Burgeoning Business Activities Worldwide to Steer Translation Services Market Past US$ 53.5 Billion by 2032

Over 1/4^th of Translation Services Market Revenue to Concentrate in Asia Pacific

Fact.MR's latest market survey offers a full-scale analysis of translation services market by studying various growth shaping factors including drivers, restraints, end user demands, and opportunities. The report uses both primary and secondary research methodologies to identify new opportunities across various segments including type, application, and region.

NEW YORK, July 14, 2022 /PRNewswire/ -- The global translation services market size was valued at US$ 40.2 billion in 2021 and is expected to reach a valuation of US$ 41 billion in 2022. With rising adoption of translation services for legal applications, tourism & travel, banking, medical applications etc., the overall demand for translation services is projected to grow at a CAGR of 2.7% between 2022 and 2032, totaling US$ 53.5 billion by 2032.

Translation services are services that provide interpretation of spoken or written words from one language to another. These services are generally used during the course of a conversation or for the purpose of preparing documents and other manuscripts so that they are understood by those who speak different languages.

With increasing globalization and rising penetration of the internet, more and more companies are making their services available through internet, which in turn is increasing the demand for website and web content translation. In order to serve their clients and stay with their demands, businesses are seeking translation services.

Rapid growth of industries like banking, healthcare, legal, tourism, and education along with increasing usage of translation services in these industries is a key factor driving growth in the global translation services market.

Similarly, growing popularity of big data and internet of things will create a conducive environment for the translation services market growth during the forecast period.

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As per Fact.MR, Asia Pacific is likely to generate around 23.2% of global market revenue during the forecast period, owing to the flourishing business and trading economy across key countries as China, India, Japan and South Korea, rising penetration of digitalization, and increase in number of key market players.

Key Takeaways:

• By type, written translation services segment is expected to grow at a higher CAGR of 2.8% during the forecast period (2022-2032).
• Based on application, the legal segment is projected to dominate the global translation services market, exhibiting a CAGR of 2.6% during the forecast period.
• The U.S. translation services market is likely to grow at a steady CAGR of 2.4% between 2022 and 2032, surpassing a valuation of US$ 19 billion by the end of 2032.
• Translation services market in China is poised to exhibit a CAGR of 2.1% during the forecast period, totaling around US$ 3.8 billion by 2032.
• Demand for translation services to grow at 1.7% CAGR in the U.K. during the assessment period.

Growth Drivers:

• Increase in the trade services across the globe is necessitating the adoption of translations services.
• Surging content localization and technological advancements in machine translation are expected to create lucrative opportunities for the key market players.
• Growing need for high-speed and cost-efficient translation is expected to boost the growth of translation services during the forecast period.

Restraints:

• Difficulties in keeping up with the latest technological advancements are likely to hamper the growth of translation services market during the forecast period.
• Lack of awareness and poor availability of translation services across various developing and underdeveloped regions are also negatively impacting the market growth.

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Competitive Landscape:

Presence of a large number of local and regional players has made the global translation services market competitive in nature. In order to capitalize and increase their revenue share, leading translation services providers are adopting strategies such as new translation service launches, acquisitions, contracts, mergers, collaborations, product upgrades, etc.

For instance,

• In March 2022, AJE (American Journal Experts) launched its Spanish-to-English Digital Translation service which is powered by highly advanced artificial intelligence (AI) software that was trained by its staff of leading editorial experts.
• In September 2021, AJE launched a new AI-based English language translation service aimed at providing cost effective translations for researchers in Latin America.

Key Companies Profiled by Fact.MR

• TransPerfect
• SDN
• Lionbridge
• Yamagata Corporation
• LanguageLine Solutions
• Logos Group
• RWS
• WELOCALIZE
• Semantix
• Lingotek

More Valuable Insights on Translation Services Market

In the latest study, Fact.MR offers a 360-degree view of the global translation services market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the translation services market through detailed segmentation as follows:

Type:

• Written Translation Services
• Interpretation Services
• Other Translation Service Types

Application:

• Translation Services for Legal Applications
• Translation Services for Financial & Banking
• Translation Services for Medical Applications
• Translation Services for Tourism & Travel
• Translation Services for Other Applications

Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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Key Questions Covered in the Translation Services Market Report

• What will be the demand outlook of the translation services market in 2022?
• What is the projected growth rate of the global translation services market during 2022-2032?
• Which are the key drivers bolstering growth in the translation services market?
• Which factors are hindering the growth in the translation services market?
• Which region is expected to exhibit the fastest growth in the global translation services market during 2022-2032?

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