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 demand for non-English languages is likely to encourage innovation in translation services manufacturing, hence propelling the market during the forecast period.

The global translation services market is expected to grow from $22.72 billion in 2022 to $23.66 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The translation services market size is expected to reach $27.86 billion in 2027 at a CAGR of 4.2%.

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Global Translation Services Market Segments Include:

• By Type: Written Translation Services, Interpretation Services, Other Translation Services Types
• By Component: Hardware, Software
• By Operation Type: Technical Translation, Machine Translation
• By Application: Legal, Medical, Financial And Banking, Tourism And Travel, Other Applications
• 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 translation services market in 2021.

Major Market Players in the translation services market include TransPerfect Translations, Lionbridge Technologies Inc., LanguageLine Solutions, Semantix AS, Logos Group, Lingotek, Yamagata Corporation, RWS Group, Simple DirectMedia Layer.

Technological developments are the most prevalent trend in the translation services market. To maintain their market position, major players in the translation services market are focusing on providing technologically improved solutions. For example, in October 2022, Google LLC, a US-based technology corporation, announced Translation Hub, a new cloud service that allows businesses to self-service translate documents. Workers can utilise the Hub to upload documents and select which languages they want to have translated. If the original document is a Google Doc or Slide, PDF, or Microsoft Word document, the Hub swiftly generates the translation while retaining the layout of the source document. The Hub, according to Google, also offers administrative capabilities that enable users to easily monitor translations and provide feedback.

The Translation Services Global Market Report 2023  provides a translation services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The translation services market forecast analyzes translation services market size, translation 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.

Professional services that convert textual and spoken material from one language into another are referred to as translation services. This permits two parties from different countries to communicate and exchange ideas.

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