LONDON--(BUSINESS WIRE)--The global language services market size is poised to grow by USD 9.72 billion during 2020-2024, progressing at a CAGR of over 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Corporate organizations across the world are focusing on expanding their business by entering new markets. The expansion plans of companies have created the demand for individuals who are proficient in translating content into local languages. Moreover, the rise in the number of M&A activities has led companies to invest in developing in-house language services functionalities. Furthermore, companies expanding their businesses globally must comply with several regional regulations, which requires the translation of documents to regional languages. Therefore, the globalization of businesses is expected to fuel the growth of the global language services market during the forecast period.
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- The major language services market growth came from the healthcare segment in 2019. This is due to the surge in patent filings by existing and new organizations, regional expansion of businesses, increased outsourcing by drug manufacturers and clinical research companies, and the rising demand for localization services.
- APAC was the largest market for language services in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the growth of the IT sector in the region.
- The global language services market is fragmented. Atlas Language Service Inc., Globe language Services Inc., Lionbridge Technologies Inc., RWS Holdings Plc, SDL Plc, Semantix International AB, Summa Linguae Technologies, Teleperformance SE, TransPerfect Global Inc., and Welocalize Inc. are some of the major market participants. To help clients improve their market position, this language services market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global language services market 2020-2024 is expected to have neutral. As the pandemic spreads in some regions and plateaus in other regions, we continue to revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/language-services-market-industry-analysis
Increased government spending on language services will be a Key Market Trend
Governments across the world are making significant investments to mainstream the adoption of language translation and interpretation services. For instance, in 2017, the National Health Service in the UK invested about USD 134.7 million on vendors that offer face-to-face interpretation, OPI, document translation, and one-stop-shop translation. Similarly, the Government of Scotland has awarded about USD 15.60 million contract for interpreting, translation, and transcription services translation and interpretation. Many such investments will positively influence the growth of the global language services market during the forecast period.
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Language Services Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist language services market growth during the next five years
- Estimation of the language services market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the language services market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of language services market vendors
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- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End user placement
- Healthcare - Market size and forecast 2019-2024
- ICT - Market size and forecast 2019-2024
- BFSI - Market size and forecast 2019-2024
- Government - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by End user
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Atlas Language Service Inc.
- Globe language Services Inc.
- Lionbridge Technologies Inc.
- RWS Holdings Plc
- SDL Plc
- Semantix International AB
- Summa Linguae Technologies
- Teleperformance SE
- TransPerfect Global Inc.
- Welocalize Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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