Global Translation Services Market Report By Service Type (Written Translation Services, Interpretation Service, Others), By Application (Legal, Medical, Tourism & Travel, Financial & Banking, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2020-2027

ID:VMR11214807
April 2021
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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
  • Others

 
By Application

  • Legal
  • Medical
  • Tourism & Travel
  • Financial & Banking
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

METHODOLOGY

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.

1 . PREFACE
       1.1. Report Description
           1.1.1. Objective
           1.1.2. Target Audience
           1.1.3. Unique Selling Proposition (USP) & offerings
       1.2. Research Scope
       1.3. Research Methodology
           1.3.1. Market Research Process
           1.3.2. Market Research Methodology
 
2 . EXECUTIVE SUMMARY
       2.1. Highlights of Market
       2.2. Global Market Snapshot
 
3 . TRANSLATION SERVICES – INDUSTRY ANALYSIS
       3.1. Introduction - Market Dynamics
       3.2. Market Drivers
       3.3. Market Restraints
       3.4. Opportunities
       3.5. Industry Trends
       3.6. Porter’s Five Force Analysis
       3.7. Market Attractiveness Analysis
           3.7.1 By Service Type
           3.7.2 By Application
           3.7.3 By Region
 
4 . VALUE CHAIN ANALYSIS
       4.1. Value Chain Analysis
       4.2. Raw Material Analysis
           4.2.1. List of Raw Materials
           4.2.2. Raw Material Manufactures List
           4.2.3. Price Trend of Key Raw Materials
       4.3. List of Potential Buyers
       4.4. Marketing Channel
           4.4.1. Direct Marketing
           4.4.2. Indirect Marketing
           4.4.3. Marketing Channel Development Trend
 
5 . IMPACT ANALYSIS OF COVID-19 OUTBREAK
       5.1. Impact Analysis of Covid-19 Outbreak
           5.1.1. Direct Impact on Production
           5.1.2. Supply Chain and Market Disruption
           5.1.3. Financial Impact on Firms and Financial Markets
       5.2. COVID-19 Impact Analysis by Production, Import, Export and Demand
       5.3. Market: Pre V/S Post COVID-19
       5.4. Estimated Impact of the Coronavirus (COVID-19) Epidemic
       5.5. COVID-19: Micro and Macro Factor Analysis
 
6 . GLOBAL TRANSLATION SERVICES MARKET ANALYSIS BY SERVICE TYPE
       6.1 Overview by Service Type
       6.2 Historical and Forecast Data
       6.3 Analysis by Service Type
       6.4 Written Translation Services Market by Regions
       6.6 Interpretation Service Market by Regions
       6.5 Others Market by Regions
 
7 . GLOBAL TRANSLATION SERVICES MARKET ANALYSIS BY APPLICATION
       7.1 Overview by Application
       7.2 Historical and Forecast Data
       7.3 Analysis by Application
       7.4 Legal Market by Regions
       7.5 Medical Market by Regions
       7.6 Tourism & Travel Market by Regions
       7.7 Financial & Banking Market by Regions
       7.8 Others Market by Regions
 
8 . GLOBAL TRANSLATION SERVICES MARKET ANALYSIS BY GEOGRAPHY
       8.1. Regional Outlook
       8.2. Introduction
       8.3. North America
           8.3.1. Overview, Historic and Forecast Data
           8.3.2. North America By Segment
           8.3.3. North America By Country
           8.3.4. United State
           8.3.5. Canada
           8.3.6. Mexico
       8.4. Europe
           8.4.1. Overview, Historic and Forecast Data
           8.4.2. Europe by Segment
           8.4.3. Europe by Country
           8.4.4. United Kingdom
           8.4.5. France
           8.4.6. Germany
           8.4.7. Italy
           8.4.8. Russia
           8.4.9. Rest Of Europe
       8.5. Asia Pacific
           8.5.1. Overview, Historic and Forecast Data
           8.5.2. Asia Pacific by Segment
           8.5.3. Asia Pacific by Country
           8.5.4. China
           8.5.5. India
           8.5.6. Japan
           8.5.7. South Korea
           8.5.8. Australia
           8.5.9. Rest Of Asia Pacific
       8.6. Latin America
           8.6.1. Overview, Historic and Forecast Data
           8.6.2. Latin America by Segment
           8.6.3. Latin America by Country
           8.6.4. Brazil
           8.6.5. Argentina
           8.6.6. Peru
           8.6.7. Chile
           8.6.8. Rest of Latin America
       8.7. Middle East & Africa
           8.7.1. Overview, Historic and Forecast Data
           8.7.2. Middle East & Africa by Segment
           8.7.3. Middle East & Africa by Country
           8.7.4. Saudi Arabia
           8.7.5. UAE
           8.7.6. Israel
           8.7.7. South Africa
           8.7.8. Rest Of Middle East And Africa
 
9 . COMPETITIVE LANDSCAPE OF THE TRANSLATION SERVICES COMPANIES
       9.1. Translation Services Market Competition
       9.2. Partnership/Collaboration/Agreement
       9.3. Merger And Acquisitions
       9.4. New Product Launch
       9.5. Other Developments
 
