretation, contributing to legal translation segment growth in the forecast period.
Analysis by Region:
In the regional outlook of the global translation services market, the Europe region dominates globally with a 30% market share in the forecast period. It is due to the rapidly expanding use in use of voice recognition in multifactor authentication systems in BFSI, government & defense verticals, growth in freelance translators, and rapid medical tourism. Also, China looks for an extraordinary increase in electric vehicle sales due to the Chinese government's subsidies. Moreover, lenient immigration policies in some countries have led to population accumulation of different communities, contributing to tremendous market growth across Europe.
Market Segmentation covered in the Report:
By Service Type
- Written Translation Services
- Interpretation Service
- Tourism & Travel
- Financial & Banking
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.