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As per the latest report by IMARC Group, titled, “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global language services market reached a value of US$ 62.6 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 7.5% during the forecast period (2022-2027).
Market Summary:
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