10 . COMPANY PROFILES OF TRANSLATION SERVICES INDUSTRY
       10.1. Company Share Analysis
       10.2. Market Concentration Rate
       10.3. Semantix
           10.3.1. Company Overview
           10.3.2. Financials
           10.3.3. Products
           10.3.4. Recent Developments
       10.4. TransPerfect
           10.4.1. Company Overview
           10.4.2. Financials
           10.4.3. Products
           10.4.4. Recent Developments
       10.5. Lingotek
           10.5.1. Company Overview
           10.5.2. Financials
           10.5.3. Products
           10.5.4. Recent Developments
       10.6. Day Translations
           10.6.1. Company Overview
           10.6.2. Financials
           10.6.3. Products
           10.6.4. Recent Developments
       10.7. Yamagata Corporation
           10.7.1. Company Overview
           10.7.2. Financials
           10.7.3. Products
           10.7.4. Recent Developments
       10.8. Mission Essential
           10.8.1. Company Overview
           10.8.2. Financials
           10.8.3. Products
           10.8.4. Recent Developments
       10.9. Lionbridge
           10.9.1. Company Overview
           10.9.2. Financials
           10.9.3. Products
           10.9.4. Recent Developments
       10.10. Alchemy
           10.10.1. Company Overview
           10.10.2. Financials
           10.10.3. Products
           10.10.4. Recent Developments
       10.11. LanguageLine
           10.11.1. Company Overview
           10.11.2. Financials
           10.11.3. Products
           10.11.4. Recent Developments
       10.12. SDL
           10.12.1. Company Overview
           10.12.2. Financials
           10.12.3. Products
           10.12.4. Recent Developments
       10.13. PROZ
           10.13.1. Company Overview
           10.13.2. Financials
           10.13.3. Products
           10.13.4. Recent Developments
       10.14. RWS
           10.14.1. Company Overview
           10.14.2. Financials
           10.14.3. Products
           10.14.4. Recent Developments
       10.15. Logos Group
           10.15.1. Company Overview
           10.15.2. Financials
           10.15.3. Products
           10.15.4. Recent Developments
       10.16. STARS Group
           10.16.1. Company Overview
           10.16.2. Financials
           10.16.3. Products
           10.16.4. Recent Developments
 
 *Note - in company profiling, financial details and recent development are subject to availability or might not be covered in case of private companies
 
 LIST OF TABLES
 

  • Market Snapshot
  • Drivers : Impact Analysis
  • Restraints : Impact Analysis
  • List of Raw Material
  • List of Raw Material Manufactures
  • List of Potential Buyers
  • COVID-19 Impact Analysis by Production, Import, Export and Demand
  • Pre V/S Post COVID-19
  • Estimated Impact Of The Coronavirus (Covid-19) Epidemic
  • COVID-19: Micro and Macro Factor Analysis
  • Analysis by Service Type  (USD MN)
  • Written Translation Services Market by Geography (USD MN)
  • Interpretation Service Market by Geography (USD MN)
  • Others Market by Geography (USD MN)
  • Analysis Market by Application (USD MN)
  • Legal Market by Geography (USD MN)
  • Medical Market by Geography (USD MN)
  • Tourism & Travel Market by Geography (USD MN)
  • Financial & Banking Market by Geography (USD MN)
  • Others Market by Geography (USD MN)
  • Global Translation Services Market by Geography (USD MN)
  • North America Market Analysis (USD MN)
  • United State Market Analysis (USD MN)
  • Canada Market Analysis (USD MN)
  • Mexico Market Analysis (USD MN)
  • Europe Market Analysis (USD MN)
  • Europe Market Estimate by Country (USD MN)
  • United Kingdom Market Analysis (USD MN)
  • France Market Analysis (USD MN)
  • Germany Market Analysis (USD MN)
  • Italy Market Analysis (USD MN)
  • Russia Market Analysis (USD MN)
  • Spain Market Analysis (USD MN)
  • Rest of Europe Market Analysis (USD MN)
  • Asia Pacific Market Analysis (USD MN)
  • China Market Analysis (USD MN)
  • Japan Market Analysis (USD MN)
  • India Market Analysis (USD MN)
  • South Korea Market Analysis (USD MN)
  • Australia Market Analysis (USD MN)
  • Rest of Asia Pacific Market Analysis (USD MN)
  • Latin America Market Analysis (USD MN)
  • Brazil Market Analysis (USD MN)
  • Argentina Market Analysis (USD MN)
  • Peru Market Analysis (USD MN)
  • Chile Market Analysis (USD MN)
  • Rest of Latin America Market Analysis (USD MN)
  • Middle East & Africa Market Analysis (USD MN)
  • Saudi Arabia Market Analysis (USD MN)
  • UAE Market Analysis (USD MN)
  • Israel Market Analysis (USD MN)
  • South Africa Market Analysis (USD MN)
  • Rest of Middle East and Africa Market Analysis (USD MN)
  • Partnership/Collaboration/Agreement
  • Mergers And Acquisiton

 
 LIST OF FIGURES
 

  • Research Scope of Translation Services Report
  • Market Research Process
  • Market Research Methodology
  • Global Translation Services Market Size, by Region (USD MN)
  • Porters Five Forces Analysis
  • Market Attractiveness Analysis by Service Type
  • Market Attractiveness Analysis by Application
  • Market Attractiveness Analysis by Region
  • Value Chain Analysis
  • Global Market Analysis by Service Type  (USD MN)
  • Written Translation Services Market by Geography (USD MN)
  • Interpretation Service Market by Geography (USD MN)
  • Others Market by Geography (USD MN)
  • Global Market Analysis by Application (USD MN)
  • Legal Market by Geography (USD MN)
  • Medical Market by Geography (USD MN)
  • Tourism & Travel Market by Geography (USD MN)
  • Financial & Banking Market by Geography (USD MN)
  • Others Market by Geography (USD MN)
  • Global Market by Revenue
  • North America Market by Revenue
  • Europe Market by Revenue
  • Asia Pacific Market by Revenue
  • Latin America Market by Revenue
  • Middle East & Africa Market by Revenue
  • Recent Development in Industry
  • Company Market Share Analysis, 2020

 
 * Kindly note that the above listed are the basic tables and figures of the report and are not limited to the TOC.

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