The language services market is expected to grow by USD 9.72 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Language Services Market 2020-2024 (Graphic: Business Wire)
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The adoption of advanced technologies is one of the key factors driving the language services market growth. One such example of technological advancements is the use of CAT software. The CAT software uses a computerized program to translate from one language to another language using translation memory (TM). The CAT software typically consists of tools such as TM, phrase directories, and other terminology-related databases. In addition to this, CAT products can be easily integrated with TMS-enabling language translation service providers to easily collaborate with translators to keep translational texts organized. CAT is considered to be effective for technical translations as there is a possibility for a large number of repetitions in technical translations. Some of the vendors that provide CAT software and services are SDL Trados Studio, Smartcat, and memoQ.
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As per Technavio, the increased adoption of content reuse platforms will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Language Services Market: Increased Adoption of Content Reuse Platforms
The increased adoption of content reuse platforms is one of the key trends in the market. Content reuse platforms significantly drive down the authoring and review time along with the cost and effort related to publishing and localization of content. They assure the consistency of content throughout the organization, which increases the need for translation, interpretation, and localization of content for the organization.
“Other factors such as the globalization of businesses, and the increased government spending on language services will have a significant impact on the growth of the language services market value during the forecast period,” says a senior analyst at Technavio.
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Language Services Market: Segmentation Analysis
This market research report segments the language services market by end-user (healthcare, ICT, BFSI, government, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The European region led the language services market share in 2019, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increased localization of video content.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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