The language services market is expected to grow by USD 9.72 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Language Services Market 2020-2024 (Graphic: Business Wire).
Technologies such as CAT software has gained immense popularity in the language services market. The CAT software uses a computerized program to translate from one language to another language using translation memory (TM). As a result, professional translators can translate texts more efficiently and quickly using CAT as it provides a more streamlined and interactive editing platform. CAT is also effective during technical translations as there is a high possibility of repetitions. Some of the vendors that provide CAT software and services are SDL Trados Studio, Smartcat, and memoQ. Hence, the growing adoption of advanced technologies to enhance the efficiency of language translation process is expected to be a key driver for the growth of the language services market.
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As per Technavio, increased localization of video content 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 Localization of Video Content
The popularity of visual translations and localization of content is increasing significantly in the global language services market. The translation of video content is gaining prominence in the market due to the increase in the demand for webinars and How-to tutorials in local languages. Corporate organizations are increasingly using video translation services to convey both the visual and the audio content to their target market. Various LSPs are also focusing on video translations, due to the growing popularity of localized videos. For instance, vendors such as Lionbridge offer video translation and localization services. The company’s video translation services deliver fast and efficient translations with flexible solutions to deliver high-quality video content across various languages and cultures.
“Factors such as the increased adoption of mobile translation and increase in NMT and AI will have a positive 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 geography (APAC, Europe, MEA, North America and South America).
The European region led the language services market in 2019, followed by North America, APAC, South America and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing globalization of businesses in Asian markets and the rising number of government initiatives to mainstream translation and localization services
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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