Translation Service Market Research Report - Forecast 2027

Global Translation Service Market Research by Service Type (Written Translation Services, Interpretation Service), By Operation Type (Technical Translation, Machine Translation), By Component (Hardware and Software) Application - Forecast to 2027

ID: MRFR/ICT/0891-HCR | February 2021 | Region: Global | 110 pages

Market Overview:


Language translators have been around the corner earning money by working for business officials across the country translating meaningful meetings as per base language globally. We live in the world of many languaganotheriginating from different parts of the world and coping up with these has been tough thus, giving an open market for Language translation services worldwide. The International Standard Organization is responsible for maintaining the track of all the linguistics and vocal transformation of one language into another. Earlier humans worked as translators but with the introduction of artificial language and machine learning computers were programmed to translate different languages into our desired language.


Many industries are using translation services. Majorly media and entertainment and Industrial companies have used translation services. Audio and video subtitles translation has been creating jobs in the media industry, dubbing and interpretation is also part of the media industry. Big data analytics has been the major reason for language translation services by joining similar raw data as one and assessing this data into insightful meaning. Many big companies like Microsoft, Google, Apple, Oracle, IBM have invested in the Translation Service Industry by creating a mode of communication between humans and smart devices using cloud computing algorithms, big data statistics, machine learning and artificial intelligence. Translation Service Market Research Reports a CAGR of 8.6% by the year 2022.


COVID-19 Analysis:


COVID-19 shook the world in last year by causing human life loss, unrepairable business losses and impacting world economy. The virus came as a threat to the world as no-one was prepared for the effects of the virus. With treatment and symptoms unknow world health workers were helpless in finding adequate solutions, but they tried to provide adequate amount of aid to affected people and keeping tracks of patients and medicines followed to fix and treat other patents with similar symptoms. Since, colleges, offices, universities etc. have diverse people race throughout the world Translation Service was successful in translating the different languages bridging the gap between patients and doctors and the government officials maintaining ethics to treat infected people better. Translation Service Market Size grew by 40% in COVID-19 times than it was pre COVID giving people edge over the disease helping the people around the world in these tough times.


Market Dynamics:


Drivers:


Raw data and information are available all around us in bulk. Understanding this data and having a useful insight about this is the main target these days. Thus, the digital world of communication i.e. the combination of Translation Service tools, machine learning, artificial intelligence and big data as service acts as one global system to make translation of codes, texts, voice note, languages better. Finance and banking industry, tech industry, Healthcare, travel and transport, media and entertainment industry and educational fields are the key drivers of the Translation Service Industry. Service operators from all the sectors use internet security and technology to perform this translation in small bytes and transfer them to digital signals and humans under stable format.


Challenges:


The Common Sense Advisory has predicted that the Translation Service Market could face challenges in coping up with the latest advancements in technology due to increased globalization, increase in the traffic of raw data available on-premise and on cloud (offline and online) and the revolution in e-commerce sector. With the increased data traffic amendment should be made to increase the number of words translated per second thus modifying the existing algorithms up to the mark of latest data. Since new companies have been formed lately, thus artificial intelligence and manpower should be more proactive to meet the increased needs of society to see exponential growth in upcoming years.


Value Chain Analysis:


The Translation Service Market Research Report shows sustainable growth in all the industries around. With increased customer traffic artificial intelligence with the help of Translation Service technology has helped carter the needs of customers better and give appropriate and quicker responses. The Translation Service Market has boomed in the last decade as now different algorithms and translating apps were built with different customer requirements for fast delivery of the demands. Most of Content based industries have seen a high market value in building language compatible algorithms that regulate market upgrading the supply of services. Media, entertainment and gaming industries have seen most established advancements when it comes to the use of Translation Services deploying the translators in our handheld devices making more jobs for people who translate subtitles for movies, add voice effects in games, etc. e-commerce especially the online comments and reviews can now be easily translated by single click with the help of translational services available on the webpages o social media pages. Overall Translation Service Market has attracted more than 65million people in the past decade and earned a profit of 68 billion US dollars through it.


