DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/fl8sqr/global_language) has announced the addition of the "Global Language Services Market 2014-2018" report to their offering.
The Global Language Services market to grow at a CAGR of 5.72 percent over the period 2013-2018.
An increase in the number of trade and business activities worldwide has forced companies to understand their customers' language, culture, and trends in a better way. This has led to the demand for language service providers (LSPs). LSPs help bridge the communication gap between clients, businesses, and individuals. Many language service providing companies offer a suite of services from document translation, website localization, and multilingual court reporting to oral interpretation. As a result of growing demand from end-users, language service providers include many services in their offerings.
One major trend in the market is an increase in the adoption of machine translators. Many companies prefer them over human translators. Machine translators can process massive amounts of information in a cost-effective manner. This helps companies improve their efficiency.
According to the report, one of the predominant drivers in the market is globalization, which has facilitated the expansion of companies on a worldwide basis. Globalization has enabled fluid movement of products and services. In this increasingly globalized world, companies are depending on Language Service Providers to provide translation and interpretation services to understand customers spread across the world.
Further, the report states that one major challenge affecting market growth is intense competition among vendors. The leading vendors are providing innovative services with the help of new and advanced technologies. As a result, the competition to gain market share has intensified.
To calculate the market size, the report considers the revenue generated by the vendors through the following services:
- Other language related services.
- Star Group
Other Prominent Vendors
- CLS Communication
- Honyaku center
- ManpowerGroup Solution
- RWS Group
- thebigword Group
- Yamagata Intech
For more information visit http://www.researchandmarkets.com/research/fl8sqr/global_language