United States, Rockville MD, Sept. 14, 2022 (GLOBE NEWSWIRE) -- As per a newly released report on language services by Fact.MR, the global market is valued at US$ 60.63 billion in 2022, and is forecasted to expand at a CAGR of 5.94% over the 2022-2032 period study period.
Market growth is attributed to factors such as rising demand for language services from the healthcare industry, rise in global corporate presence, increasing demand for legal translation services, and the introduction of advanced technology in this space. Advanced technologies such as artificial intelligence and machine learning are gaining popularity in the language services market. Integration of these technologies eliminates human error, helps in lessening repetitive work, and offers digital assistance.
- As per a U.K. survey of translation professionals, around 17% of people agree that developments in technology are expected to lead to lower importance of human translators.
- In March 2022, China-based AI cloud provider Baidu AI cloud introduced an AI sign language platform called Xilinx. The platform will make digital avatars for sign language translation along with living interpretations. The platform is designed to eliminate communication barriers for the deaf and hard-of-hearing (DHH) population.
- In 2022, Meta, a U.S.-based software development company, announced the development of a universal speech translator using AI to power virtual assistance.
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Rise in language services in various industry verticals such as professional services, banking & financing, gaming, media, engineering & manufacturing, and others is anticipated to provide strong support to market growth going forward.
R&D in Pharma Industry to Drive Life Science Translation Services
Pharma companies with huge geographical presence require some kind of language services in different stages of drug creation, from R&D to sales and marketing. As it is crucial, especially in industries such as pharma, to communicate clearly to regulators, governments, and end users, it has become essential to use language-related services.
The COVID-19 pandemic triggered a global response by health workers, aid agencies, and government sectors to communicate essential information to people. Translation services were routed towards drug & life science information to patients. More than 500 different languages have found access to verifiable COVID information, proving the importance of multilingual information distribution.
These translation initiatives have included everything from more than 400 videos that have been translated into at least 150 languages to fact sheets from the World Health Organization (WHO).
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Key Takeaways from Market Study
- Localization services account for 23% market share and are worth US$ 12.42 billion.
- By end-use industry, the public sector accounts for 23.4% market share.
- North America holds 41.3% market share and is projected to reach a size of US$ 39.91 billion by 2032.
- Europe is predicted to provide an absolute dollar opportunity worth US$ 35.33 billion by 2032.
- The East Asia market is projected to expand at the highest CAGR of 6.4% from 2022 to 2032.
Segmentation of Language Services Industry Survey
- By Service :
- Interpretation
- Language Instruction
- Language Testing
- Localization
- Transcreation
- Translation
- Subtitling
- Dubbing
- Transcription
- Proofreading
- By End-use Industry :
- Professional Services (Legal)
- Banking and Finance
- Gaming
- Media
- Engineering & Manufacturing
- Aerospace & Defense
- Life Science
- Technology
- Travel & Retail
- Public Sector
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Winning Strategy
The language services market are characterized by substantial competitiveness due to limited possibility of service differentiation. In niche business verticals such as language services, providers need to reduce the turnaround time of rendering services.
Another critical factor to win in this competitive market is the rationalized archetyping of clients. Language service providers must distinguish their existing or potential clientele based on the type of frequently asked service requests. This would help them prioritize high-value customers and cater to the required solutions accordingly. Similarly, low-value clients can be catered to with templatized service bundles.
Competitive Landscape
Prominent language service providers are TransPerfect, RWS, LanguageLine Solutions, Keywords Studios, Iyuno-SDI Group, Appen, translate plus, Acolad Group, Welocalize, Hogarth Worldwide, Poletowin Pitcrew Holdings, STAR Group, Pactera EDGE, Pixelogic Media, AMN Language Services, CyraCom International, Translation Bureau, President Translation Service Group International (PTSGI), Dubbing Brothers, Voice and Script International (VSI), GTCOM (Global Tone Communication Technology), Honyaku Center, Thebigword, and United Language Group.
The language services market is substantially competitive due to less chance of service differentiation. In niche businesses such as language services, market players can focus on reducing the turnaround time of their services to gain an advantage.
They can also focus on the rationalized archetyping of clients. Language service providers need to distinguish their clientele based on the type of service request. In this way, they can prioritize high-value customers and also parallelly serve low-value clients with templatized service offerings.
- In May 2022, Interpreters Unlimited introduced a mobile app for booking language services.
- In May 2021, Telelanguage launched a new website to offer interpretation and translation services.
- In April 2022, European legal translation company Lawlinguists partnered with BIG Language Solutions, a leading global language service provider, to offer high-quality legal translation services.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the language services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on service (interpretation, language instruction, language testing, localization, transcreation, translation, subtitling, dubbing, transcription, proofreading) and end-use industry (professional services (legal), banking and finance, gaming, media, engineering & manufacturing, aerospace & defense, life science, technology, travel & retail, public sector), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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