The language services market size is expected to post a CAGR of close to 4% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
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Technologies such as CAT software has gained immense popularity in the language services market. The CAT software uses a computerized program to translate from one language to another language using translation memory (TM). As a result, professional translators can translate texts more efficiently and quickly using CAT as it provides a more streamlined and interactive editing platform. CAT is also effective during technical translations as there is a high possibility of a large number of repetitions. Some of the vendors that provide CAT software and services are SDL Trados Studio, Smartcat, and memoQ. Hence, the growing adoption of technology to enhance the efficiency of language translation process is expected to be a key driver for the language services market growth.
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As per Technavio, the increased localization of video content will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Language Services Market: Increased Localization of Video Content
The popularity of visual translations and localization of content is increasing significantly in the global language services market. The translation of video content is gaining prominence in the market due to the increase in the demand for webinars and How-to tutorials in local languages. Corporate organizations are increasingly using video translation services to convey both the visual and the audio content to their target market. Various LSPs are also focusing on video translations, due to the growing popularity of localization of videos. For instance, vendors such as Lionbridge offer video translation and localization services. The company’s video translation services deliver fast and efficient translations with flexible solutions to deliver high-quality video content across various languages and cultures.
“Other factors such as the increased adoption of mobile translation, and increase in NMT and AI will have a significant impact on the growth of the language services market value during the forecast period,” says a senior analyst at Technavio.
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Language Services Market: Segmentation Analysis
This market research report segments the language services market by end-user (healthcare, ICT, BFSI, government, and others), and key regions (Americas, APAC, and EMEA).
The EMEA region led the language services market in 2017, followed by APAC and Americas respectively. However, the Americas is expected to witness the highest incremental growth due to factors such as the increase in government investment in the field of language services and the significant increase in the outsourcing of translation and interpretation services in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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