According to the latest report of the IMARC group, entitled “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027“, the global language services market reached a value of US$62.6 billion in 2021. Looking ahead, IMARC Group expects the market to reach $96.1 billion by 2027exposing to a CAGR of 7.5% over the period 2022-2027.
Language services consist of a set of language support solutions, which provide varying degrees of translation, interpretation, localization, comprehension and other training services. These services include a wide range of written, electronic and multimedia materials for dubbing, transcription, narration and voiceover, among others. They also offer several additional benefits, including wide geographical reach, effective communication, high accuracy rate, and skill development. It offers a highly interactive learning platform for users. As a result, they are widely used in the medical, legal, education, information technology (IT) and telecommunications, banking, financial services and insurance (BFSI) and automotive industries. .
We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Market Trends and Drivers:
The rapid advancement in the IT and telecommunications industry is one of the major factors driving the growth of the market. Language services are widely used in industry to develop accurate translations and interpretation results. Changing consumer preference towards language services for multilingual and cross-cultural communication and rapidly improving internet connectivity are factors contributing to the growth of the market. Additionally, advancement in technology and emergence of artificial intelligence (AI) are other factors creating a positive outlook for the market.
Language services Competitive analysis and market segmentation 2022-2027:
Competitive landscape with key players:
The competitive landscape of the Language Services Market has been studied in the report along with the detailed profiles of the major players operating in the market.
Some of these key players include:
- Mission essential personnel
- SDL plc
- LanguageLine Solutions (Teleperformance)
- Hogarth around the world
- Keywords Studios Plc
- Global Linguist Solutions, LLC
- RWS Holdings plc
- SDI media
- Lionbridge Technologies, Inc.
- TransPerfect Translations
Key Market Segmentation:
The report has segmented the global language services market on the basis of service, component, application, and region.
Breakdown by department:
- Translation services
- Interpretation Services
Breakdown by component:
Breakdown by application:
- IT and Telecommunications
- Health care
Breakdown by region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market trends
- Market drivers and success factors
- Impact of COVID-19
- Value chain analysis
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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