(MENAFN- GlobeNewsWire - Nasdaq) LONDON, July 26, 2023 (GLOBE NEWSWIRE) -- The Business Research Company's report on the translation services market forecasts the global translation services market size is to grow from $22.7 billion in 2022 to $23.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The translation services market size is expected to reach $27.8 billion in 2027 at a CAGR of more than 4%.
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The translation services market is predicted to expand due to a rise in demand for non-English languages. Non-English language refers to an individual who speaks a language other than English due to their place of origin or culture and is unable to communicate effectively in English during the proceedings. To meet client expectations based on preferred languages, the spectrum of translation services is expanding. According to a report published in November 2021 by the United States Census Bureau, a US-based agency of the United States Federal Statistical System, a survey of 2,000 UK people was conducted to determine how many languages they are fluent in other than their native tongue, approximately 1.5 billion people worldwide spoke English as a first or second language, a slight increase from the 1.1 billion people who spoke Mandarin Chinese at the time of the study. 21.6% of households in the United States do not speak English.
Major players in the translation services market are TransPerfect Translations, Lionbridge Technologies Inc., LanguageLine Solutions, Semantix AS, Logos Group, Lingotek, Yamagata Corporation, RWS Group, Simple DirectMedia Layer, Welocalize, Mission Essential, Gengo, Text Master, One Hour Translations, Babylon Software Ltd., Propio Language Services, Ingco International, CLS Communications, Thebigword Holdings Ltd., and Day Translations.
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Technological developments are the most prevalent trend in the translation services market. To maintain their market position, major players in the translation services market are focusing on providing technologically improved solutions. For example, in October 2022, Google LLC, a US-based technology corporation, announced Translation Hub, a new cloud service that allows businesses to self-service translate documents. Workers can utilize the Hub to upload documents and select which languages they want to have translated. If the original document is a Google Doc or Slide, PDF, or Microsoft Word document, the Hub swiftly generates the translation while retaining the layout of the source document. The Hub, according to Google, also offers administrative capabilities that enable users to easily monitor translations and provide feedback.
North America was the largest region in the translation services market in 2022.
The global translation services market is segmented by type into written translation services, interpretation services, other translation services types; by component into hardware, software; by operation type into technical translation, machine translation; by application into legal, medical, financial and banking, tourism and travel, other applications
translation services global market report 2023 by the business research company provides insights on the translation services market size, translation services market segments, translation services market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
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