Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • August 2021 •
  • 161 pages •
  • Report ID: 5949575 •
  • Format: PDF
The global language services market reached a value of US$ 57.8 Billion in 2020. Looking forward, the analyst expects the market to grow at a CAGR of 7.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Language services stand for the set of language assistance solutions that offer varying degrees of interpretation, translation, comprehension, localization, and other training services. They include a wide range of electronic, written, and multimedia materials for transcription, dubbing, narration, voice-over, etc. Language services provide several benefits, such as effective communication, wide geographical outreach, high accuracy rate, skill development, along with offering a highly interactive learning platform to the users. Further, the adoption of these services promotes the integration of technology with human communication. Owing to this, language services are widely employed across diverse sectors, including legal, medical, IT and telecommunication, education, automotive, and BFSI.

The rising demand for language services can be attributed to the rapid advancements in the IT and telecommunication industry leading to software development for accurate translation and interpretation results. In addition to this, rapid globalization coupled with improving internet connectivity has further augmented the growing need for language services. With increasing geographical outreach, various companies are opting for translation services. This provides convenience to their international clients and allows companies to efficiently express their services. Furthermore, the growing consumer inclination towards language services for multilingual and cross-cultural communication to create an efficient and quicker learning platform has also led to its increasing global adoption. Additionally, the rising influence of social media platforms resulting in the popularity of visual translations and content localization, is also driving the demand. Apart from this, the increasing investments in the field of language services coupled with the rapid influx of translation and interpretation outsourcing have also contributed to the strong market growth. Moreover, the increasing need for language services pertaining to international business tourism, medical tourism, leisure tourism, on-site work stays, etc., is also catalyzing the market. In the educational sector, customized foreign language training courses are being offered at on-site and off-site locations in classroom, private, semi-private, tutorial, and in-country immersion forums, thereby driving the demand for language services. In the coming years, several technological upgradations along with the emergence of artificial intelligence in the sector are expected to fuel the growth of the global language service market.

Breakup by Service:
Translation Services
Interpretation Services
Others

Breakup by Component:
Software
Hardware

Breakup by Application:
IT and Telecommunications
Commercial
Government
Automotive
Healthcare
Other

Breakup by Region:
North America
United States
Canada
Europe
United Kingdom
Germany
France
Sweden
Russia
Netherlands
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Others
Middle East and Africa
Turkey
Saudi Arabia
Iran
Others
Latin America
Brazil
Mexico
Others

Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being 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, and TransPerfect Translations. Key Questions Answered in This Report:

How has the global language services market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of Covid-19 on the global language services market
What is the breakup of the market based on the service?
What is the breakup of the market based on the component?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global language services market and who are the key players?
What is the degree of competition in the market?