Translation Services Industry Procurement Intelligence, Analysis Report, 2027Posted by Manisha S on February 7th, 2022 The procurement need for translation services is on the rise with companies and governments regularly communicating with existing and potential customers, business partners, even employees working in other countries. Translation services can be segmented into the following categories based on applications:
Translation services also have two segments based on service type; machine translation and human translation. Machine translation is majorly used for conferences and real-time scenarios. Whereas, human translation services are more common in document translation activities. Read report summary or request a free sample copy of the report “Translation Services Industry Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2020 – 2027” Demand Outlook The global translation services market was estimated at ~USD 50 billion in 2020 and it is expected to grow at a CAGR of 4% from 2020 to 2027 due to growing engagements of local markets into businesses. The demand for the translation of documents to languages such as English, Italian, German, French, Spanish, and Portuguese is very high. North America and Europe are expected to witness significant growth as the population in the region continues to shift and becomes more diverse, the need for effective translation 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. Cost Drivers The cost of translations services has two aspects; software development, installation and ownership cost; and translation rate. The software development and installation are regarded as the fixed cost of service, whereas the software maintenance and translation rates are variable components of translation services. The translation rates are determined by many factors such as number of words and pages, subject matter, time, language combination, etc. Browse our other Reports:
Key Players:
The global translation services industry features a highly fragmented landscape as the top 10 players hold less than 10% of the overall market share. Many suppliers are strengthening their geographic service capability through mergers and acquisitions. About us: A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions. Our services include (not limited to): Market Intelligence involving - market size and forecast, growth factors, and driving trends Price and Cost Intelligence - pricing models adopted for the category, the total cost of ownership Supplier Intelligence - rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing Sourcing / Procurement Intelligence - best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best-suited countries for sourcing to minimize supply chain disruption Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions. Like it? Share it! More by this author |