Language services market to grow at a CAGR of 6.75% from 2022 to 2027: The increased adoption of content reuse platforms will drive growth - Technavio

NEW YORK, Aug. 16, 2023 /PRNewswire/ -- The language services market size is estimated to grow by USD 21,499.48 million from 2022 to 2027 at a CAGR of 6.75% according to Technavio. Download a sample report now!

Language services market insights -

• Vendors: 15+, Including Acolad Group, APPEN Ltd., Centific Global Solutions Inc., Honyaku Center Inc., IMAGICA GROUP Inc., Iyuno, Keywords Studios Plc, Lionbridge Technologies LLC, President Translation Service Group International, Questel, RWS Holdings PLC, STAR AG, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., United Language Group, Voice and Script International Ltd., Welocalize Inc., Cyracom International Inc., and Dubbing Brothers SAS, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Service (Translation, Interpretation, and Others), End-user (Healthcare, ICT, BFSI, Government, and Others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa)

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Language services market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including Acolad Group, APPEN Ltd., Centific Global Solutions Inc., Honyaku Center Inc., IMAGICA GROUP Inc., Iyuno, Keywords Studios Plc, Lionbridge Technologies LLC, President Translation Service Group International, Questel, RWS Holdings PLC, STAR AG, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., United Language Group, Voice and Script International Ltd., Welocalize Inc., Cyracom International Inc., and Dubbing Brothers SAS.

Language services market – Market Dynamics

Major Drivers - 

The increased adoption of content reuse platforms drives the language services market. The increased adoption of content reuse platforms such as Adobe InDesign, Microsoft Publisher, and PDFelement in the global language services market for language translations and localization caters to the growing demand in the language services market.

The cost and effort involved in publishing as well as localization of content, content reuse platforms significantly shorten the time it takes to write and review content. Hence, such drivers boost the growth of the language services market during the forecast period.

Significant Trends -

The increased emphasis on transcreation is an emerging language services market trend. Factors such as the significant rise in the internationalization of businesses, corporate organizations are increasingly using the concept of transcreation tools. This would interact with and attract the target audience to their products. 

In contrast to direct translation, transcreation involves the adaptation of the content and the creation of custom /images. Also, owing to the growing popularity of transcreation, various vendors have started offering transcreation services in the market. Hence, such trends fuel the growth of the market during the forecast period.

Key Challenges - 

The data privacy and security risks in online translation services challenge the growth of the language services market. The various data privacy and security risks associated with translation services, especially cloud-based services drive the growth. But other factors increasing the data security risks in his market are the changing workforce and employment models.

However, various players have increased the proportion of freelancers in the workforce, and they have also begun to shift the work from offices to remote work-from-home models, where employees may not have access to secure networks and may use personal devices that are not as secure as company-owned devices. Hence, such challenges impede market growth during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

The language services market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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What are the key data covered in this language services market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the language services market between 2023 and 2027
• Precise estimation of the size of the language services market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the language services market across Europe, North America, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of language services market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Service
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (USD million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global language services market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global language services market 2017 - 2021 (USD million)

• 4.2 Service Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Service Segment 2017 - 2021 (USD million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 (USD million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Service

• 6.1 Market segments
• Exhibit 30: Chart on Service - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Service - Market share 2022-2027 (%)

• 6.2 Comparison by Service 
• Exhibit 32: Chart on Comparison by Service
• Exhibit 33: Data Table on Comparison by Service

• 6.3 Translation - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Translation - Market size and forecast 2022-2027 (USD million)
• Exhibit 35: Data Table on Translation - Market size and forecast 2022-2027 (USD million)
• Exhibit 36: Chart on Translation - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Translation - Year-over-year growth 2022-2027 (%)

• 6.4 Interpretation - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Interpretation - Market size and forecast 2022-2027 (USD million)
• Exhibit 39: Data Table on Interpretation - Market size and forecast 2022-2027 (USD million)
• Exhibit 40: Chart on Interpretation - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Interpretation - Year-over-year growth 2022-2027 (%)

