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Translation Services Market

Translation Services Market

Translation Services Market by Type (Written Translation Services, Interpretation Services), by Application (Legal, Financial & Banking, Medical, Tourism & Travel and Others) & Region Forecast till 2032

Translation Services Market
FACT7537MR
  • Jul-2022
  • List of Tables : 54
  • List of Figures : 114
  • 170 Pages
  • Technology

Translation Services Market Industry Outlook (2022-2032)

The market for translation services is valued at US$ 40.2 Billion in 2021 and is projected to rise to US$ 41 Billion by 2022-end, at a Y-o-Y growth rate of 2%. During the forecast period ranging from 2022 to 2032, the market is expected to flourish at a 2.7% value CAGR, closing at a value of US$ 53.5 Billion.

As geographical boundaries blur, business activities are taking place throughout the whole world, necessitating the need for deploying language translation services.

Report Attributes

Details

Anticipated Base Year Value (2021)

US$ 40.2 Billion

Expected Current Market Value (2022)

US$ 41 Billion

Projected Forecast Value (2032)

US$ 53.5 Billion

Global Growth Rate (2022-2032)

2.7% CAGR

Market Value of the U.S Market (2032)

US$ 19 Billion

Expected Growth Rate of China (2022-2032)

2.1% CAGR

Prominent Translation Services Providers

  • TransPerfect
  • Lionbridge
  • LanguageLine Solutions
  • SDN
  • RWS
  • WELOCALIZE
  • Yamagata Corporation
  • Semantix
  • Logos Group
  • Lingotek

Bulk of all translation services industry revenue is likely to remain concentrated across the Asia Pacific, anticipated to comprise 23.2% of global market revenue. This is majorly attributed to a flourishing business and trading economy across such key countries as India, China, Japan and South Korea. In addition, Latin America and Middle East & Africa are also emerging as promising hubs, expected to register market shares worth 5% and 4.8% respectively.

Since the dawn of 21st century, translation services has emerged as a full-time and lucrative business, providing services in over 200 languages. As more industries make their services available through the internet, demand for web content translation has increased manifold. Enterprises are addressing the rising demand for translation services by deploying highly intricate interpretation software and solutions.

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2015-2021 Demand Analysis of Translation Services vs. Future Outlook 2022-2032

According to findings published by market research and competitive intelligence provider Fact.MR, the translation services market experienced a CAGR of 2% from 2015 to 2021. As the global economy becomes increasingly integrated, the need to expand scope of operations to different countries and continents is rising rapidly. Thanks to rapid technological advancements, enterprises are able to target customers overseas.

A major aspect of cross border communication and business is overcoming language barriers. Hence, corporations are installing advanced translation and interpretation solutions and attempting to connect with stakeholders who are distributed throughout the globe. It is expected that most translation services are expected to be rendered across the developing world, particularly in the Asia Pacific, Latin America and the Middle East & Africa.

From IT & telecommunications to healthcare & pharmaceuticals and other heavy industries, the need for deploying translation services has become a necessity. Countries such as India, China and Japan are proving to be major powerhouses for translation services, as most business operations are concentrated in these countries. Overall, from 2022 to 2032, the market for translation services is poised to expand 1.3x.

What are the Key Factors Propelling the Translation Services Market Growth?

Finance and banking, technology, healthcare, travel and transportation, media and entertainment, and educational fields are all driving the translation service industry. Raw data and information are abundantly available all around us. Understanding this data and gaining useful insight into it is the main goal these days.

Thus, the digital world of communication, i.e. the combination of translation service tools, machine learning, artificial intelligence, and big data as a service, acts as a single global system to improve code, text, voice note, and language translation. The translation service industry is driven by the finance and banking industries, technology industries, healthcare, travel and transportation, media and entertainment industries, and educational fields.

Service providers from all industries use internet security and technology to translate small bytes into digital signals and humans in a stable format.

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What are the Major Trends in the Global Translation Services Market?

This scenario is expected to change in the near future as a result of globalization and the foreign investment policies of many developed countries. The increasing influx of manufacturers and multinational corporations into these developing countries is expected to play an important role in increasing demand for translation services.

Because the Asia Pacific region is expected to be a major market for these foreign players, these companies see the acquisition of local language translation players as a step in the right direction. Furthermore, increased immigration from one country to another for jobs and education is expected to create lucrative opportunities for translation services.

What Challenges are in Store for the Translation Services Market?

According to Common Sense Advisory, the translation services market will face challenges in keeping up with the latest technological advancements due to increased globalization, an increase in the traffic of raw data available on-premise and on cloud (offline and online), and a revolution in the e-commerce sector.

With increased data traffic, modifications should be made to increase the number of words translated per second, thus bringing the existing algorithms up to date with the most recent data. Because new companies have recently been formed, artificial intelligence and manpower should be more proactive in meeting the increased needs of society in order to see exponential growth in the coming years.

Translation services market forecast by Fact.MR

Comparative View of Adjacent Translation Services Market

Translation Services Market :

Attributes

Translation Services Market

CAGR (2022-2032)

2.7%

Market Value (2032)

US$ 53.5 Billion

Growth Factor

Government The increased traffic of raw data available on-premise and in the cloud, combined with rising online video content, will contribute to the growth of the translation services market in the coming years.

Opportunity

Current industry trends, such as increased content localization as well as technological advancements in machine translation, are predicted to provide key players with new lucrative market opportunities.

Online Language Learning Market :

Attributes

Online Language Learning Market

CAGR (2022-2032)

9%

Market Value (2032)

US$ 30 Billion

Growth Factor

The expanding scope of trends in the travel and tourism industry, combined with rising demand for online courses, is acting as a potential driver for the global Online Language Learning Market.