Segment Overview:


By Service:


Majorly interpretation and translation services are the part of my service segmentation of Translation Services. Translation services are used in media and entertainment departments such as the subtitles we read for different origin movies, or the translation services used to do business deals with people from different origins and different languages. Interpretation services are majorly used daily by common people as well as interpreted the meaning of words and sentences in different languages as per their requirement.


By Type:


Translation Service Market is segmented as hardware and software by type. Hardware consists of speakers, mike, earphones, computers and other smart devices that act as the siphons to the human commands. Software like Hadoop (Big Data), Artificial Intelligence and machine learning that take inputs from hardware devices and translate them to requirements using complex algorithms.


By Vertical:


The Vertical Translation Service Market is segmented as all the industrial sectors that use translation and interpretation methods for customer satisfaction like medical and healthcare, automotive, media and entertainment, IT and many more.


Regional Analysis:


The Translation Service Market has shown exponential growth in recent years in rural, urban areas and government organizations to maintain customer satisfaction. America is the world leader of the Translation Service Market because of the increased usage of translation and interpretation services. Europe has come around and increased the use of Translation Services due to the increased terror and crime around the world. European government has become cautious about decoding the messages floating through the government network. Many startups from Asia-Pacific regions like China, Japan, Australia, New-Zealand and India have added about 60% of revenue to the Translation Service Market.  Low enterprises have sired with the larger enterprises to understand the customer requirement and develop new and faster methods to decode the problems and provide optimal solutions.


Competitive Landscape:


America is the most advanced country than all the others that make use of Translation Service utmost in collaboration with artificial intelligence understating the needs and demands of today’s world and enhancing methods to develop efficient methods to have better and quicker results. Europe has just behind the US by holding 60% of the market of Translation Services by investing in local start-ups and bigger industries. China, Japan, Australia and India have also upped their technology advancement by growing statistical and analytical translation and interpretation services making increased deployments of complex algorithms and better customer satisfaction.


Recent Developments:


Language Line Solutions (US) is the major stakeholder of the Translation Service Market that has added more value to the translation and interpretation area. Google, Amazon and Apple have added value to their customers by introducing translation services in smart phones embedding them in the Operating system that helped attract more customers. Babylon Software LTD (Israel), CLS Communications (Switzerland), SDL (UK), Ingco International (US) are the key players of the Translation Service Market that have shown promising advancements and are expected to add more than 80 billion US dollars by the year 2023.


Report Overview:


Translation Service Market Size has been growing effectively in recent years with the advancement of data science statistics like big data, machine learning and artificial intelligence. The Translation Service Industry has changed the language translation industry by introducing job opportunities for people around. Audio and video subtitles translation has been creating jobs in the media industry, dubbing and interpretation is also part of the media industry. Big data analytics has been the major reason for language translation services by joining similar raw data as one and assessing this data into insightful meaning. To keep up with the advancements of the languages and command posed Translation Service Industry must introduce more algorithms and interpreters for better understanding and customer satisfaction.



Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :


A study conducted by MRFR reveals that the language barrier is a reason that causes communication issues. The need to bridge such communication gaps is supporting the adoption of translation services which is likely to serve as the primary cause for the expansion of the global translation services market. The secondary factor that can induce market growth is the proliferation of different businesses across different countries demanding translation services for effective business communication.

Asia Pacific countries, for example, Japan, the requirement for translation services is high. APAC is a region that houses different languages and holds immense growth scope for different businesses. Hence, the translation service market in the Asia Pacific region is expected to experience high revenue generation in the forecast period.

Well-known translation service providers, such as TransPerfect (U.S.), CLS Communication (Switzerland), and Babylon Software Ltd (Israel), among others are making a conscious effort to expand their service portfolio and avail them at an affordable price. This is noted to work in favor of the global translation service market.

