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Global translation service market is expected to grow at a CAGR of 6.7% and reach the market value of US$ 81,647.4 million by 2030. It is projected to offer a growth opportunity worth US$ 33,951.3 million during the forecast period 2022–2030.
As the world becomes more connected, the demand for translation services is growing. Translation services can help businesses communicate with customers and partners in other countries, expand their reach into new markets, and better understand their international audiences.
There are many reasons for the growing demand for translation service makret. One is that globalization is making it easier for businesses to operate in multiple countries. As companies expand their operations globally, they need to be able to communicate with customers and partners in different languages. Translation services can help them do that.
Another reason for the growing demand for translation service market is the rise of e-commerce. More and more people are shopping online, and they often buy from businesses based in other countries. That means businesses need to be able to provide customer support in multiple languages. Again, translation services can help.
Finally, there’s the fact that more and more people are traveling internationally. They’re going on vacation, studying abroad, or working in other countries. When they do, they often want to be able to communicate with people in their own language. That’s where translation services come in.
High Demand for Translation Services on Websites and Social Media Platforms for Better Business Reach
Rising demand for immigration services and globalization is driving the translation service market. Today, numerous business and industries are willing to expand their market across different countries, which is leading to immigration of employees. As a result, the demand for translation services is also increasing across the globe.
The social media channels and websites of any company are the first and key source of information for people who wish to get the information about the company. Currently, more than 4.7 billion people are active users’ social media. Thus, it becomes imperative for the companies in the global translation service market to maintain a good social media profile that would be easy to understand. It has become of utmost importance for the companies that have opted social medica channel to improve its brand outreach and help users with legal documents and marketing translation.
Rapidly Expanding Medical Tourism and Healthcare Sector
There are millions of people of different linguistic background who travel to different countries in search of high-quality medical care and services. This makes it necessary to have the best translation services, which provide accurate information about the services that they are looking for.
With the help of professional medical translators, it becomes easy for the patients to get correct information about the procedure and keep the patient at ease throughout the whole medical procedure in the translation service market.
The import and export of different pharmaceutical products from one country to another with different cultural and linguistic backgrounds makes it important that the product details are available in all languages so that users can understand the product and their requirements.
Key Trends in Global Translation Service Market
Use of Modern Technologies
With the rising emergence of new technologies in the market like computer assisted translation tools, machine tools, and translation management system, it has become easy to translate and transcribe. The technological advancements in these tools have made the translation services more user friendly. Moreover, now, user can access the translation services anywhere around the globe with the help of online computer assisted translation tools.
Multilingual content management system are some famous translation modes to upload the translation text, which maintains single branded message across all of the content, irrespective of the languages. For instance, WordPress, Joomla, and Drupal offer translation tools at ease across global translation service market.
High Chances of Misinterpretation
Translating one language to another is a risky task as due to complicated meanings, pronunciation issue, and cultural differences, there high chances that message can be misinterpreted and user end up providing wrong information to people in the world. Machine translation often ends up producing awkward translations as it lacks in understanding context.
Wherein, the role of professional human translators becomes important in these situations as they can understand the real meaning of a sentence. Translation can also be affected by cultural differences as the native people speaks with emotions, which translators cannot translate to other language. This leads to misunderstanding among speakers and listeners in the translation service market. Translators need linguistic, socio-cultural, competence of the two languages to translate, which prevents the misinterpretation of sentences.
Market Segment Analysis
Based on service type, the Judicial segment is anticipated to expand at the highest CAGR of 8.1% during the projection period in the global translation service market. When it comes to translating numerous legal papers, such as witness testimonies, trust deposits, wills, articles of incorporation, litigation documents, immigration paperwork, and intellectual property rights, legal translations are quite helpful. In 2021, the segment held the highest market share of more than 25.3%.
On the other hand, the medical segment is projected to grow at CAGR of 7.2% during the forecast period.
By technology, the global translation service market is segmented into machine translation (MT), computer assisted translation (CAT), and human. Wherein, the computer assisted translation segment is leading the global market with more than 53% market share. This can be attributed to various factors such as user-friendly nature, different modifications, and rapid developments done in the system.
Based on deployment, the cloud segment was able to generate 69% revenue of the global translation service market in 2021. On top of that the segment is projected to grow at the highest CAGR of 7.0% during 2022–2030.
Today, cloud is the most popular and excessively used platform. Its Translation allows the customer to translate multiple languages with the help of pre-trained or custom ML models according to the requirements of the customer. It is especially used by the organization where translation is a key part of the content management process.
Based on industry, legal segment is expected to grow at the highest CAGR of 8.1% during the forecast period in the global translation service market. On the other hand, healthcare segment holds the second largest share of 23.4% in 2021, which was followed by travel & tourism segment.
By region, Europe is dominating the global translation service market. The region generated over 42% market revenue in 2021 thanks high demand of languages like French, German, and Spanish.
On the other hand, Asia Pacific is projected to grow at the fastest CAGR of 7.7% during the forecast period. This is mainly because of increasing popularity of Japanese, Korean and Chinese languages, which is mainly due to large scale expansion of media and entertainment industry to other regions.
List of Key Companies Profiled:
Recent Developments in Global Translation Service Market
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Global translation service market is segmented into:
|Market Size Value in 2021||US$ 47,696.1 Million|
|Expected Revenue in 2030||US$ 81,647.4 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Service, By Technology, By Deployment, By Industry, By Region|
|Key Companies||BIG Language Solutions, Certified Languages International, Global Talk, Keyword Studios, LanguageLine Solutions, Languagewire, Lionbridge, LOGOS GROUP, RWS Holdings, Semantix, Text Master, Translate Plus, The Language Services Bureau, TransPerfect, Welocalize, Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global Translation Service Market is expected to grow at a CAGR of 6.7% from 2022 to 2030.
Due to the use of Computer Aided Translation (CAT) tools and AI in translation services.
The Translation Service Market is estimated to grow with an opportunity of US$ 32,997.5 Mn during the forecast period.
Rising need for translation services in websites and social media platforms for better business reach and growing need for professional translators and interpreters in medical tourism and healthcare sector.
Legal segment has the highest CAGR of 8.1% in the Translation Service Market.
The projected growth of language e-learning platforms and increasing penetration of internet services.
The main services in the market are Medical , Financial, Judicial, Technical, Translation, Administrative, Translation Website, Translation, and Others.
High chances of misinterpretation due to complicated vocabulary and cultural differences are retraining the market.
Service, Technology, Deployment, and Industry are the different segments in the Global Translation Service Market.
The top players are BIG Language Solutions, Certified Languages International, Global Talk, Keyword Studios, Language Line Solutions.
Europe dominates the Global Translation Service Market by 40.0% in 2021.
The covid outbreak impacted the market in a negativing during the starting stage but it got better after the beginning of online mode of education and work.