Language services market is estimated to be valued at USD 130.41 Bn in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the language services market. Coherent Market Insights’ analyst projected the language services market to be valued at USD 130.41 Bn in 2031. It is expected to exhibit a CAGR of 8.8% over the forecast period 2024 -2031.

Increased demand for translation and interpretation services from various end use industries such as healthcare, tourism & travel, manufacturing drives market growth. Translation services help organizations communicate effectively with their global customers and partners. They make websites, digital content, documents and products accessible to international audience.

Availability of advanced machine translation and AI powered translation tools is further fuelling the market growth. These tools offer faster, more accurate and cost-effective translation services. Additionally, growing globalization and expansion of companies into international markets is also driving the need for linguistic and cultural understanding, thereby boosting demand for language services.

Key Market Trends: Video Remote Interpreting is a key trend driving market growth. It allows for on demand, over video communication systems, sign language or spoken language interpretation. VRI offers flexibility, accessibility and cost savings over traditional onsite interpretation. It is widely being adopted across application areas such as healthcare, legal, education etc.

Rise of Language Service Platforms: Language service platforms is another trend gaining traction. To meet the growing demand for language services and enhance customer experience, key players are focusing on development of advanced language service platforms. These web/mobile-based platforms provide on demand, customizable and scalable translation, localization and interpretation solutions. They integrate advanced technologies like AI, machine learning and are cloud based.

Language Services Market Opportunities: Interpretation services is expected to hold the largest market share over the forecast period. Interpretation services refer to providing oral translation from one language to another. It is one of the fastest growing segments due to increasing globalization and international events. Face-to-face interpretation allows for clear communication on the go.

Translation services segment is poised to witness significant growth. Translation services include written text translation of documents, manuals, reports, marketing collaterals, websites etc. from one language to other. It is the largest and most widely used language services due to use across many industries for content localization and global business communication. Advances in AI and machine translation are improving efficiency and reducing costs.

Key Market Takeaways: The global language services market is anticipated to witness a CAGR of 8.8% during the forecast period 2024-2031. This is owing to growing globalization and expansion of businesses internationally.

On the basis of service, the translation segment is expected to hold a dominant position. This is owing to wide use in content localization for marketing, manuals and translating larger documents.

On the basis of end-user industry, BFSI and media & entertainment segments are expected to hold a significant share. This is due to increasing customer base from global markets.

By mode, the online segment is expected to grow at a higher CAGR during the forecast period. This is owing to advances in web & mobile based translation management tools.

Regionally, North America is expected to hold a dominant position over the forecast period. This is due to presence of major language service providers and globally established companies requiring translation services.

Competitor Insights: Key players operating in the language services market include, RWS, LanguageLine Solutions, Appen, translate plus, lyuno-SDI Group, Acolad Group, Welocalize, Hogarth Worldwide, STAR Group, Pactera Edge, Pixelogic Media, Cyracom International, AMN Language Services

Recent Developments: In September 2021, AJE (American Journal Experts), a branch of Research Square Company, launched its Standard Translation services. This service combines AJE’s advanced artificial intelligence (AI) algorithms with the experience of its US-trained editors. The goal is to offer high-quality technical English-language translations within five business days. More information in full report