Global Language Services Market Report 2023: Sector is Expected to Reach $98.6 Billion by 2028 at a CAGR of 6.6% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global language services market size reached US$ 67.2 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 98.6 Billion by 2028, exhibiting a CAGR of 6.6% during 2022-2028.

Companies Mentioned

• Global Linguist Solutions LLC
• Hogarth Worldwide
• Keywords Studios Plc
• LanguageLine Solutions (Teleperformance)
• Lionbridge Technologies Inc.
• Mission Essential Personnel
• RWS Holdings plc
• SDI Media
• SDL plc
• TransPerfect Solutions

Language services stand for the set of language assistance solutions that offer varying degrees of interpretation, translation, comprehension, localization, and other training services. They include a wide range of electronic, written, and multimedia materials for transcription, dubbing, narration, voice-over, etc.

Language services provide several benefits, such as effective communication, wide geographical outreach, high accuracy rate, skill development, along with offering a highly interactive learning platform to the users.

Further, the adoption of these services promotes the integration of technology with human communication. Owing to this, language services are widely employed across diverse sectors, including legal, medical, IT and telecommunication, education, automotive, and BFSI.

The rising demand for language services can be attributed to the rapid advancements in the IT and telecommunication industry leading to software development for accurate translation and interpretation results. In addition to this, rapid globalization coupled with improving internet connectivity has further augmented the growing need for language services. With increasing geographical outreach, various companies are opting for translation services.

This provides convenience to their international clients and allows companies to efficiently express their services. Furthermore, the growing consumer inclination towards language services for multilingual and cross-cultural communication to create an efficient and quicker learning platform has also led to its increasing global adoption.

Additionally, the rising influence of social media platforms resulting in the popularity of visual translations and content localization, is also driving the demand. Apart from this, the increasing investments in the field of language services coupled with the rapid influx of translation and interpretation outsourcing have also contributed to the strong market growth. Moreover, the increasing need for language services pertaining to international business tourism, medical tourism, leisure tourism, on-site work stays, etc., is also catalyzing the market.

In the educational sector, customized foreign language training courses are being offered at on-site and off-site locations in classroom, private, semi-private, tutorial, and in-country immersion forums, thereby driving the demand for language services. In the coming years, several technological upgradations along with the emergence of artificial intelligence in the sector are expected to fuel the growth of the global language service market.

Key Market Segmentation:

The analyst provides an analysis of the key trends in each sub-segment of the global language services market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, component and application.

Breakup by Service:

• Translation Services
• Interpretation Services
• Others

Breakup by Component:

• Software
• Hardware

Breakup by Application:

• IT and Telecommunications
• Commercial
• Government
• Automotive
• Healthcare
• Others

Key Questions Answered in This Report

1. What was the size of the global language services market in 2022?

2. What is the expected growth rate of the global language services market during 2023-2028?

3. What are the key factors driving the global language services market?

4. What has been the impact of COVID-19 on the global language services market?

5. What is the breakup of the global language services market based on the service?

6. What is the breakup of the global language services market based on the component?

7. What is the breakup of the global language services market based on the application?

8. What are the key regions in the global language services market?

9. Who are the key players/companies in the global language services market?

For more information about this report visit https://www.researchandmarkets.com/r/p0ar5

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