New Delhi, Oct. 28, 2022 (GLOBE NEWSWIRE) -- The demand for translation service market is growing rapidly as the world becomes more connected. Businesses and organizations are increasingly recognizing the need to communicate across borders, and the need for trained professionals who can translate documents and materials into other languages is growing.
The globalization of business and the rise of international organizations have made communication between different cultures more important than ever. At the same time, advances in technology have made it easier and cheaper to connect with people around the world. As more people travel and study abroad, they are encountering new languages and cultures that they want to be able to communicate with.
The growth of the global translation service market is also being driven by the increasing popularity of online content. As more people consume content online, there is a need for translations of websites, blogs, articles, and even social media posts. This has created new opportunities for translators, who can now reach a larger audience than ever before.
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However, as the market matures, LSPs are under pressure to provide more than just quality translations. Clients are now looking for value-added services that can help them improve their bottom line. To meet these new client demands, LSPs need to invest in technology and offer a more consultative approach to their work. They also need to develop a better understanding of their clients’ businesses and their specific needs.
Key Findings and Recommendation
Astute Analytica has released a new analysis of the translation service market, highlighting its potential for growth and development. The report notes that the translation industry is currently worth an estimated $47.69 billion, and is projected to grow to $81.65 billion by 2030. This growth is driven by increasing international trade and investment, as well as the expanding use of online services and content.
The study notes that there are several factors that make the translation industry an attractive target for investment. First, the industry is highly labor-intensive, making it relatively easy to enter. Second, there is a growing demand for translation services, due to the globalization of businesses and the increasing popularity of online content. Finally, the industry is largely untapped in many developing countries, offering significant growth potential.
The report also identified a number of challenges facing the translation service market, including a shortage of qualified professionals, rising costs, and increased competition from alternative service providers such as machine translation services. However, it also noted that the market is innovating and adapting to these challenges, with new technologies and business models emerging that are helping to drive down costs and improve quality.
The report on global translation service market offers several recommendations for policy-makers and providers in developing countries looking to promote the growth of their translation services. First, the governments should provide financial incentives for businesses to invest in the sector. Second, they should improve access to training and education for translators. Third, they should create an enabling environment for businesses to operate in by reducing red tape and bureaucracy.
By following these recommendations, developing countries can unlock the considerable potential of their translation industries.
Top 25 Players Holds 45% Market Share
Global translation service market is growing at a significant pace with the rise in globalization and the need for businesses to communicate across borders. Astute Analytica’s analysis reveals that the market is highly competitive with a large number of players. The top 25 companies account for only 45% of the total market share.
Global translation service market is highly fragmented with many small and medium sized companies. The top three companies in the market are Lionbridge, SDL plc, and TransPerfect. These companies have a strong hold on the market with their established brands and extensive networks.
Operationally, it was found that TransPerfect had a "very efficient" sales force and a "highly productive" work force. However, the report did identify some areas for improvement, including streamlining the company's back-office operations and increasing its focus on customer satisfaction. A key factor in TransPerfect's success has been its focus on technology and innovation. The company has developed a number of proprietary software platforms that have helped it streamline its operations and drive down costs.
The global translation service market is highly competitive and prices have been declining due to intense competition. Companies are resorting to cost-cutting measures such as automating processes, using machine translation, and reducing headcounts to remain profitable.
Astute Analytica’s analysis shows that the future of the translation service market looks promising with opportunities for growth in emerging markets such as Asia Pacific and Latin America.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/translation-service-market
AI Powered Translation Services are Slowly Replacing Human
In recent years, the translation service market has seen a growing trend towards the integration of AI technology. This is largely due to the increasing demand for faster and more accurate translations, as well as the need for better ways to manage the ever-growing volume of data that needs to be translated.
Astute Analytica’s analysis of this trend shows that there are several factors driving the increased use of AI in translation services. First, there is a growing number of companies who are looking to international markets for growth opportunities. This has led to an increase in the amount of content that needs to be translated, which has put pressure on traditional translation methods.
Second, customers are increasingly demanding faster turnaround times and higher accuracy from their translation providers in the global translation service market. This has led many companies to turn to AI-powered solutions, which can provide both speed and accuracy at scale.
Third, data management is becoming an increasingly important part of running a successful translation business. The ability to quickly and accurately translate large volumes of data is critical to keeping up with customer demand. AI-powered solutions can help businesses manage their data more effectively and keep up with the pace of translation demands.
Fourth, the cost of human labor is continuing to rise, while the cost of AI-powered solutions continues to fall. This price differential is making AI-powered solutions more attractive to businesses looking services in the global translation service market.
Top Players in the Global Translation Service Market
- BIG Language Solutions
- Certified Languages International
- Global Talk
- Keyword Studios
- LanguageLine Solutions
- Languagewire
- Lionbridge
- LOGOS GROUP
- RWS Holdings
- Semantix
- Text Master
- Translate Plus
- The Language Services Bureau
- TransPerfect
- Welocalize
- Other Prominent Players
Global Translation Service Market Scope
| Report Attribute | Details |
| Market Size Value in 2021 | US$ 47,696.1 Million |
| Market Outlook for 2030 | US$ 81,647.4 Million |
| Expected CAGR Growth | 6.7% |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Companies Profiled | BIG Language Solutions, Certified Languages International, Global Talk, Keyword Studios, LanguageLine Solutions, Languagewire, Lionbridge, LOGOS GROUP, RWS Holdings, Semantix, Text Master, Translate Plus, The Language Services Bureau, TransPerfect, Welocalize, Other Prominent Players |
| Segments Covered | By Service, By Technology, By Deployment, By Industry, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
| Customization Options | Get your customized report as per your preference. Ask for customization |
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