Translation Services Market Outlook 2024-2033: Comprehensive Overview and Forecast

Global translation services market size is expected to reach $29.85 Bn by 2028 at a rate of 4.8%, segmented as by component, hardware, software

Jun 10, 2024 - 10:39

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Translation Services Market Outlook 2024-2033: Comprehensive Overview and Forecast

Overview and Scope
Translation services refers to professional services that translate textual and spoken information from one language into another. This allows two parties from distant nations to converse and exchange ideas.

Sizing and Forecast
The translation services market size has grown steadily in recent years. It will grow from $23.81 billion in 2023 to $24.79 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to globalization of businesses, multilingual content creation, international trade and collaboration, global travel and tourism, legal and regulatory compliance..

The translation services market size is expected to see steady growth in the next few years. It will grow to $29.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to rise of e-commerce and global platforms, advancements in machine translation, increased demand for video and multimedia translation, localization for digital marketing, global health and medical translation needs, evolving regulatory landscape.. Major trends in the forecast period include e-learning and localization, hybrid translation models, data security and confidentiality, blockchain for translation verification, post-editing services for machine translation..

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Segmentation & Regional Insights
The translation services market covered in this report is segmented –

1) By Component: Hardware, Software
2) By Type: Written Translation Services, Interpretation Services, Other Translation Services Types
3) By Operation Type: Technical Translation, Machine Translation
4) By Application: Legal, Medical, Financial And Banking, Tourism And Travel, Other Applications

North America was the largest region in the translation services market in 2023. The regions covered in the translation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
An increase in demand for non-English languages is expected to propel the growth of the translation services market. Non-English language refers to an individual who, due to their place of origin or culture, speaks a language other than English and is unable to communicate effectively in English during the proceedings. The range of translation services is expanding in order to meet client demands based on preferred languages. For instance, in November 2021, according to a report published by the United States Census Bureau, a US-based agency of the United States Federal Statistical System, a survey of 2,000 UK people was conducted to determine how many languages they are fluent in other than their home tongue, approximately 1.5 billion people worldwide spoke English as a first or second language, a slight rise from the 1.1 billion people who spoke Mandarin Chinese at the time of the study. In the United States, 21.6% of households do not speak English. This translates to one in every five people. There are 3.3 billion multilingual people in the globe, accounting for 43% of the global population. Therefore, the increasing demand for non-English languages is driving the growth of the translation services market.

Key Industry Players
Major companies operating in the translation services market are adopting a strategic partnership approach, aiming to assist in breaking down language barriers. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in November 2022, The Boeing Company, a US-based manufacturing company of airplanes, satellites, and telecommunications equipment, announced a partnership with Tarjimly to improve the availability of translation services for immigrants and refugees worldwide. Boeing also announced a $100,000 multi-year investment that will help Tarjimly improve the app's user experience and connect more than 10,000 migrants in need of vital language support. This boost in real-time assistance will result in refugees obtaining humanitarian services twice as quickly. This collaboration makes use of Boeing's dynamic, global, and multilingual workforce base by providing possibilities for Boeing workers to volunteer as translators or interpreters through involvement in a training program delivered by Tarjimly. Tarjimly is a US-based language and translation app.

The translation services market report table of contents includes:

1. Executive Summary
2. Thrombophilia Market Characteristics
3. Thrombophilia Market Trends And Strategies
4. Thrombophilia Market - Macro Economic Scenario
5. Global Thrombophilia Market Size and Growth
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31. Global Thrombophilia Market Competitive Benchmarking
32. Global Thrombophilia Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Thrombophilia Market
34. Thrombophilia Market Future Outlook and Potential Analysis
35. Appendix