IMARC Group has recently released a new research study titled “Language Services Market Report by Service, Component, Application and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The global language services market size reached US$ 72.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 108.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.
What is language service?
Language services represent a set of language assistance solutions that offer varying degrees of interpretation, translation, comprehension, localization, and other training services. They comprise a wide range of electronic, written, and multimedia materials for transcription, dubbing, narration, voice-over, etc. Language services provide numerous benefits, such as effective communication, wide geographical outreach, high accuracy rate, skill development, and offering a highly interactive learning platform to the users. As a result, these services are widely used across several sectors, including legal, medical, information technology (IT) and telecommunication, education, automotive, and banking, financial services and insurance (BFSI).
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Language Services Market Trends:
The escalating demand for language assistance solutions, on account of increasing advancements in the IT and telecommunication sector leading to software development for accurate translation and interpretation results, is among the key factors stimulating the market. Moreover, globalization and improving internet connectivity have augmented the elevating need for these solutions, which is acting as another significant growth-inducing factor.
The rising need for translation services in various companies, owing to the increasing geographical outreach, which provides convenience to their international clients and allows companies to express their services efficiently, is positively influencing the global market. Furthermore, the shifting consumer preferences towards language services for multilingual and cross-cultural communication to create an efficient and quicker learning platform are also propelling the market growth. The rising influence of social media platforms resulting in the growing popularity of visual translations and content localization is further fueling the global market. Additionally, the inflating investments in the field of language services and the increasing influx of translation and interpretation outsourcing are anticipated to fuel the language services market over the forecasted period.
Competitive Landscape:
The competitive landscape of the language services market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Global Linguist Solutions, LLC
- Hogarth Worldwide
- Keywords Studios Plc
- LanguageLine Solutions (Teleperformance)
- Lionbridge Technologies, Inc.
- Mission Essential Personnel
- RWS Holdings plc
- SDI Media
- SDL plc
- TransPerfect Solutions
Key Market Segmentation:
The report has segmented the global language services market based on service, component, application and region.
Breakup by Service:
- Translation Services
- Interpretation Services
- Others
Breakup by Component:
- Software
- Hardware
Breakup by Application:
- IT and Telecommunications
- Commercial
- Government
- Automotive
- Healthcare
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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