According to IMARC Group’s latest report, titled “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global language services market reached a value of US$ 62.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.1 Billion by 2027, exhibiting at a CAGR of 7.5% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Language services refer to language assistance solutions that assist in improving the communication skills of users while offering them an interactive learning platform. These solutions include translation, comprehension, interpretation, and localization services that facilitate effective communication with improved accuracy while aiming for a larger geographical outreach. Consequently, they find extensive applications across the medical, legal, information technology (IT) and education sectors.
Market Trends and Drivers:
The global language services market is primarily driven by the rising demand for translation and interpretation services for multilingual and cross-cultural communication across various industry verticals. This is supported by rapid globalization and the continual advancements in the IT and telecommunication sector. The market is further driven by the growing preference for translation and interpretation outsourcing, especially for medical tourism and international business tourism. Apart from this, the widespread preference for foreign language training courses among students that offer immense career opportunities is also acting as a major growth inducing factor. Some of the other factors contributing to the market growth include the rising integration of artificial intelligence with language services and the increasing popularity of visual translations and content localization.
Language Services Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the language services market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- RWS Holdings plc
- SDI Media
- Mission Essential Personnel
- Global Linguist Solutions, LLC
- Hogarth Worldwide
- Keywords Studios Plc
- SDL plc
- LanguageLine Solutions (Teleperformance)
- Lionbridge Technologies, Inc.
- TransPerfect Translations
Key Market Segmentation:
The report has segmented the global language services market on the basis of service, component, application and region.
Breakup by Service:
- Translation Services
- Interpretation Services
Breakup by Component:
Breakup by Application:
- IT and Telecommunications
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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