(MENAFNEditorial) Market Research Future published a research report on 'Global Translation Service Market Research Report - Forecast 2022' – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Market synopsis
Centuries ago, when the concept of translation did not exist, there had been instances where people learned a particular language in order to read a particular book written in that language. Then came translation. Many authors who knew various languages translated their books personally. Later, softwares facilitating the translation came into existence. Google also started offering its translation service. Not only it can detect unknown languages, but it can also notice slangs and phrases, just by hearing the user‘s voice. With people demanding information and content in their language due to localization becoming as popular as globalization, the demand for translation is going up and the market for translation services has started growing.
The factors driving the global Translation Service Market include the arrival of machines and software which can translate any foreign language in less time and huge technological advancement. Often translation softwares tell users to update the software on their device, claiming that the knowledge of new language has been added to their database. Another key driver for translation services market is growing geographical outreach of enterprises who want to gain clients and customers beyond their home countries. Via translation services, the interaction between technology and human communication is increased more efficiently. Market Research Future (MRFR) has published a research report about the global translation services market that predicts extension of this market with 11% CAGR (Compound Annual Growth Rate) between 2017 and 2022. This report analyzes the market structure and features expert opinions to present insights into the future growth potential of this market. Many companies today are acquiring companies offering translation services so that they can use their talent to add translation services in their update portfolio and reach out to larger potential clients. Some companies are also launching translation services to compete with Google Translate and to increase products and services.
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Latest Industry News
A text relay service started by Irish Text Relay Service (ITRS) translates text into voice, and vice versa is now available to Irish customers. This service helps those with hearing disability. 7 AUG 2018
IBM's business is set to expand in India as now IBM will offer Watson language translator service in Hindi via its Artificial Intelligence (AI) platform Watson. 9 JUL 2018
Key Players
The prominent players in the market of Translation Service are- LanguageLine Solutions (U.S.), Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), GlobaLexicon (UK), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.) among others.
Other vendors include Foreign Translations (U.S.), CLS Communication (Switzerland), Net-Translators (U.S.), Dynamic Language (U.S.), Zaharicom, Inc (U.S.), Cuttingedge Translation Services Pvt. Ltd (India), Babylon Software Ltd (Israel), Gengo (U.S.), Mars Translation Services (China), Straker Translations (U.S.) among others
Segmentation
The global translation service market has been segmented on the basis of application, component, operation type, service type, and lastly, region. On the basis of application, the market has been segmented into automotive, government, healthcare, IT & Telecommunication, and others. In the automotive industry, translation services focus on business materials, correspondence, and technical documents that allows the organization to target multiple regions and markets. For government applications, translation service extends to defense, intelligence agencies, and law enforcement agencies. For healthcare applications, translation service covers the patient report and medical history during a language barrier situation between patient and doctor.
Based on the component, the market has been segmented into hardware and software. By operation types, the market segmentation covers machine translation and technical translation. Machine translation is defined as a sub-field of computational linguistics that investigates the use of software to translate text or speech from one language to another. Technical translation is a type of specialized translation that involves the translation of documents produced by technical writers. Such documents include owner's manuals and user guides. It also involves translation of texts that are related to technological subject areas or texts which deal with the practical application of scientific and technological information. On the basis of service type, the market segmentation is segmented into interpretation service, written translation services, and others. Primarily, interpretation service covers the translation of sign language and spoken language. Written translation services cover translation of documents written in one language into another.
Regional analysis
The regional segmentation of the global translation service market segments the market into regions namely North America, Europe, Asia Pacific and rest of the world (RoW). In all the regions, higher adoption of translation services in government and security agencies dominate the market. Due to the recent rise in crime and terrorism in various countries, many government security service agencies around the world have started using translation services across the globe to identify and interpret messages and radio signals. In North America, the biggest market is the United States of America (USA), as the current government in the USA has adopted a strict policy regarding homeland security. The new policy contributes a major proportion for the growth of this market, especially in government translation Service. The other major markets in North America after the USA are Canada and Mexico.
Due to rising technological advancement, many enterprises including various startups are conducting new methodologies and partnering with service providers. With North America being the base of more than 60% of key players in this market, the second biggest market in Europe. Due to technological advancement, Europe and North America are big markets, and they are still growing. Due to quick adaptation of latest technology, both markets are being driven by factors including growing application of analytics and increasing deployment of advanced translation service features. The most important markets in Europe include France, Germany, Russia, and the United Kingdom (UK), followed by rest of Europe.
During the forecast period, Asia Pacific is expected to be the fastest growing region due to increasing initiatives by the government. Due to vast language diversity, India is a big market for translation services. Other important markets in this region include Australia, China, Japan, and New Zealand, followed by the rest of Asia Pacific. Among RoW regions, some countries are slowly and steadily receiving foreign investments which are helping their stagnant economies. Therefore, the market for translation services is emerging in Brazil and some countries in the Middle East and Africa.
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Intended Audience
- Translation Service Market services providers
- Software developers
- Government agencies
- Electronic device manufacturers
- Value-added resellers
- Security agencies
- Research Firms
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