MRFR findings state that the worldwide market of translation services can thrive at nearly 11% CAGR during the review period (2016 to 2022). It is due to the emergence of diverse startups that require language services, the translation service is likely to worth about USD 57 billion by 2022.

Changes in technical translation operations are noted to alter the growth statistics of the market in the assessment period. Where the technical mode of translation service operations is likely to thrust the market, the rise in the adoption of machine translation service is expected to add to the momentum of the global market.

TABLE OF CONTENTS

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat of New Entrants

4.1.2 Bargaining power of buyers

4.1.3 Threat of substitutes

4.1.4 Segment rivalry

4.2 Value Chain/Supply Chain of Global Translation Services Market

5 Deployment Overview of Global Translation Services Market

5.1 Introduction

5.2 Growth Drivers

5.3 Impact analysis

5.4 Market Challenges

6 Market Trends

6.1 Introduction

6.2 Growth Trends

6.3 Impact analysis

7. Global Translation Services Market by Operation Type

7.1 Introduction

7.2 Technical Translation

7.2.1 Market Estimates & Forecast, 2020-2027

7.2.2 Market Estimates & Forecast by Region, 2020-2027

7.3 Machine Translation

7.3.1 Market Estimates & Forecast, 2020-2027

7.3.2 Market Estimates & Forecast by Region, 2020-2027

8. Global Translation Services Market by Service

8.1 Introduction

8.2 Written Translation Services

8.2.1 Market Estimates & Forecast, 2020-2027

8.2.2 Market Estimates & Forecast by Region, 2020-2027

8.3 Interpretation Service

8.3.1 Market Estimates & Forecast, 2020-2027

8.3.2 Market Estimates & Forecast by Region, 2020-2027

9. Global Translation Services Market by Application

9.1 Introduction

9.2 Commercial

9.2.1 Market Estimates & Forecast, 2020-2027

9.2.2 Market Estimates & Forecast by Region, 2020-2027

9.3 Automotive

9.3.1 Market Estimates & Forecast, 2020-2027

9.3.2 Market Estimates & Forecast by Region, 2020-2027

9.4 IT & Telecommunication

9.4.1 Market Estimates & Forecast, 2020-2027

9.4.2 Market Estimates & Forecast by Region, 2020-2027

9.5 Healthcare

9.5.1 Market Estimates & Forecast, 2020-2027

9.5.2 Market Estimates & Forecast by Region, 2020-2027

9.6 Government

9.6.1 Market Estimates & Forecast, 2020-2027

9.6.2 Market Estimates & Forecast by Region, 2020-2027

10. Global Translation Services Market by Component

10.1 Introduction

10.2 Hardware

10.2.1 Market Estimates & Forecast, 2020-2027

10.2.2 Market Estimates & Forecast by Region, 2020-2027

103 Software

10.3.1 Market Estimates & Forecast, 2020-2027

10.3.2 Market Estimates & Forecast by Region, 2020-2027

11. Global Translation Services Market by Region

11.1 Introduction

11.2 North America

11.2.1 Market Estimates & Forecast, 2020-2027

11.2.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.2.3 Market Estimates & Forecast by Service, 2020-2027

11.2.4 Market Estimates & Forecast by Deployment, 2020-2027

11.2.5 U.S.

11.2.5.1 Market Estimates & Forecast, 2020-2027

11.2.5.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.2.5.3 Market Estimates & Forecast by Service, 2020-2027

11.2.5.4 Market Estimates & Forecast by Deployment, 2020-2027

11.2.6 Mexico

11.2.6.1 Market Estimates & Forecast, 2020-2027

11.2.6.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.2.6.3 Market Estimates & Forecast by Service, 2020-2027

11.2.6.4 Market Estimates & Forecast by Deployment, 2020-2027

11.2.7 Canada

11.2.7.1 Market Estimates & Forecast, 2020-2027

11.2.7.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.2.7.3 Market Estimates & Forecast by Service, 2020-2027

