United States, Rockville MD, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The global translation service market is expected to be worth US$ 53.5 Billion by 2032, expanding at a CAGR of 2.7% during the forecast period ranging from 2022-2032, as per a recently published Fact.MR report. Increased demand for non-English languages is a critical factor accelerating market growth, as is increased demand for language conversion services, increased market presence, and increased demand from American countries, among other factors boosting the translation service market.
Furthermore, an increase in research and development activities, as well as an increase in demand from emerging economies, will create new opportunities for the translation service market during the forecast period. However, low demand from underdeveloped countries around the world, as well as the high price of translation services, are among the major factors restraining market growth and will continue to encourage the translation service market during the forecast period.
North America leads the translation service market due to increased demand for language conversion services, increased market presence, and increased research and development activities in this region. Asia-Pacific is the expected region for growth in the translation service market due to increased demand for language conversion services, increased market presence, and increased research and development activities in this region.
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Key Takeaways from the Market Study
- Global translation services market to expand 1.3x from 2022 to 2032
- By type, written translation services to experience high uptake, registering a 2.8% CAGR
- Translation services to be most deployed for legal applications, growing at a CAGR of 2.6%
- U.S to emerge as the most opportunistic market for translation service, growing at 2.4% CAGR
- China to be the most promising APAC market, reaching a value of US$ 3.8 Billion by 2032
- Translation services market worth to be valued at US$ 41 Billion by the end of 2022
“With international geographical boundaries blurring, various industries are expanding their scope of operations overseas. This is prompting stakeholders to deploy language translation and interpretation platforms, widening growth prospects,” remarks a Fact.MR analyst.
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Competitive Landscape
The market for translation services is vast, with numerous local and global players. The market for translation services is vast, with numerous regional and international players. Acquisitions, expanding product portfolios, contracts, amalgamation, contracts, acquisitions, and product upgrades are some of the strategies used by major market leaders to increase their market share globally.
- In June 2022, TransPerfect announced that it has joined major law firms in providing pro bono services in support of a mass effort by former Afghan judges to seek asylum in the U.K. TransPerfect Legal Solutions (TLS) provided pro bono language services in Pashto and Dari, for legal documentation necessary for many asylum cases. The campaign is a multi-faceted and multinational team effort that includes lawyers from major international law firms and comes in response to the potential danger posed to these judges following the Taliban assuming control of Afghanistan.
- In January 2021, Semantix along with its partner ES Team was awarded the EU Commission’s call for tender GROW/2020/OP/0002, one of the largest translational contracts across Europe. Through this tender, all EU language translation facilities would be available to help the EU transform into a smart, sustainable and inclusive economy
- In November 2020, LanguageLine Solutions announced an integration with Bluestream Health to enable on-demand, one-touch access to over 13,000 professional, medically trained interpreters 240+ languages. These connections are made in just seconds, without the need for appointment
Key Segments Covered in the Translation Services Industry Report
- Translation Services Market by Type :
- Written Translation Services
- Interpretation Services
- Other Translation Service Types
- Translation Services Market by Application :
- Translation Services for Legal Applications
- Translation Services for Financial & Banking
- Translation Services for Medical Applications
- Translation Services for Tourism & Travel
- Translation Services for Other Applications
- Translation Services Market by Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global translation services market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (written translation services, interpretation services and others) and by application (legal, financial & banking, medical, tourism & travel and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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