• 6.5 Others - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Others - Market size and forecast 2022-2027 (USD million)
• Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 (USD million)
• Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Service 
• Exhibit 46: Market opportunity by Service (USD million)
• Exhibit 47: Data Table on Market opportunity by Service (USD million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 48: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 49: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 50: Chart on Comparison by End-user
• Exhibit 51: Data Table on Comparison by End-user

• 7.3 Healthcare - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Healthcare - Market size and forecast 2022-2027 (USD million)
• Exhibit 53: Data Table on Healthcare - Market size and forecast 2022-2027 (USD million)
• Exhibit 54: Chart on Healthcare - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Healthcare - Year-over-year growth 2022-2027 (%)

• 7.4 ICT - Market size and forecast 2022-2027 
• Exhibit 56: Chart on ICT - Market size and forecast 2022-2027 (USD million)
• Exhibit 57: Data Table on ICT - Market size and forecast 2022-2027 (USD million)
• Exhibit 58: Chart on ICT - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on ICT - Year-over-year growth 2022-2027 (%)

• 7.5 BFSI - Market size and forecast 2022-2027 
• Exhibit 60: Chart on BFSI - Market size and forecast 2022-2027 (USD million)
• Exhibit 61: Data Table on BFSI - Market size and forecast 2022-2027 (USD million)
• Exhibit 62: Chart on BFSI - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on BFSI - Year-over-year growth 2022-2027 (%)

• 7.6 Government - Market size and forecast 2022-2027 
• Exhibit 64: Chart on Government - Market size and forecast 2022-2027 (USD million)
• Exhibit 65: Data Table on Government - Market size and forecast 2022-2027 (USD million)
• Exhibit 66: Chart on Government - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Government - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027 
• Exhibit 68: Chart on Others - Market size and forecast 2022-2027 (USD million)
• Exhibit 69: Data Table on Others - Market size and forecast 2022-2027 (USD million)
• Exhibit 70: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by End-user 
• Exhibit 72: Market opportunity by End-user (USD million)
• Exhibit 73: Data Table on Market opportunity by End-user (USD million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 74: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 75: Chart on Market share by geography 2022-2027 (%)
• Exhibit 76: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 77: Chart on Geographic comparison
• Exhibit 78: Data Table on Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 (USD million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 (USD million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on North America - Market size and forecast 2022-2027 (USD million)
• Exhibit 84: Data Table on North America - Market size and forecast 2022-2027 (USD million)
• Exhibit 85: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 87: Chart on APAC - Market size and forecast 2022-2027 (USD million)
• Exhibit 88: Data Table on APAC - Market size and forecast 2022-2027 (USD million)
• Exhibit 89: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 91: Chart on South America - Market size and forecast 2022-2027 (USD million)
• Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 (USD million)
• Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
• Exhibit 96: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
• Exhibit 97: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 99: Chart on US - Market size and forecast 2022-2027 (USD million)
• Exhibit 100: Data Table on US - Market size and forecast 2022-2027 (USD million)
• Exhibit 101: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 (USD million)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 (USD million)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 107: Chart on Germany - Market size and forecast 2022-2027 (USD million)
• Exhibit 108: Data Table on Germany - Market size and forecast 2022-2027 (USD million)
• Exhibit 109: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 China - Market size and forecast 2022-2027 
• Exhibit 111: Chart on China - Market size and forecast 2022-2027 (USD million)
• Exhibit 112: Data Table on China - Market size and forecast 2022-2027 (USD million)
• Exhibit 113: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.12 India - Market size and forecast 2022-2027 
• Exhibit 115: Chart on India - Market size and forecast 2022-2027 (USD million)
• Exhibit 116: Data Table on India - Market size and forecast 2022-2027 (USD million)
• Exhibit 117: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 118: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 119: Market opportunity by geography (USD million)
• Exhibit 120: Data Tables on Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 121: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 122: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 123: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 124: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 125: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 126: Matrix on vendor position and classification

• 12.3 Acolad Group
• Exhibit 127: Acolad Group - Overview
• Exhibit 128: Acolad Group - Product / Service
• Exhibit 129: Acolad Group - Key offerings