11.2.7.4 Market Estimates & Forecast by Deployment, 2020-2027

11.3 Europe

11.3.1 Market Estimates & Forecast, 2020-2027

11.3.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.3.3 Market Estimates & Forecast by Service, 2020-2027

11.3.4 Market Estimates & Forecast by Deployment, 2020-2027

11.3.5 Germany

11.3.5.1 Market Estimates & Forecast, 2020-2027

11.3.5.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.3.5.3 Market Estimates & Forecast by Service, 2020-2027

11.3.5.4 Market Estimates & Forecast by Deployment, 2020-2027

11.3.6. France

11.3.6.1 Market Estimates & Forecast, 2020-2027

11.3.6.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.3.6.3 Market Estimates & Forecast by Service, 2020-2027

11.3.6.4 Market Estimates & Forecast by Deployment, 2020-2027

11.3.7 U.K

11.3.7.1 Market Estimates & Forecast, 2020-2027

11.3.7.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.3.7.3 Market Estimates & Forecast by Service, 2020-2027

11.3.7.4 Market Estimates & Forecast by Deployment, 2020-2027

11.4 Asia Pacific

11.4.1 Market Estimates & Forecast, 2020-2027

11.4.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.4.3 Market Estimates & Forecast by Service, 2020-2027

11.4.4 Market Estimates & Forecast by Deployment, 2020-2027

11.4.5 China

11.4.5.1 Market Estimates & Forecast, 2020-2027

11.4.5.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.4.5.3 Market Estimates & Forecast by Service, 2020-2027

11.4.5.4 Market Estimates & Forecast by Deployment, 2020-2027

11.4.6 India

11.4.6.1 Market Estimates & Forecast, 2020-2027

11.4.6.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.4.6.3 Market Estimates & Forecast by Service, 2020-2027

11.4.6.4 Market Estimates & Forecast by Deployment, 2020-2027

11.4.7 Japan

11.4.7.1 Market Estimates & Forecast, 2020-2027

11.4.7.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.4.7.3 Market Estimates & Forecast by Service, 2020-2027

11.4.7.4 Market Estimates & Forecast by Deployment, 2020-2027

11.4.8 Rest of Asia Pacific

11.4.8.1 Market Estimates & Forecast, 2020-2027

11.4.8.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.4.8.3 Market Estimates & Forecast by Service, 2020-2027

11.4.8.4 Market Estimates & Forecast by Deployment, 2020-2027

11.5 Rest of the World

11.5.1 Market Estimates & Forecast, 2020-2027

11.5.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.5.3 Market Estimates & Forecast by Service, 2020-2027

11.5.4 Market Estimates & Forecast by Deployment, 2020-2027

11.5.5 The Middle East & Africa

11.5.5.1 Market Estimates & Forecast, 2020-2027

11.5.5.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.5.5.3 Market Estimates & Forecast by Service, 2020-2027

