Translation Service Market Share, Growth Factors, Comprehensive Research, Analys

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Translation Service Market Share, Growth Factors, Comprehensive Research, Analys

The translation service industry is predicted to grow at a healthy 8.6% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR

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Market Highlights

The translation service industry is predicted to grow at a healthy 8.6% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.

Drivers

Use of AI for Machine Translation to Boost Market Growth

Use of artificial intelligence (AI) by leading organizations in the form of machine translation for decreasing the costs of translation will boost market growth over the forecast period. The AI-enabled automated translation platforms such as Microsoft Translator, Google Translate and Amazon Translate have taken huge leap forward in translation accuracy.

Opportunities

Growing Need for Translation of Websites to offer Robust Opportunities

The burgeoning need for translation of websites and webs content will offer robust opportunities for the market in the forecast period.

Restraints

Low Need from Underdeveloped Countries to act as Market Restraint

The low requirement of translation services from underdeveloped countries may act as a market restraint over the forecast period.

High Cost to act as Market Challenge

The high cost of translation services may act as a market challenge over the forecast period.

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Segmentation:

The global translation service market has been segmented based on service type, operation type, application basis, and component.

By component, the translation service market is segmented into software and hardware.

By application basis, the translation service market is segmented into government, healthcare, commercial, IT and telecommunication, automotive, and others.

By operation type, the translation service market is segmented into technical translation and machine translation.

By service type, the translation service market is segmented into interpretation service and written translation services.

COVID-19 Analysis

The translation services market has been marginally impacted by the lockdowns owing to the COVID-19 pandemic as the majority of the translators are working from home through digital documents. On the contrary, the interpreters that offer such services in person at international events, conferences, and symposia are experiencing difficulties, as worldwide businesses are not permitted in hosting delegations of partners & foreign clients in conference halls and executive briefing centers. A good number of corporate events had been cancelled or postponed for the outbreak. Besides, relevant documentation, accurately translated, dispersed, and transcribed world over is likely to help experts in collaborating to prevent the spreading of the virus.

Regional Analysis

North America to Precede Translation Service Market

North America will precede the market over the forecast period. Change in government and its policies, partnerships between start-ups and service providers to conduct fresh methodologies, presence of several key players, high adoption of translation services by security agencies and government for identifying and interpreting radio signals and messages, and the increasing use of advanced translation services in the field of analytics are adding to the global translation service market growth in the region.

Key Players

Eminent players profiled in the global translation services market report include Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), Net-Translators (U.S.), GlobaLexicon (UK), Foreign Translations (U.S.), LanguageLine Solutions (U.S.), Cuttingedge Translation Services Pvt. Ltd (India), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.), CLS Communication (Switzerland), Dynamic Language (U.S.), Zaharicom, Inc (U.S.), Babylon Software Ltd (Israel), Gengo (U.S.), Global Language Solutions, Inc. (U.S.), Mars Translation Services (China), Straker Translations (U.S.) among others.

Industry Updates

Zoom will acquire Kites that develop real-time machine translation software. The goal of the acquisition is in providing multi-language translation capabilities for Zoom users for video calls.

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Global Translation Service Market Research by Service Type (Written Translation Services, Interpretation Service), By Operation Type (Technical Translation, Machine Translation), By Component (Hardware and Software) Application - Forecast to 2027

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