Global Translation Service Market

Global Translation Service Marketwas valued US$38.80 Bn in 2019 and is expected to reach US$ 45.60 Bn by 2027, at a CAGR of 2.33% during a forecast period.

To know about the Research Methodology :- Request Free Sample ReportThe report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.The translation service is used to transform one form of language into other language. With the rise in customer outreach, the scope of translation services is growing to fulfill the requirements of the customers. Translation services industry has streamlined the provision of service, using tools and technologies that assist in keeping the translation process consistent, flexible, and adaptable.Global Translation Service Market, Dynamics:The translation industry has grown every year. An increase in calls for non-English languages, coupled with a global environment is expected to increase the demand for language conversion services. Many enterprises are spending on translation services, which is expected to grow to US$ XX billion by 2027, primarily driven by increasing globalization and amount of text being generated across the globe. Some of the prominent organizations are using artificial intelligence (AI) in the form of machine translation (MT) to decrease the costs of translation. AI-enabled automated translation platforms like Google Translate, Microsoft Translator, and the recently released Amazon Translate have taken a great leap forward in translation accuracy.However, low requirement from under-developed countries across the globe and the high cost of translation services are expected to limit the global translation service market growth during the forecast period.Global Translation Service Market, Segment Analysis:The translation service industry is witnessing a transformation from human translators to machine translator as is an efficient tool to deliver linguistic conversion at lower time and cost. The technology advancement in MT technology and new implementation approaches like crowd sourcing are expected to reduce the cost of machine translation. The cost-effective and rapid conversion of documents in regional languages has boosted industry growth during the forecast period. Additionally, several multinational key players are using machine translation method because of its cost-effectiveness to build up multilingual content for their global websites.Global Translation Service Market, Regional Analysis:North America region held the US$ XX Mn value in the 2019 and it is projected to contribute XX% share in the global translation service market. The US alone is accounting more than 66.0% of the regional market because of the presence of the large number of service providers. The SMT services, which are offered by Microsoft Corporation and Google, Inc., along with their free online engines, are becoming very popular in U.S.An increase in the influx of manufactures and multi-national companies in the under-developed countries is expected to play a vital role in creating a demand for translation services across the region. The Asia Pacific is expected to grow at a XX% rate of CAGR during the forecast period. The presence of the foreign players, the acquisition of local language translation players is witnessing a step in the right direction in the region that is expected to boost the market growth.Global Translation Service Market, Competitive Analysis:Many key players are focusing on the formation of their services through the Internet. The demand for the translation of websites and web content are increasing exponentially. Businesses seek out translation services to serve their customers and keep up with their requirements. The global translation service market is expected to contribute significant growth, as more key players are concentrating on the global expansion, which is expected to increase the demand for translation services due to the differences in language.Top Translation Service Providers:Global Translation Service Market1The objective of the report is to present a comprehensive analysis of the Global Translation Service Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.The report also helps in understanding Global Translation Service Market dynamics, structure by analyzing the market segments and projects the Global Translation Service Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Translation Service Market make the report investor’s guide.Scope of the Global Translation Service Market: Inquire before buyingGlobal Translation Service Market, By Service Type• Written translation services• Interpretation service• OthersGlobal Translation Service Market, By Operation Type• Technical translation• Machine translationGlobal Translation Service Market, By Component• Hardware• SoftwareGlobal Translation Service Market, By Application• Commercial• Automotive• IT & Telecommunication• Healthcare• Government• OthersGlobal Translation Service Market, By Region• North America• Europe• Asia Pacific• Middle East & Africa• South AmericaKey players operating in Global Translation Service Market• Language Line Solutions• Lionbridge• TransPerfect• SDL• GlobaLexicon• Global Language Solutions, Inc• Ingco International• Straker Translations• Mars Translation Services• Gengo• Welocalize• One Hour Translation• Text Master

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