The “Language Services Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The language services market is expected to register a CAGR of 5.3% during the forecast period (2021 – 2026).
- Atlas Language Services Inc.
- Globe language Services Inc.
- Lionbridge Technologies Inc.
- RWS Holdings Plc
- SDL Plc
- Semantix AB
- Summa Linguae Technologies
- Teleperformance SE
- TransPerfect Global Inc.
- Welocalize Inc.
Key Market Trends
Translation Services is Expected to Witness Significant Growth
- The post-editing of machine translations (PEMT) is expected to be a major trend in the translation services domain during the forecast period. As the machine translation is becoming an attractive option for multiple businesses, across the world(owing to its speed and cost advantage), there is growing evidence suggesting that using a translation by a machine and improving the result with a PEMT service is faster (and also more cost-effective) than translating from scratch.
- Moreover, customer loyalty is primarily a result of building better relationships with customers. Nowadays, all the required information is available online, which is making it difficult for the translation services companies to stand out among the market competition. The companies are expected to focus more on customer interactions in the coming year, which is expected to drive the market.
- Furthermore, it is a well-known fact that video content available on the internet is rapidly rising. According to the latest figures, around 300 hours of video content is being uploaded to YouTube every single minute, and around 5 billion videos are being watched on a daily basis by users. Also, around 70% of the YouTube viewers are from outside the United States and are non-English speaking people. This trend is certainly increasing the demand for video translations and localizations on a large-scale.
North America is Expected to Witness Significant Growth
- The language services market in the North American region is expected to witness significant growth owing to the increasing diversity in the region. As the population in the region continues to shift, and it becomes more diverse, the need for effective language services is expected to increase in all the industries across the region, and qualified translators and interpreters are crucial in serving the needs of this increasingly diverse population.
- The advent of multicultural marketing has become a topic of importance these days, which is expected to drive the language services demand. The changing demographics of the region have made marketing strategies to diverse communities a priority for multiple businesses that previously used to rely only on a single language.
- Moreover, according to the United States Census Bureau, there are more than 350 languages spoken in the United States. The Asian population is also rising, owing to increased immigration. New immigration trends are expanding the current language services market to serve these populations.
- The understanding of the current language trends in their region and how they continue to shape the market and the country, help the organizations to understand the rapidly rising need for providing multicultural consumers with much more effective communication through professional language services.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Globalization
4.2.2 Increase in Online and Offline Content
4.3 Market Restraints
4.3.1 Emergence of Advanced Translation Tools
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1.1 Translation Services
5.1.2 Localization Services
5.1.3 Interpreting Services
5.1.4 Other Services
5.2 End-user Vertical
5.2.1 Life Sciences
18.104.22.168 Medical Devices
5.2.2 Media & Entertainment
22.214.171.124 Box Office
126.96.36.199 Pay TV
5.2.3 Legal, Finance & Patents
5.2.5 Other End-user Verticals
5.3.1 North America
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Atlas Language Services Inc.
6.1.2 Globe language Services Inc.
6.1.3 Lionbridge Technologies Inc.
6.1.4 RWS Holdings Plc
6.1.5 SDL Plc
6.1.6 Semantix AB
6.1.7 Summa Linguae Technologies
6.1.8 Teleperformance SE
6.1.9 TransPerfect Global Inc.
6.1.10 Welocalize Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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