As per the latest report by IMARC Group, titled, “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global language services market reached a value of US$ 67.2 Billion in 2022. Language services refer to a set of language assistance solutions that offer services such as translation, interpretation, comprehension and localization. In addition, these services provide extensive geographical outreach, skill development, uninterrupted communication, and an interactive learning platform to the users. As a result, language services are extensively adopted in multiple industries, including medical, IT and telecommunications, legal, education, automotive, and BFSI.
Global Language Services Market Trends:
The market is primarily driven by the rapid advancements in the IT and telecommunications industry, resulting in the development for translation and interpretation software. Besides this, the market growth has been escalated due to the rapidly increasing globalization among businesses. For instance, various companies are widely adopting translation services to express their services and provide convenience to their international clients. Moreover, the rising importance of social media platforms is also contributing to the market growth by increasing the popularity of visual translations and content localization. Besides this, the growing adoption of language services in the educational sector, offering numerous customized foreign language training courses to students at on-site and off-site locations, represents another growth-inducing factor. Looking forward, IMARC Group expects the market to grow at a CAGR of 6.2% during the forecast period (2023-2028).
- Based on the service, the market has been segmented into translation, interpretation and other services.
- On the basis of the component, the market has been bifurcated into software and hardware.
- The market has been categorized based on the application into IT and telecommunications, commercial, government, automotive, healthcare, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Europe (the United Kingdom, Germany, France, Sweden, Russia, Netherlands and others), Asia Pacific (China, Japan, India, South Korea, Australia and others), Middle East and Africa (Turkey, Saudi Arabia, Iran and others), and Latin America (Brazil, Mexico and others).
- The competitive landscape of the market has been examined, with some of the key players being Global Linguist Solutions, LLC, Hogarth Worldwide, Keywords Studios plc, LanguageLine Solutions (Teleperformance), Lionbridge Technologies, Inc., Mission Essential Personnel, RWS Holdings plc, SDI Media Group Inc., SDL plc, and TransPerfect Solutions.
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