The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased outsourcing of translation and interpreting services is expected to drive innovation in language service manufacturing, propelling the market during the forecast period.

The global language services market is expected to grow from $51.16 billion in 2022 to $55.91 billion in 2023 at a compound annual growth rate (CAGR) of 9.29%. The language services market size is expected to grow to $74.49 billion in 2027 at a CAGR of 7.44%.

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Global Language Services Market Segments Include:

• By Services: Translation And Transcreation, Interpreting, Localization Services, Other Services
• By Component: Software, Hardware
• By Application: IT And Telecommunications, Commercial, Government, Automotive, Healthcare, Other Application

• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global language services market in 2021.

Major Market Players in the language services market include LanguageLine Solutions (Teleperformance), Lionbridge Technologies Inc., RWS Holdings PLC., SDI Media, Keywords Studios PLC., TransPerfect Translations, Pactera Technologies NA Inc., Honyaku Center Inc.

In the language services market, technological advancement is a major trend. To stay competitive, market leaders are developing technologically advanced products that use artificial intelligence and machine learning. For example, in October 2022, Meta Inc., a multinational technology conglomerate based in the United States, launched an AI-powered speech translation system for an unwritten language. The AI-powered speech translation system is a component of the universal speech translator (UST) project, which aims to develop AI systems that enable real-time translation from speech to speech in all languages, including those that are spoken but not commonly written. This AI system can break down language barriers to promote communication and understanding in the real world as well as the metaverse.

The Language Services Global Market Report 2023  provides a language services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The language services market forecast analyzes language services market size, language services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Language services are a type of service that allows users to communicate with audiences and speakers who do not speak the same language or culture as them.

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