DUBLIN, March 02, 2022–(BUSINESS WIRE)–The “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunities, and Forecast 2022-2027” report has been added to from ResearchAndMarkets.com offer.
The global language services market reached a value of US$62.6 billion in 2021. Looking ahead, the publisher expects the market to reach US$96.1 billion by 2027, posting a CAGR of 7.5% in 2022-2027.
Global language solutions
Hogarth around the world
Keywords Studios Plc
LanguageLine Solutions (Teleperformance)
Lionbridge Technologies Inc.
Mission essential personnel
RWS Holdings plc
Keeping in mind the uncertainties of COVID-19, they continuously monitor and assess the direct and indirect influence of the pandemic on the various end-use industries. This information is included in the report as a major market contributor.
Language services refer to the set of language support solutions that provide varying degrees of interpretation, translation, comprehension, localization and other training services. They include a wide range of electronic, written and multimedia media for transcription, dubbing, narration, voice-over, etc. Language services provide several benefits, such as effective communication, wide geographic reach, high accuracy rate, skill development, as well as providing a highly interactive learning platform for users.
In addition, the adoption of these services promotes the integration of technology into human communication. For this reason, language services are widely used in various industries, including law, medicine, IT and telecommunications, education, automotive, and BFSI.
The growing demand for language services can be attributed to the rapid advancements in the IT and telecommunications industry leading to the development of software for accurate translation and interpretation results. In addition to this, rapid globalization coupled with improved internet connectivity has further increased the growing need for language services. With an increasing geographic reach, various businesses are opting for translation services. This provides convenience to their international customers and enables businesses to effectively express their services. Furthermore, the growing inclination of consumers towards language services for multilingual and cross-cultural communication to create an effective and faster learning platform has also led to its increasing global adoption.
Additionally, the growing influence of social media platforms, driving the popularity of visual translations and localization of content, is also driving demand. Apart from this, increasing investments in the field of language services coupled with the rapid influx of translation and interpretation outsourcing have also contributed to the high growth of the market.
In addition, the growing needs for language services related to international business tourism, medical tourism, leisure tourism, on-site work stays, etc., are also catalysing the market. In the education sector, personalized foreign language training courses are offered on-site and off-site in classroom, private, semi-private, tutorial and immersion forums around the country, driving demand language services. In the coming years, several technological upgrades along with the emergence of artificial intelligence in the industry are expected to fuel the growth of the global language services market.
Answers to key questions in this report:
How has the global language services market behaved so far and how will it behave in the years to come?
What are the main regional markets?
What has been the impact of COVID-19 on the global language services market?
What is the market breakdown by service?
What is the market breakdown by component?
What is the market breakdown by application?
What are the different stages of the industry value chain?
What are the major market drivers and challenges?
What is the structure of the global language services market and who are the major players?
How competitive is the market?
Main topics covered:
2 Scope and methodology
3 Executive summary
4.2 Key Industry Trends
5 Global Language Services Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakdown by Service
7 Market Breakdown by Component
8 Market Breakdown by Application
9 Market Breakdown by Region
10 SWOT Analysis
11 Value chain analysis
12 Analysis of the five forces of carriers
13 Competitive Landscape
13.1 Market structure
13.2 Key Players
13.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/bm2gb0
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220302005865/en/
Laura Wood, Senior Press Officer
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