Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Translation Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Translation Services Market Set to Reach $24.79 Billion by 2024 with a CAGR of 4.1%
The latest market research report announces comprehensive insights into the burgeoning growth of the translation services industry. With global interconnectivity on the rise, the industry is projected to expand from $23.81 billion in 2023 to an estimated value of $24.79 billion in 2024, marking a compound annual growth rate (CAGR) of 4.1%.
This upswing is attributed to the dynamics of globalization, the accelerating demand for multilingual content, and heightened emphasis on legal and regulatory compliance in international trade. The global landscape of translation services is undergoing a transformative phase, with e-commerce, machine translation advancements, and digital marketing localization strategies spearheading this growth trajectory.
Noteworthy Trends Shaping the Translation Services Landscape
- Online Education and E-learning Surge Boosts Market Expansion
- Technological Innovations Spearheaded by Market Leaders
- Strategic Partnerships to Bridge Language Divides
- Market Consolidation through Acquisitions Enhance Data Solutions Services
With the burgeoning demand for non-English language services, attention to linguistic diversity has become crucial. In the United States alone, over one-fifth of households speak languages other than English, necessitating an inclusive approach to communication services. The rise in online education, highlighted by massive upticks in course enrollments on platforms like Coursera, has consecutively propelled the need for translation services.
Major companies are actively pursuing state-of-the-art technologies to cement their positions in the market. Google's Translation Hub was recently launched, exemplifying the industry's move toward modern cloud services to facilitate seamless document translations. The industry is also witnessing key strategic alliances, such as the notable partnership between The Boeing Company and Tarjimly, aiming to extend translation support to migrants and refugees worldwide.
The market has also seen significant movements through strategic acquisitions, with Summa Linguae Technologies' acquisition of Datamundi broadening its data solutions offerings.
North America Leads as Largest Regional Market Shareholder
In 2023, North America emerged as the largest shareholder in the translation services market. The comprehensive report covers regions including Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa and details the growth and opportunities across these geographies.
The report categorizes the market into segments such as written translation, interpretation, and specialized services, encompassing various sectors from legal to financial, and medical to tourism industries.
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/iz5zj7
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