Translation Service Market Projected to Hit USD 47.21 Billion at a 2.60% CAGR by 2030 - Report by Market Research Future (MRFR)

Market Research Future
Market Research Future

Translation Service is growing due to the rising support to develop multilingual translation technology and Rising Marketing Needs and Privacy/Disclosure Laws

New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Translation Service Market Research by Service Type, By Operation Type, By Component, Application - Forecast to 2030”, poised to create a valuation of USD 47.21 billion by 2030, pervasively growing at a 2.60% CAGR during the review period (2022-2030).

Translation Service Market Overview

These services come with a unique synergy of cutting-edge technology, highly experienced language experts, and multi-layered quality processes for all academic translation needs, making sure that research works get all the success they deserve. Service providers make sure that the translation work is treated so well that the quality and essence of the content are retained.

Translation services or language translation services allow people to push past those barriers of language, providing the assistance of a professional linguist with the ability to communicate on a global platform. With a variety of forms such as spoken interpretation, certified translation, localization, and globalization, translation services play a causal role in conveying messages accurately.

Players active in the translation service market are,

  • Language Line Solutions (US)

  • SDL (UK)

  • Babylon Software LTD (Israel)

  • Propio Language Services

  • Vocalink

  • Ingco International (US)

  • CLS Communications (Switzerland)

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Industry Trends

Increased adoption of professional translation services in major end-user industries is a key growth driver. Besides, the growing demand from healthcare, travel & transport, media & entertainment, and the education industry boosts market size. Substantial investments in developing translation platforms and improving services drive market growth.

Businesses implement translation and interpretation services to focus on local content adaptations to succeed in a new culture. This process helps with all relatable content that appropriately fits into the local culture. Moreover, translation services help increase social media outreach and targeted email marketing campaigns and make e-commerce easier to navigate.

In marketing, translation services help to use many figurative languages, which need a high level of cultural understanding to translate. In the eCommerce sector, translation services are necessary to increase the market reach to customers who speak different languages. The rise in online marketing & SEO and the e-commerce sector substantiate the market valuation.

Conversely, complexities associated with the development of translation technologies and services are the major factors impeding market growth. Nevertheless, increasing implementations of AI-enabled service platforms in media & entertainment would support market growth during the review period. Also, the growing emphasis on business intelligence and competition across the industries and growing boost the development of the market.

Translation Service Market Report Scope:

Report Metrics

Details

Market Size by 2030

USD 47.21 billion

CAGR during 2022-2030

2.60% CAGR

Base Year

2021

Forecast

2022-2030

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Key Market Opportunities

Rising Marketing Needs and Privacy/Disclosure Laws

Key Market Drivers

Raw data and information are available all around us in bulk.

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Translation Service Market Segments

The translation service market forecast is segmented into operation types, services, components, applications, and regions. The service segment comprises written translation, interpretation, and other services. The operation type segment comprises technical translation, machine translation, and others.

The component segment comprises hardware and software. The application segment comprises medical & healthcare, media & entertainment, IT & telecom, automotive, and others. The region segment comprises the Americas, Europe, Asia Pacific, and the rest of the world.

Translation Service Market Regional Analysis

North America leads the global translation service market, mainly due to technological advances. Besides, the large base of translation service providers in the region influences market shares. The rising adoption of advanced translation and interpretation services in various industry verticals in the region drives the growth of the regional market. Moreover, the rising penetration of natural language processing, machine learning, and multilingual translation technology substantiates the market growth in the region.

Europe is the second-largest market for translation services globally. The market growth attributes to the strong presence of notable players and large translation service deployments. Additionally, governments' high adoption of translation and interpretation services to decode messages floating through webs to control increased terror and crimes in the region pushes the development of the regional market. Substantial R&D investments by market players in developing multilingual translation technology increase the market size.

The translation service market is brisk in APAC due to the increasing cloud deployments of translation services. Furthermore, the massive uptake of language processing technology to enhance customer satisfaction and operational performance boosts regional market growth. Japan, China, Australia, and India are the major translation service markets in the region. Technology advancement and increased deployments of complex algorithms and statistical & analytical translation & interpretation services influence the market growth.

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Translation Service Market Competitive Landscape

The translation service market appears to be competitive due to the presence of several well-established players. Players initiate strategic approaches such as mergers & acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share. The market will witness intensifying competition in the future due to increased innovations, M&A, and R&D investments.

To support their strategic expansion into the global footprints and clients & interpreters, industry players acquire companies having highly compatible geographic footprints and a clear focus on interpreting services. Governments and ministries for customer service, digital government, and multiculturalism also introduce instant translation services.

For instance, on Sep. 05, 2022, the ministry of Customer Service and Digital Government introduced new instant translation services into the Australian Death Notification Service (ADNS) to allow people to access and navigate information in more than 50 languages. The ADNS is an online platform that allows customers to notify someone's death multiple organizations, reducing the lengthy 40-hour process to a 15-minute streamlined experience.

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This new translation service will save the time consumed by overwhelmed paperwork and bureaucracy hassles that people face during the death of their near ones. The government thinks that it is important that their technologies are comprehensive and reflect modern Australia. A large number of customers have already been using the ADNS to send notifications to partner organizations, saving a vast amount of time.

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