PUBLISHER: Orion Market Research | PRODUCT CODE: 1296913
PUBLISHER: Orion Market Research | PRODUCT CODE: 1296913
Global Language Services Market 2023-2030
Title: Global Language Services Market Size, Share & Trends Analysis Report by Type (Translation Services, Localization Services, and Interpreting Services), by Component (Software and Hardware), by end-user (BFSI, IT and Telecom, Media and Entertainment, Retail and E-Commerce, Healthcare, Government, Education, Travel and Transport) Forecast Period (2023-2030).
The global language services market is anticipated to grow at a CAGR of 6.6% during the forecast period. An increase in the outsourcing of translation and interpreting services is expected to propel the growth of the language services market over the forecast period. The outsourcing of translation and interpretation services refers to procuring language services from outside sources to a professional translation agency. Outsourcing of translation and interpretation services aids in the growth of language services as it offers substantial infrastructure, to support the technologies that make professional translation feasible. According to the European Language Industry Survey, conducted by a Europe-based association of translation companies, in May 2022, in Europe, the average (weighted) percentage of business that is outsourced to language companies is around 22.0% in 2022, with levels that are largely consistent across all small and medium-sized businesses. This is much higher than the reported 2020 figure of 18.0%. Therefore, an increase in the outsourcing of translation and interpretation services is driving the growth of the language services market.
Technological advancement is a key trend in the language services market. Major players in the market are creating technologically advanced products using artificial intelligence and machine learning to stay competitive in the market. For instance, in October 2022, Meta Inc., a US-based multinational technology conglomerate, launched an AI-powered speech translation system for an unwritten language. The AI-powered speech translation system is a part of the universal speech translator (UST) project which intends to develop AI systems that enable real-time translation from speech to speech in all languages, including those that are spoken but not frequently written. This AI system can reduce language barriers to promote communication and understanding in both the real world and the metaverse.
Segmental Outlook
The global language services market is segmented based on type, component, and by end-user. Based on type, the market is bifurcated into translation services, localization services, and interpreting services. By component, the market is bifurcated into software and hardware. Further, by end-user, the market is sub-segmented into BFSI, IT and Telecom, media and entertainment, retail and e-commerce, healthcare, and government. Among these, the IT and Telecom sub-segment accounted for the dominant share of the market during the forecast period. This can be attributed to the rapid advancements in the IT and telecommunication industry leading to software development for accurate translation and interpretation results.
Translation Services Sub-Segment is Anticipated to Hold a Prominent Share of the Global Language Services Market
An increase in demand for non-English languages is expected to propel the growth of the translation services market. The range of translation services is expanding to meet client demands based on preferred languages. According to the U.S. Census Bureau, in the US, 21.7% of households do not speak English. This translates to one in every five people. There are 3.3 billion multilingual people in the globe, accounting for 43.0% of the global population. Therefore, the increasing demand for non-English languages is driving the growth of the translation services market. Technological advancements are the key trend gaining popularity in the translation services. Major companies operating in the market are focusing on developing technologically advanced solutions. For instance, in October 2022, Google LLC, a US-based technology company launched Translation Hub, a new cloud service that allows companies to translate documents on a self-service basis.
Regional Outlook
The global language services market is further segmented based on geography including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, the Asia-Pacific region is projected to expand at a significant CAGR during the forecast period, due to the increasing demand for foreign language skills in countries such as China and India.
Global Language Services Market Growth, by Region 2023-2030
Source: OMR Analysis
The North American Region is Anticipated to Hold a Significant Share of the Global Language Services Market
North America is expected to continue to account for a larger revenue share among other regional markets during the forecast period due to the increasing diversity in the region. According to the U.S. Census Bureau, more than 350 languages are spoken in the US. The Asian population is also rising owing to the increased immigration which will further drive the market growth. The players in the market are looking to strengthen their competitiveness through various efforts such as merger and acquisitions, increased R&D, and new product launches. For instance, in May 2022, Interpreters Unlimited headquartered in San Diego, California introduced a mobile app called New Interpreter Services for booking language services. The app uses IU's proprietary auto-scheduling system on the back end which can book a linguist within minutes. All appointment management is handled completely inside the app.
Market Players Outlook
The major companies serving the global language services market include Atlas Language Services Inc., Lionbridge Technologies Inc., RWS Holdings PLC, and Semantix. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, funding, collaborations, and new product launches to stay competitive in the market. For instance, in August 2022, Telelanguage, a Portland-based industry language service provider specializing in remote interpreting, was acquired by Propio Language Services (Propio), a technology-enabled interpreting and translation service supplier. Propio joined the top five global remote interpreting companies in terms of volume with this acquisition. In April 2022, a leading global language services company, BIG Language Solutions, announced the purchase of Milan-based Lawlinguists, a provider of legal translation services. The purchase allowed BIG's European footprint to include Italy, Germany, and Spain, giving its clients access to legal translation services, tools, and technology.
The Report Covers:
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global language services market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where' in the market.
Table of Contents
1. Report Summary
- Current Industry Analysis and Growth Potential Outlook
- 1.1. Research Methods and Tools
- 1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region
2. Market Overview and Insights
- 2.1. Scope of the Report
- 2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion
3. Competitive Landscape
- 3.1. Key Company Analysis
- 3.2. Atlas Language Services Inc.
- 3.2.1. Overview
- 3.2.2. Financial Analysis
- 3.2.3. SWOT Analysis
- 3.2.4. Recent Developments
- 3.3. Lionbridge Technologies Inc.