11.5.5.4 Market Estimates & Forecast by Deployment, 2020-2027

11.5.6 Latin Countries

11.5.6.1 Market Estimates & Forecast, 2020-2027

11.5.6.2 Market Estimates & Forecast by Operation Type, 2020-2027

11.5.6.3 Market Estimates & Forecast by Service, 2020-2027

11.5.6.4 Market Estimates & Forecast by Deployment, 2020-2027

12. Company Profiles

12.1 Language Line Solutions (U.S.)

12.1.1 Company Overview

12.1.2 Product/Business Segment Overview

12.1.3 Financial Updates

12.1.4 Key Developments

12.2 Lionbridge (U.S.)

12.2.1 Company Overview

12.2.2 Product/Business Segment Overview

12.2.3 Financial Updates

12.2.4 Key Developments

12.3 TransPerfect (U.S.)

12.3.1 Company Overview

12.3.2 Product/Business Segment Overview

12.3.3 Financial Updates

12.3.4 Key Developments

12.4 SDL (UK)

12.4.1 Company Overview

12.4.2 Product/Business Segment Overview

12.4.3 Financial Updates

12.4.4 Key Developments

12.5 GlobaLexicon (UK)

12.5.1 Company Overview

12.5.2 Product/Business Segment Overview

12.5.3 Financial Updates

12.5.4 Key Developments

12.6 Global Language Solutions, Inc

12.6.1 Company Overview

12.6.2 Product/Business Segment Overview

12.6.3 Financial Updates

12.6.4 Key Developments

12.7 Ingco International (U.S.)

12.7.1 Company Overview

12.7.2 Product/Business Segment Overview

12.7.3 Financial Updates

12.7.4 Key Developments

12.8 Straker Translations (U.S.)

12.8.1 Company Overview

12.8.2 Product/Business Segment Overview

12.8.3 Financial Updates

12.8.4 Key Developments

12.9 Mars Translation Services (China)

12.9.1 Company Overview

12.9.2 Product/Business Segment Overview

12.9.3 Financial Updates

12.9.4 Key Developments

12.10 Gengo (U.S.)

12.10.1 Company Overview

12.10.2 Product/Business Segment Overview

12.10.3 Financial Updates

12.10.4 Key Developments

13 Conclusion

LIST OF TABLES

Table1 World Population by Major Regions (2020 To 2030)

Table2 Global Translation Services Market: By Region, 2020-2027

Table3 North America Translation Services Market: By Country, 2020-2027

Table4 Europe Translation Services Market: By Country, 2020-2027

Table5 Asia-Pacific Translation Services Market: By Country, 2020-2027

Table6 The Middle East & Africa Translation Services Market: By Country, 2020-2027

Table7 Latin America Translation Services Market: By Country, 2020-2027

Table8 Global Translation Services by Operation Type Market: By Regions, 2020-2027

Table9 North America Translation Services by Operation Type Market: By Country, 2020-2027

Table10 Europe Translation Services by Operation Type Market: By Country, 2020-2027

Table11 Asia-Pacific Translation Services by Operation Type Market: By Country, 2020-2027

Table12 The Middle East & Africa Translation Services by Operation Type Market: By Country, 2020-2027

Table13 Latin America Translation Services by Operation Type Market: By Country, 2020-2027

Table14 Global Operation Type Market: By Region, 2020-2027

Table15 Global Deployment Market: By Region, 2020-2027

Table16 Global Deployment Market: By Region, 2020-2027

Table17 North America Translation Services Market, By Country

Table18 North America Translation Services Market, By Operation Type

Table19 North America Translation Services Market, By Service

Table20 Europe: Translation Services Market, By Service

Table21 Europe: Translation Services Market, By Operation Type

Table22 Asia-Pacific: Translation Services Market, By Country

Table23 Asia-Pacific: Translation Services Market, By Operation Type

Table24 Asia-Pacific: Translation Services Market, By Service

Table25 The Middle East & Africa: Translation Services Market, By Country

Table26 The Middle East & Africa Translation Services Market, By Operation Type

Table27 The Middle East & Africa Translation Services Market, By Service

Table28 Latin America: Translation Services Market, By Country

Table29 Latin America Translation Services Market, By Operation Type

Table30 Latin America Translation Services Market, By Service

LIST OF FIGURES

FIGURE 1 Global Translation Services market segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis of Global Translation Services Market

FIGURE 4 Value Chain of Global Translation Services Market

FIGURE 5 Share of Global Translation Services Market in 2020, by country (in %)

FIGURE 6 Global Translation Services Market, 2020-2027,

FIGURE 7 Sub segments of Operation Type

FIGURE 8 Global Translation Services Market size by Operation Type, 2020

FIGURE 9 Share of Global Translation Services Market by Operation Type, 2020-2027

FIGURE 10 Global Translation Services Market size by Service, 2020

FIGURE 11 Share of Global Translation Services Market by Service, 2020-2027