Translation Service Market Global Dynamics, Trends, Opportunities, Drivers

Posted by Sakshi Mishra on February 23rd, 2021

Market Analysis 

The global translation service market size is predicted to touch USD 57 billion at a healthy 11% CAGR between 2016- 2022, states the recent Market Research Future (MRFR) analysis. Translation services include establishments that are engaged primarily to translate written material from one language into another. These services have worked wonders in streamlining the provision of services, utilizing technologies and tools which help to keep the process of translation adaptable, flexible, and consistent. Owing to its alluring features and numerous wonderful benefits, translation services have wide applications in government, healthcare, commercial, IT and telecommunication, automotive, and others. 

Various factors are propelling the global translation service industry share. According to the recent MRFR report, such factors include advances in technology in MT technology, implementation of new approaches such as crowd sourcing that may cut down the machine translation cost, rapid and cost-effective conversion of documents in regional languages, and burgeoning use of translation services by key players to develop multilingual content. 

On the contrary, high translation services cost, low requirement, especially from under-developed countries, and the COVID-19 impact may impede the growth of the global translation service market over the forecast period. 

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Market Segmentation 

The MRFR report highlights an inclusive segmental analysis of the global translation service market based on application, component, operation type, and service type. 

By component, the global translation service market is segmented into software and hardware. 

By application, the global translation service market is segmented into government, healthcare, commercial, IT and telecommunication, automotive, and others. 

By operation type, the global translation service market is segmented into technical translation and machine translation. 

By service type, the global translation service market is segmented into written translation services, interpretation services, and others. 

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