Market Overview
As regional economies grow, communication between them must be seamless; this development is predicted to bolster the translation service market 2020. An 11% CAGR is expected to steer the market income to USD 57 billion by 2022.
The expansion in geographic footprints is expected to enhance the development of the translation services market size. Moreover, the boost in the availability of translation products and services is expected to transform the translation service market.
Segmental Analysis
The segmental investigation of the translation service market is carried out on the basis of service type, operation type, component, application, and region.By component, the translation service market is divided into hardware and software. By application basis, the translation service market is segmented into automotive, IT & Telecommunication, commercial, healthcare, government, and others. Based on the operation type, the translation service market is segmented into machine translation and technical translation. Based on the regions, the translation service market is segmented into North America, Europe, Asia Pacific, and the rest of the regions. Based on the service type, the translation service market is segmented into interpretation services, written translation services, and others.
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Detailed Regional Analysis
The regional inquiry of the translation service market finds that the market is controlled due to the higher adoption of translation services in government and security agencies of the regions where the language is not native. The North American region lead by the United States has a key contribution, owing to change in the government and its policies. The players in several regions have seen developments in the technology; as a result of which many enterprises such as various start-ups have also begun conducting fresh methodologies by partnering with service providers. Moreover, the North American region holds more than 60% of the top important players offering services in the translation service market. The North American region is closely trailed by the European region. As the regions of Europe and North America are the technologically advanced regions, the growing use of analytics and increasing deployment of advanced translation service features are estimated to enhance further development. The Asia-Pacific region is anticipated to be the fastest increasing region owing to mounting initiatives by the government.
Competitive Analysis
The scope of development of the market shows a high growth potential that the market can achieve in the coming years. The strategic allocation and positioning of assets are expected to aid each competitor in the mart with their growth goals. The inducement of positive regulations introduced by the governments of several countries is estimated to enhance the profits that can be gained by the market. The availability of suitable means to build robust distribution channels is estimated to characterize the future expansion of the market in the forecast period. The stability of the economic state is expected to further lend to the favorable development in the global market strength. The improvement in research and development facilities and equipment is further projected to influence the growth of the market in the forecast period.
The noteworthy companies in the translation services market are Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), Net-Translators (U.S.), GlobaLexicon (UK), Foreign Translations (U.S.), LanguageLine Solutions (U.S.), Cuttingedge Translation Services Pvt. Ltd (India), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.), CLS Communication (Switzerland), Dynamic Language (U.S.), Zaharicom, Inc (U.S.), Babylon Software Ltd (Israel), Gengo (U.S.), Global Language Solutions, Inc. (U.S.), Mars Translation Services (China), Straker Translations (U.S.) among others.
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