Market Highlights

The global Translation Service Industry is developing ceaselessly, seeing an expanded reception rate in significant end-client enterprises. Moreover, the developing interest for these services from medical care, travel and transport, media and diversion, and the schooling business helps market size.

With considerable speculations happened by central members in the improvement of translation service stages, the market is estimated to observe huge footing in the years to come. In such manner, Market Research Future (MRFR) affirms that the global translation service market is relied upon to develop inescapably during the audit time frame (2020-2027).

Moreover, rising government drives and financing in creating multilingual translation technology sway the development of the market decidedly. Developing take-up of translation and understanding services by data and correspondences technology divisions as a component of endeavors advanced by the interior issues and interchanges services impact the market's development.

Then again, intricacies related with the improvement of translation services are the central point projected to obstruct the development of the market. By and by, expanding AI execution in the media and amusement areas would uphold market development all through the audit time frame. Likewise, the developing contest across the ventures and developing accentuation on business insight support the improvement of the market.

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Segmentation:

The report is segmented into services, operation types, components, applications, and regions. The service segment is sub-segmented into written translation services, interpretation services, and others. The operation type segment is sub-segmented into technical translation and machine translation.

The component segment is sub-segmented into hardware and software. The application segment is sub-segmented into medical & healthcare, automotive, media & entertainment, IT, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the rest-of-the-world.

Translation Service Market - Regional Analysis

North America dominates the global translation service market. The largest market share attributes to technological advances and the presence of a large number of translation service providers in the region. Besides, the increasing adoption of advanced translation and interpretation services in various industry verticals drives the regional market's growth. Rising penetration of natural language processing, machine learning, and multilingual translation technology substantiates the market growth in the region.

Europe stands second in the global market. The market growth attributes to the presence of various notable players and large deployments of translation service. The high adoption of translation and interpretation services by governments to decode messages floating through webs to curtail increased terror and crimes in the region pushes the development of the regional market. Additionally, substantial R&D investments in developing multilingual translation technology increase the translation service market size.

The Asia Pacific translation service market is growing rapidly. Factors such as the increasing adoption of translation services and cloud deployment boost the regional market growth. Furthermore, the massive uptake of language processing technology to enhance customer satisfaction and operational performance boosts the regional market growth.

China, Japan, Australia, and India are the major markets for translation services in the region. Technology advancement and increased deployments of complex algorithms and statistical & analytical translation & interpretation services to better customer satisfaction influence the market growth.

Translation Service Market - Competitive Analysis

Highly competitive, the translation service market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans.

Major Players:

Players leading the translation service market include Language Line Solutions (US), Babylon Software LTD (Israel), SDL (UK), CLS Communications (Switzerland), and Ingco International (US), among others.

Industry/Innovation/Related News:

May 14, 2021 ---- Fujitsu Ltd. (Japan), a multinational information & communications technology, equipment, and services company, released a multilingual speech translation service that eliminates the need for handheld devices. The service is designed for medical settings in which multilingual communication is needed amid a rise in the domestic population of non-Japanese speakers.

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Global Translation Service Market Research by Service Type (Written Translation Services, Interpretation Service), By Operation Type (Technical Translation, Machine Translation), By Component (Hardware and Software) Application - Forecast to 2027

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