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The global language services market reached a value of US$ 62.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.1 Billion by 2027, exhibiting at a CAGR of 7.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Language services stand for the set of language assistance solutions that offer varying degrees of interpretation, translation, comprehension, localization, and other training services. They include a wide range of electronic, written, and multimedia materials for transcription, dubbing, narration, voice-over, etc. Language services provide several benefits, such as effective communication, wide geographical outreach, high accuracy rate, skill development, along with offering a highly interactive learning platform to the users. Further, the adoption of these services promotes the integration of technology with human communication. Owing to this, language services are widely employed across diverse sectors, including legal, medical, IT and telecommunication, education, automotive, and BFSI.
The rising demand for language services can be attributed to the rapid advancements in the IT and telecommunication industry leading to software development for accurate translation and interpretation results. In addition to this, rapid globalization coupled with improving internet connectivity has further augmented the growing need for language services. With increasing geographical outreach, various companies are opting for translation services. This provides convenience to their international clients and allows companies to efficiently express their services. Furthermore, the growing consumer inclination towards language services for multilingual and cross-cultural communication to create an efficient and quicker learning platform has also led to its increasing global adoption. Additionally, the rising influence of social media platforms resulting in the popularity of visual translations and content localization, is also driving the demand. Apart from this, the increasing investments in the field of language services coupled with the rapid influx of translation and interpretation outsourcing have also contributed to the strong market growth. Moreover, the increasing need for language services pertaining to international business tourism, medical tourism, leisure tourism, on-site work stays, etc., is also catalyzing the market. In the educational sector, customized foreign language training courses are being offered at on-site and off-site locations in classroom, private, semi-private, tutorial, and in-country immersion forums, thereby driving the demand for language services. In the coming years, several technological upgradations along with the emergence of artificial intelligence in the sector are expected to fuel the growth of the global language service market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global language services market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service, component and application.
Breakup by Service:
Breakup by Component:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also 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, SDL plc, and TransPerfect Translations.
|Base Year of the Analysis||2021|
|Segment Coverage||Service, Component, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Sweden, Russia, Netherlands, China, Japan, India, South Korea, Australia, Turkey, Saudi Arabia, Iran, Brazil, Mexico|
|Companies Covered||Global Linguist Solutions, LLC, Hogarth Worldwide, Keywords Studios Plc, LanguageLine Solutions (Teleperformance), Lionbridge Technologies, Inc., Mission Essential Personnel, RWS Holdings plc, SDI Media, SDL plc, and TransPerfect Translations|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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