According to the research reports by MRFR, the global market for translation services market is anticipated to flourish substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 2.60%. The reports further project the market to attain a valuation of around USD 47.21 billion by the end of 2030.
Language translators have been in the market earning money by working for business officials around the nation, translating meaningful meetings as per base language across the globe. We live in a world of several languages generated from several parts of the world and coping with these has been tough therefore offering an open market for Language translation services market worldwide. Several industry sectors are utilizing translation services market. Mainly media & entertainment, and Industrial companies have utilized translation services market. Audio & video subtitles translation has been generating jobs in the media industry and dubbing & interpretation is also part of the media industry. The global market for translation services market has shown massive expansion in recent development in recent times, given the factors such as the revolution in the e-commerce sector, the latest advancements in technology, and the growing digital world of communication.
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Segment Analysis:
The global market for translation services market has been segregated into various segments based on type, service, vertical, and region.
Based on the service, the global market for translation services market is split into translation and majorly interpretation services.
Based on type, the global market for translation services market is fragmented into software and hardware.
Based on vertical, the global market for translation services market is divided into IT, media & entertainment, automotive, medical & healthcare, and many more.
By Service Type:
- Written Translation Services
- Interpretation Service
By Operation Type:
- Technical Translation
- Machine Translation
By Component:
- Hardware
- Software
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Regional Analysis:
The global market for translation services market is analyzed across five critical geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is anticipated to secure the top position across the global market for translation services market over the review era. The market has demonstrated urban as well as rural areas. Furthermore, government organizations are putting efforts into maintaining customer satisfaction, which is also anticipated to fuel the growth of the regional market over the review era. The region has the US as the leading growth contributor. The growing usage of translation and interpretation services across the country is believed to be the central aspect supporting the growth of the brilliant performance of the market across the country.
The European regional market for translation services market is anticipated to show substantial development over the review era. The primary aspect supporting the growth of the regional market is the growing number of terror and crime activities across the region. The regional governments have become very careful about decoding the messages floating through the government network, which is also anticipated to catalyze the regional market's growth over the assessment timeframe.
The Asia-Pacific regional market for translation services market is anticipated to show the maximum growth rate over the assessment era. Several regional startups from nations such as New Zealand, India, Australia, Japan, and China have added over 60% of revenue to the translation service market. Low enterprises have sired with the giant enterprises to analyze the customer need and build faster and new methods to decode the difficulties and deliver optimum solutions.
Competitive Analysis:
The global market for translation services has an extreme and competitive landscape. The regional players are focusing more and more on research & development activities to launch innovative solutions. Furthermore, the growing implementation of various growth policies by players across the globe, such as mergers, partnerships, product launches, etc., to strengthen their global market footprint is also likely to fuel the market's growth over the coming years. The catalog for the leading players across the global market for translation services includes companies such as Lingotek, Semantix, WELOCALIZE, SDN, Lionbridge, Logos Group, Yamagata Corporation, RWS, LanguageLine Solutions, TransPerfect, and several others.
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Recent Developments:
- November 2022- A global media company for digital-first creators and brands, AIR Media-Tech has announced a strategic collaboration with a leading artificial intelligence translation service based out of Switzerland, Vidby. In collaboration, both companies produce content translation services that are more accessible for YouTube creators to develop to global markets. The number of global video content hours uploaded to YouTube expands per year. As society becomes more globalized and interconnected, the creators cope with an influx of opportunities to enter new markets.
- November 2022- TakeCare has announced a partnership with a translation and interpretation service, CommGap, to offer better communications services to members.
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