• 12.4 APPEN Ltd.
• Exhibit 130: APPEN Ltd. - Overview
• Exhibit 131: APPEN Ltd. - Business segments
• Exhibit 132: APPEN Ltd. - Key offerings
• Exhibit 133: APPEN Ltd. - Segment focus

• 12.5 Centific Global Solutions Inc. 
• Exhibit 134: Centific Global Solutions Inc. - Overview
• Exhibit 135: Centific Global Solutions Inc. - Product / Service
• Exhibit 136: Centific Global Solutions Inc. - Key offerings

• 12.6 Cyracom International Inc. 
• Exhibit 137: Cyracom International Inc. - Overview
• Exhibit 138: Cyracom International Inc. - Product / Service
• Exhibit 139: Cyracom International Inc. - Key offerings

• 12.7 Dubbing Brothers SAS
• Exhibit 140: Dubbing Brothers SAS - Overview
• Exhibit 141: Dubbing Brothers SAS - Product / Service
• Exhibit 142: Dubbing Brothers SAS - Key offerings

• 12.8 Honyaku Center Inc.
• Exhibit 143: Honyaku Center Inc. - Overview
• Exhibit 144: Honyaku Center Inc. - Business segments
• Exhibit 145: Honyaku Center Inc. - Key offerings
• Exhibit 146: Honyaku Center Inc. - Segment focus

• 12.9 Iyuno
• Exhibit 147: Iyuno - Overview
• Exhibit 148: Iyuno - Product / Service
• Exhibit 149: Iyuno - Key offerings

• 12.10 Keywords Studios Plc
• Exhibit 150: Keywords Studios Plc - Overview
• Exhibit 151: Keywords Studios Plc - Business segments
• Exhibit 152: Keywords Studios Plc - Key news
• Exhibit 153: Keywords Studios Plc - Key offerings
• Exhibit 154: Keywords Studios Plc - Segment focus

• 12.11 Lionbridge Technologies LLC 
• Exhibit 155: Lionbridge Technologies LLC - Overview
• Exhibit 156: Lionbridge Technologies LLC - Product / Service
• Exhibit 157: Lionbridge Technologies LLC - Key offerings

• 12.12 Questel
• Exhibit 158: Questel - Overview
• Exhibit 159: Questel - Product / Service
• Exhibit 160: Questel - Key offerings

• 12.13 RWS Holdings PLC
• Exhibit 161: RWS Holdings PLC - Overview
• Exhibit 162: RWS Holdings PLC - Business segments
• Exhibit 163: RWS Holdings PLC - Key offerings
• Exhibit 164: RWS Holdings PLC - Segment focus

• 12.14 STAR AG
• Exhibit 165: STAR AG - Overview
• Exhibit 166: STAR AG - Product / Service
• Exhibit 167: STAR AG - Key offerings

• 12.15 Teleperformance SE
• Exhibit 168: Teleperformance SE - Overview
• Exhibit 169: Teleperformance SE - Product / Service
• Exhibit 170: Teleperformance SE - Key offerings

• 12.16 TransPerfect Global Inc. 
• Exhibit 171: TransPerfect Global Inc. - Overview
• Exhibit 172: TransPerfect Global Inc. - Product / Service
• Exhibit 173: TransPerfect Global Inc. - Key news
• Exhibit 174: TransPerfect Global Inc. - Key offerings

• 12.17 Welocalize Inc.
• Exhibit 175: Welocalize Inc. - Overview
• Exhibit 176: Welocalize Inc. - Product / Service
• Exhibit 177: Welocalize Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 178: Inclusions checklist
• Exhibit 179: Exclusions checklist

• 13.3 Currency conversion rates for USUSD 
• Exhibit 180: Currency conversion rates for USUSD

• 13.4 Research methodology
• Exhibit 181: Research methodology
• Exhibit 182: Validation techniques employed for market sizing
• Exhibit 183: Information sources

• 13.5 List of abbreviations 
• Exhibit 184: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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