New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Translation Services Global Market Report 2023" - https://www.reportlinker.com/p06464005/?utm_source=GNW
, Propio Language Services, Ingco International, CLS Communications, Thebigword Holdings Ltd., and Day Translations.
The global translation services market is expected to grow from $22.72 billion in 2022 to $23.66 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The translation services market is expected to reach $27.86 billion in 2027 at a CAGR of 4.2%.
The translation services market consists of revenues earned by entities by providing technical translation services, legal translation services, financial translation services, medical and life sciences translation, literary translation, and business translation services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The translation services market also includes sales of translation compilers, interpreters, and assemblers which are used in providing translation services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Translation services refers to a professional services that translate textual and spoken information from one language into another. This allows two parties from distant nations to converse and exchange ideas.
North America was the largest region in the translation services market in 2022. The regions covered in translation services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of translation services are written translation services, interpretation services and others.Written translation services refer to a tool that translates text or words from one language into another.
The components involved are hardware and software that includes technical translation and machine translation which are used for legal, medical, financial and banking, tourism and travel and other applications.
An increase in demand for non-English languages is expected to propel the growth of the translation services market.Non-English language refers to an individual who, due to their place of origin or culture, speaks a language other than English and is unable to communicate effectively in English during the proceedings.
The range of translation services is expanding in order to meet client demands based on preferred languages. For instance, in November 2021, According to a report published by the United States Census Bureau, a US-based agency of the United States Federal Statistical System, a survey of 2,000 UK people was conducted to determine how many languages they are fluent in other than their home tongue, approximately 1.5 billion people worldwide spoke English as a first or second language, a slight rise from the 1.1 billion people who spoke Mandarin Chinese at the time of the study. In the United States, 21.6% of households do not speak English. This translates to one in every five people. There are 3.3 billion multilingual people in the globe, accounting for 43% of the global population. Therefore, the increasing demand for non-English languages is driving the growth of the translation services market.
Technological advancements are the key trend gaining popularity in the translation services market.Major companies operating in the translation services market are focusing on developing technologically advanced solutions to sustain their market position.
For instance, in October 2022, Google LLC, a US-based technology company launched Translation Hub, a new cloud service that allows companies to translate documents on a self-service basis.Workers can use the Hub to upload documents and choose the languages they want translated into.
Whereas if original document is a Google Doc or Slide, PDF, or Microsoft Word document, the Hub quickly spits out the translation while preserving the source document’s layout. According to Google, the Hub also includes administrative capabilities that allow users to easily monitor translations and provide feedback.
In December 2021, Summa Linguae Technologies, a Poland-based language and technology service provider acquired Datamundi for EUR 5 million (USD 5.7 million). With this acquisition, Summa Linguae Technologies would strengthen their data solutions offering. This includes the inclusion of Datamundi’s "intelligent" interface, that will deliver clear task instructions to over a thousand linguists performing specialised, hands-on labour. Datamundi is a Belgium-based translation service company that focuses on machine translation and communication bots.
The countries covered in the translation services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the chain or as part of other products.
The translation services market research report is one of a series of new reports that provides translation services market statistics, including the translation services industry global market size, regional shares, competitors with translation services market share, detailed translation services market segments, market trends, and opportunities, and any further data you may need to thrive in the translation services industry. This translation services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06464005/?utm_source=GNW
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