Opportunity

Increased job opportunities and an emphasis on bilingual and multilingual education are driving market expansion in the assessment period.

Country-wise Analysis

How will the Translation Services Market fare across the U.S?

According to Fact.MR’s analysis, the translation services market in the U.S is expected to secure a market value of US$ 19 Billion while witnessing a CAGR of 2.4% during the forecast period from 2022 to 2032. Growth of the U.S market is primarily attributed to increased scale of operations of various industries across key geographies.

Prominent end use industries, including BFSI, IT & telecom, healthcare, pharmaceuticals, and government services, are among the primary beneficiaries of translation and interpretation services throughout the U.S. A large part of this is attributed to the increasing wave of immigrants looking to settle and establish a promising career for themselves.

Moreover, there are specific players who offer tailor-made translation services for key industries. For example, Language Scientific offers a suite of foreign language interpreting and translation services for the U.S government.

These services are targeted for federal agencies and prime contractors, with particular expertise in the translation of technical and sensitive documents in areas of National Security, Defense and Non-proliferation. Its clients include the Department of Defense, Department of Energy, the Environmental Protection Agency, Department of Agriculture, DOT and DHMS among others.

Will Asia Pacific contribute to effective growth of the Translation Services Market?

In recent years, the translation service market has grown exponentially in rural, urban, and government organizations to maintain customer satisfaction. Many startups from Asia-Pacific countries such as China, Japan, Australia, New Zealand, and India have contributed roughly 60% of revenue to the translation service market.

Low-level enterprises have collaborated with larger enterprises to better understand customer needs and develop new, faster methods to decode problems and provide optimal solutions. Amongst all countries in APAC, China is likely to stand out, anticipated to reach a value of US$ 3.8 Billion by 2032, expanding at a value CAGR worth 2.1%. This is majorly due to an emerging start-up ecosystem as well as availability of a skilled workforce.

Across all Asia Pacific countries, language translation service providers are collaborating with technology business providers, as well as other enterprises to develop highly robust interpretation software platforms. Moreover, supportive government policies are motivating regional as well as global players to establish base across the region.

Country

Estimated CAGR

U.S

2.4%

U.K

1.7%

China

2.1%

Japan

1.2%

South Korea

0.5%

Category-wise Insights

By Type, which Translation Services Category is expected to flourish the Maximum?

Based on type, written translation services are expected to generate maximum growth during the forecast period, with a CAGR of 2.8%. It is due to an increase in foreign clients and significant technological advancement.

Furthermore, as the number of multi-language documents grows, many businesses are hiring translators to expand their client base across multiple countries. There is a high demand for written translation services from the legal, medical, travel, and tourism industries, which contributes to the high demand for written translation services during the forecast period.

Which Application Segment is expected to lead the Global Translation Services Market?

Based on application, the legal segment is projected to lead the global Translation Services market. As per the analysis, the segment is anticipated to expand at a CAGR of 2.6% during the forecast period from 2022 to 2032.

It is because the demand for legal translators and interpreters is increasing as the number of non-English speaking customers in the United States grows as a result of immigration. In addition, the legal translator offers interpretation services to their foreign clients via phone or video remote translation and interpretation. They also provide simultaneous, consecutive, and escort interpretation, which contributes to the growth of the legal translation segment during the forecast period.

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What is the Intensity of the Competition in the Global Translation Services Market?

The market for translation services is massive, with myriad local and global players. The market for translation services is vast, with numerous regional and international players. Acquisitions, expanding product portfolios, contracts, amalgamation, contracts, acquisitions, and product upgrades are among the strategies used by major market leaders to increase their market share globally.

  • In June 2022, TransPerfect announced that it has joined major law firms in providing pro bono services in support of a mass effort by former Afghan judges to seek asylum in the U.K. TransPerfect Legal Solutions (TLS) provided pro bono language services in Pashto and Dari, for legal documentation necessary for many asylum cases. The campaign is a multi-faceted and multinational team effort that includes lawyers from major international law firms and comes in response to the potential danger posed to these judges following the Taliban assuming control of Afghanistan.
  • In January 2021, Semantix along with its partner ES Team was awarded the EU Commission’s call for tender GROW/2020/OP/0002, one of the largest translational contracts across Europe. Through this tender, all EU language translation facilities would be available to help the EU transform into a smart, sustainable and inclusive economy
  • In November 2020, LanguageLine Solutions announced an integration with Bluestream Health to enable on-demand, one-touch access to over 13,000 professional, medically trained interpreters 240+ languages. These connections are made in just seconds, without the need for appointment

Key Segments Covered in the Translation Services Industry Report

  • Translation Services Market by Type :

    • Written Translation Services
    • Interpretation Services
    • Other Translation Service Types
  • Translation Services Market by Application :

    • Translation Services for Legal Applications
    • Translation Services for Financial & Banking
    • Translation Services for Medical Applications
    • Translation Services for Tourism & Travel
    • Translation Services for Other Applications
  • Translation Services Market by Region :

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

- FAQs -

The global translation services market is estimated to reach US$ 53.5 Billion while expanding at a CAGR of 2.7% by 2032
The global translation services market was estimated at US$ 40.2 Billion in 2021
From 2015-2021, the translation services market grew at a 2% value CAGR
By 2022, the market for translation services is expected to reach US$ 41 Billion
According to Fact.MR, the U.S translation services landscape is slated to grow at a CAGR of 2.4% until 2032
Demand for translation services across China is forecast to reach US$ 3.8 Billion by 2032
Demand for written translation services is expected to be the largest, registering a 2.8% CAGR
Translation services for legal applications are poised to be most deployed, growing at a 2.6% CAGR

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