Translation Services Global Market Report 2024

The translation services market size has grown steadily in recent years. It will grow from $23.81 billion in 2023 to $24.79 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The expansion observed in the historical period can be credited to the globalization of businesses, the development of multilingual content, increased international trade and collaboration, the rise in global travel and tourism, as well as the emphasis on legal and regulatory compliance.

The translation services market size is expected to see steady growth in the next few years. It will grow to $29.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period is driven by the surge in e-commerce and global platforms, ongoing advancements in machine translation, a heightened need for video and multimedia translation, the localization of digital marketing strategies, the increasing demand for global health and medical translation services, and the evolving regulatory landscape. Key trends expected in the forecast period encompass e-learning and localization initiatives, the emergence of hybrid translation models, a focus on data security and confidentiality, the integration of blockchain technology for translation verification, and the expanding role of post-editing services for machine-generated translations.

The translation services market is poised for growth, driven by an increasing demand for non-English languages. The term 'non-English languages' refers to languages spoken by individuals who, due to their cultural background or place of origin, communicate in a language other than English. The translation services market is expanding its offerings to meet the diverse language preferences of clients. For instance, a report by the United States Census Bureau in November 2021 revealed that approximately 1.5 billion people worldwide spoke English as a first or second language. In the United States, where 21.6% of households do not speak English, addressing linguistic diversity is crucial. With 3.3 billion multilingual individuals globally, accounting for 43% of the population, the translation services market is responding to the growing need for effective communication across languages.

The translation services market is set to experience significant growth due to the surge in online education and e-learning. Online education and e-learning leverage digital technology to provide educational information and support learning outside traditional settings. Translation services play a vital role in making online education accessible and affordable by overcoming language barriers and ensuring educational content reaches a diverse global audience. Notably, according to the World Economic Forum in January 2022, Coursera witnessed a significant increase in student registrations, with 92 million students enrolling in online courses in 2021, up from 71 million in 2020. Similarly, ProsperityForAll reported in September 2023 that a total of 220 million individuals registered for at least one Massive Open Online Course (MOOC). The surge in online education and e-learning, exemplified by a rapid increase in MOOC sign-ups, is a driving force behind the growth of the translation services market.

Technological advancements play a pivotal role in shaping the landscape of the translation services market. Major companies within the market are keen on developing cutting-edge solutions to stay at the forefront of technological innovation. An illustrative example is Google LLC, which, in October 2022, introduced Translation Hub - a cloud service empowering companies to independently translate documents. Through this platform, users can upload documents, select desired languages for translation, and receive translated content while maintaining the original document's layout. Google's Translation Hub also incorporates administrative capabilities for users to monitor translations and provide feedback, enhancing the overall translation process.

Strategic partnerships are emerging as a prominent approach among major players in the translation services market to address language barriers effectively. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. A notable collaboration occurred in November 2022 when The Boeing Company joined forces with Tarjimly to enhance access to translation services for immigrants and refugees globally. Boeing's commitment included a $100,000 multi-year investment to support Tarjimly in improving its app's user experience and connecting over 10,000 migrants with crucial language support. This collaboration tapped into Boeing's diverse and multilingual workforce, offering opportunities for employees to volunteer as translators or interpreters through a training program facilitated by Tarjimly - a language and translation app based in the United States.

In December 2021, Summa Linguae Technologies, a language and technology service provider based in Poland, successfully completed the acquisition of Datamundi for a total consideration of EUR 5 million (USD 5.7 million). This strategic move aimed to enhance Summa Linguae Technologies' data solutions portfolio by incorporating Datamundi's expertise. Notably, Datamundi's 'intelligent' interface was a key asset, facilitating precise task instructions for over a thousand linguists engaged in specialized, hands-on tasks. Datamundi, headquartered in Belgium, is recognized for its focus on machine translation and communication bots within the translation service sector.

Major companies operating in the translation services market report are TransPerfect Translations, Lionbridge Technologies Inc, LanguageLine Solutions LLC, Semantix AS, Logos Group, Yamagata Corporation, RWS Group, Simple DirectMedia Layer, Welocalize Inc., Mission Essential LLC, Gengo Inc., Text Master, One Hour Translation Ltd., Babylon Software Ltd., Propio Language Services, Ingco International, CLS Communication, Thebigword Holdings Ltd., Day Translations Inc., Global Language Solution, GTS Translation Services, Language Services Associates, STARS Group, Straker Translations, THEBIGWORD GROUP, Translations.com, Acolad Group, Hogarth Worldwide.

North America was the largest region in the translation services market in 2023. The regions covered in the translation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the translation services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories within translation services include written translation, interpretation, and additional specialized services. Written translation involves the use of hardware and software tools to convert text or words between languages. This includes technical translation and machine translation, catering to various sectors such as legal, medical, financial, banking, tourism, and other industries.

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.

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 supply chain or as part of other products.


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