Language Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021

Posted by Statzy Market Research on May 20th, 2021

The primary factors that are driving the demand for language services include the rapidly increasing globalization among the businesses, the incremental rise of digitizing content, and the increase in customer service that's becoming more personalized and international.

- The demand for language services is no longer concentrated on large multinational corporations. Still, the small and large businesses, and local and state governments, including all types of other organizations, have also increased their use of translation, interpretation, and different kinds of language services.

- International trade has been steadily expanding over the past few decades, which includes the proliferation of free trade agreements that have led to a virtual explosion of international trades across the world. Moreover, the increasing foreign competition and various government initiatives have led all kinds of businesses irrespective of size to take initiatives regarding opportunities available to them in foreign markets.

- The ongoing trends in international marketing are also expected to accelerate the growth in the language services market. With these services, companies are now able to reach increasing audiences across the globe at a lower cost through the web. As these audiences are increasingly composed of foreign people, the market is expected to grow even further.

- The increase in internet usage, combined with the trend toward content marketing, has opened up new avenues for the language industry. The PPC advertising and social media marketing that is aimed at foreign audiences are also expanding at remarkable rates. Social networking sites and multiple blogs that are active across the world are also providing platforms for effective content marketing that include articles, infographics, videos, and multimedia productions. All this content is localized for optimum effectiveness, which is one of the major factors driving the market.

- Moreover, the market is witnessing multiple M&A activities by the players in order to strengthen their positions in the market. For instance, in Jan 2019, Lionbridge acquired Gengo, which is a Japanese technology and services company. In Mar 2019, Appen acquired Figure Eight, which is a machine-learning training platform, based in Silicon Valley. Also, in Nov 2019, Datawords acquired a chatbot provider base in Asia called Whatsquare.

- The entire world now is at home which gives a strong impetus to the development of trade and entertainment on the internet. YouTube, Netflix, social media, Amazon witness a surge in the number of users. It produces the need for more content globally. It is good news for translators since their services will be in higher demand and their work is much easier to be organized remotely.

- Another reason is the active exchange of the experience of fighting against the virus and treatment of the patients that drives the global discussion and information exchange between researchers in healthcare, virology, immunology, epidemiology, etc. So the highest demand can be expected in translators in the medical sector and the field knowledge will be most welcome.

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Key Market Trends

Translation Services is Expected to Witness Significant Growth

- The post-editing of machine translations (PEMT) is expected to be a major trend in the translation services domain during the forecast period. As the machine translation is becoming an attractive option for multiple businesses, across the world(owing to its speed and cost advantage), there is growing evidence suggesting that using a translation by a machine and improving the result with a PEMT service is faster (and also more cost-effective) than translating from scratch.

- Moreover, customer loyalty is primarily a result of building better relationships with customers. Nowadays, all the required information is available online, which is making it difficult for the translation services companies to stand out among the market competition. The companies are expected to focus more on customer interactions in the coming year, which is expected to drive the market.

- Furthermore, it is a well-known fact that video content available on the internet is rapidly rising. According to the latest figures, around 300 hours of video content is being uploaded to YouTube every single minute, and around 5 billion videos are being watched on a daily basis by users. Also, around 70% of the YouTube viewers are from outside the United States and are non-English speaking people. This trend is certainly increasing the demand for video translations and localizations on a large-scale.

North America is Expected to Witness Significant Growth

- The language services market in the North American region is expected to witness significant growth owing to the increasing diversity in the region. As the population in the region continues to shift, and it becomes more diverse, the need for effective language services is expected to increase in all the industries across the region, and qualified translators and interpreters are crucial in serving the needs of this increasingly diverse population.

- The advent of multicultural marketing has become a topic of importance these days, which is expected to drive the language services demand. The changing demographics of the region have made marketing strategies to diverse communities a priority for multiple businesses that previously used to rely only on a single language.

- Moreover, according to the United States Census Bureau, there are more than 350 languages spoken in the United States. The Asian population is also rising, owing to increased immigration. New immigration trends are expanding the current language services market to serve these populations.

- The understanding of the current language trends in their region and how they continue to shape the market and the country, help the organizations to understand the rapidly rising need for providing multicultural consumers with much more effective communication through professional language services.

Competitive Landscape

The language services market is highly competitive owing to the presence of multiple vendors providing their services in domestic and in the international markets. The market appears to be fragmented, with the major players adopting strategies, like product innovation, and mergers and acquisitions, primarily to expand their service portfolio and to stay competitive in the market landscape. Some of the major players in the market are Atlas Language Service Inc., Lionbridge Technologies Inc., RWS Holdings Plc, and SDL Plc, among others.

- Sep 2019 – Lionbridge, one of the prominent communications platform, announced Lionbridge for Relativity, which is an easy-to-use plugin solution that will be available in the Relativity App Hub that will enable accurate, efficient translation for law firms, corporate legal departments, and e-discovery service providers, across the world, through Relativity’s world-renowned platform.

- Jan 2019 - RWS Holdings PLC announced the acquisition of Alpha Translations Canada Inc., a vendor in the expert legal and financial translations. The acquisition is expected to complement the RWS’s existing language solutions business and will strengthen the company’s specialist legal and financial translation offering. The acquisition will also enhance the company’s presence in the key growth areas of North America and Germany and significantly improve its legal client base.

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