- 3.3.1. Overview
- 3.3.2. Financial Analysis
- 3.3.3. SWOT Analysis
- 3.3.4. Recent Developments
- 3.4. RWS Holdings PLC
- 3.4.1. Overview
- 3.4.2. Financial Analysis
- 3.4.3. SWOT Analysis
- 3.4.4. Recent Developments
- 3.5. Semantix
- 3.5.1. Overview
- 3.5.2. Financial Analysis
- 3.5.3. SWOT Analysis
- 3.5.4. Recent Developments
- 3.6. Key Strategy Analysis
4. Market Segmentation
- 4.1. Global Language Services Market by Type
- 4.1.1. Translation Services
- 4.1.2. Localization Services
- 4.1.3. Interpreting Services
- 4.2. Global Language Services Market by Component
- 4.2.1. Software
- 4.2.2. Hardware
- 4.3. Global Language Services Market by End-User
- 4.3.1. BFSI
- 4.3.2. IT and Telecom
- 4.3.3. Media and Entertainment
- 4.3.4. Retail and E-commerce
- 4.3.5. Healthcare
- 4.3.6. Government
- 4.3.7. Education
- 4.3.8. Travel and Transport
5. Regional Analysis
- 5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
- 5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
- 5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
- 5.4. Rest of the World
6. Company Profiles
- 6.1. Acolad.
- 6.2. CyraCom International, Inc.
- 6.3. Global Linguist Solutions LLC
- 6.4. Hogarth Worldwide Ltd
- 6.5. Keywords Studios Plc
- 6.6. Honyaku Center Inc.
- 6.7. Iyuno
- 6.8. PIXELOGIC MEDIA PARTNERS LLC.
- 6.9. PTSGI, Inc.
- 6.10. STAR Group
- 6.11. thebigword Group Ltd
- 6.12. TransPerfect
- 6.13. United Language Group
- 6.14. Voice and Script International Ltd.
- 6.15. Welocalize Inc.
LIST OF TABLES
- 1. GLOBAL LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
- 2. GLOBAL TRANSLATION SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 3. GLOBAL LOCALIZATION SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 4. GLOBAL INTERPRETING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 5. GLOBAL LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
- 6. GLOBAL LANGUAGE SERVICES SOFTWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 7. GLOBAL LANGUAGE SERVICES HARDWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 8. GLOBAL LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
- 9. GLOBAL LANGUAGE SERVICES FOR BFSI MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 10. GLOBAL LANGUAGE SERVICES FOR IT AND TELECOM MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 11. GLOBAL LANGUAGE SERVICES FOR MEDIA AND ENTERTAINMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 12. GLOBAL LANGUAGE SERVICES FOR RETAIL AND E-COMMERCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 13. GLOBAL LANGUAGE SERVICES FOR HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 14. GLOBAL LANGUAGE SERVICES FOR GOVERNMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 15. GLOBAL LANGUAGE SERVICES FOR EDUCATION MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 16. GLOBAL LANGUAGE SERVICES FOR TRAVEL AND TRANSPORT MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 17. GLOBAL LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
- 18. NORTH AMERICAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
- 19. NORTH AMERICAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
- 20. NORTH AMERICAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
- 21. NORTH AMERICAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
- 22. EUROPEAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
- 23. EUROPEAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
- 24. EUROPEAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
- 25. EUROPEAN LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
- 26. ASIA-PACIFIC LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
- 27. ASIA-PACIFIC LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
- 28. ASIA-PACIFIC LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
- 29. ASIA-PACIFIC LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
- 30. REST OF THE WORLD LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
- 31. REST OF THE WORLD LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
- 32. REST OF THE WORLD LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
- 33. REST OF THE WORLD LANGUAGE SERVICES MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
LIST OF FIGURES
- 1. GLOBAL LANGUAGE SERVICES MARKET SHARE BY TYPE, 2022 VS 2030 (%)
- 2. GLOBAL TRANSLATION SERVICES MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 3. GLOBAL LOCALIZATION SERVICES MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL INTERPRETING SERVICES MARKET SHARE BY REGION, 2022 VS 2030(%
- 5. GLOBAL LANGUAGE SERVICES MARKET SHARE BY COMPONENT, 2022 VS 2030 (%)
- 6. GLOBAL LANGUAGE SERVICES SOFTWARE MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 7. GLOBAL LANGUAGE SERVICES HARDWARE MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 8. GLOBAL LANGUAGE SERVICES MARKET SHARE BY END-USER, 2022 VS 2030 (%)
- 9. GLOBAL LANGUAGE SERVICES FOR BFSI MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 10. GLOBAL LANGUAGE SERVICES MARKET FOR IT AND TELECOM MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 11. GLOBAL LANGUAGE SERVICES FOR MEDIA AND ENTERTAINMENT MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 12. GLOBAL LANGUAGE SERVICES FOR RETAIL AND E-COMMERCE MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 13. GLOBAL LANGUAGE SERVICES FOR HEALTHCARE MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 14. GLOBAL LANGUAGE SERVICES FOR GOVERNMENT MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 15. GLOBAL LANGUAGE SERVICES FOR EDUCATION MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 16. GLOBAL LANGUAGE SERVICES FOR TRAVEL AND TRANSPORT MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 17. GLOBAL LANGUAGE SERVICES MARKET SHARE BY REGION, 2022 VS 2030 (%)
- 18. US LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 19. CANADA LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 20. UK LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 21. FRANCE LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 22. GERMANY LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 23. ITALY LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 24. SPAIN LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 25. REST OF EUROPE LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 26. INDIA LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 27. CHINA LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 28. JAPAN LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 29. SOUTH KOREA LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 30. REST OF ASIA-PACIFIC LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
- 31. REST OF THE WORLD LANGUAGE SERVICES MARKET SIZE, 2022-2030 ($ MILLION)
