Over 1/4^th of Translation Services Market Revenue to Concentrate in Asia Pacific

Fact.MR’s latest market survey offers a full-scale analysis of translation services market by studying various growth shaping factors including drivers, restraints, end user demands, and opportunities. The report uses both primary and secondary research methodologies to identify new opportunities across various segments including type, application, and region.

NEW YORK, July 14, 2022 /PRNewswire/ — The global translation services market size was valued at US$ 40.2 billion in 2021 and is expected to reach a valuation of US$ 41 billion in 2022. With rising adoption of translation services for legal applications, tourism & travel, banking, medical applications etc., the overall demand for translation services is projected to grow at a CAGR of 2.7% between 2022 and 2032, totaling US$ 53.5 billion by 2032.

Translation services are services that provide interpretation of spoken or written words from one language to another. These services are generally used during the course of a conversation or for the purpose of preparing documents and other manuscripts so that they are understood by those who speak different languages.

With increasing globalization and rising penetration of the internet, more and more companies are making their services available through internet, which in turn is increasing the demand for website and web content translation. In order to serve their clients and stay with their demands, businesses are seeking translation services.

Rapid growth of industries like banking, healthcare, legal, tourism, and education along with increasing usage of translation services in these industries is a key factor driving growth in the global translation services market.

Similarly, growing popularity of big data and internet of things will create a conducive environment for the translation services market growth during the forecast period.

For Critical Insights on this Market, Get A Sample Report!

https://www.factmr.com/connectus/sample?flag=S&rep_id=7537

As per Fact.MR, Asia Pacific is likely to generate around 23.2% of global market revenue during the forecast period, owing to the flourishing business and trading economy across key countries as China, India, Japan and South Korea, rising penetration of digitalization, and increase in number of key market players.

Key Takeaways:

• By type, written translation services segment is expected to grow at a higher CAGR of 2.8% during the forecast period (2022-2032).
• Based on application, the legal segment is projected to dominate the global translation services market, exhibiting a CAGR of 2.6% during the forecast period.
• The U.S. translation services market is likely to grow at a steady CAGR of 2.4% between 2022 and 2032, surpassing a valuation of US$ 19 billion by the end of 2032.
• Translation services market in China is poised to exhibit a CAGR of 2.1% during the forecast period, totaling around US$ 3.8 billion by 2032.
• Demand for translation services to grow at 1.7% CAGR in the U.K. during the assessment period.

Growth Drivers:

• Increase in the trade services across the globe is necessitating the adoption of translations services.
• Surging content localization and technological advancements in machine translation are expected to create lucrative opportunities for the key market players.
• Growing need for high-speed and cost-efficient translation is expected to boost the growth of translation services during the forecast period.

Restraints:

• Difficulties in keeping up with the latest technological advancements are likely to hamper the growth of translation services market during the forecast period.
• Lack of awareness and poor availability of translation services across various developing and underdeveloped regions are also negatively impacting the market growth.

Get Customization on this Report for Specific Research Solutions

https://www.factmr.com/connectus/sample?flag=RC&rep_id=7537

Competitive Landscape:

Presence of a large number of local and regional players has made the global translation services market competitive in nature. In order to capitalize and increase their revenue share, leading translation services providers are adopting strategies such as new translation service launches, acquisitions, contracts, mergers, collaborations, product upgrades, etc.

For instance,

• In March 2022, AJE (American Journal Experts) launched its Spanish-to-English Digital Translation service which is powered by highly advanced artificial intelligence (AI) software that was trained by its staff of leading editorial experts.
• In September 2021, AJE launched a new AI-based English language translation service aimed at providing cost effective translations for researchers in Latin America.

Key Companies Profiled by Fact.MR

• TransPerfect
• SDN
• Lionbridge
• Yamagata Corporation
• LanguageLine Solutions
• Logos Group
• RWS
• WELOCALIZE
• Semantix
• Lingotek

More Valuable Insights on Translation Services Market

In the latest study, Fact.MR offers a 360-degree view of the global translation services market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the translation services market through detailed segmentation as follows:

Type:

• Written Translation Services
• Interpretation Services
• Other Translation Service Types

Application:

• Translation Services for Legal Applications
• Translation Services for Financial & Banking
• Translation Services for Medical Applications
• Translation Services for Tourism & Travel
• Translation Services for Other Applications

Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Interested to Procure The Data? Inquire here

https://www.factmr.com/connectus/sample?flag=EB&rep_id=7537

Key Questions Covered in the Translation Services Market Report

• What will be the demand outlook of the translation services market in 2022?
• What is the projected growth rate of the global translation services market during 2022-2032?
• Which are the key drivers bolstering growth in the translation services market?
• Which factors are hindering the growth in the translation services market?
• Which region is expected to exhibit the fastest growth in the global translation services market during 2022-2032?

Explore Fact.MR’s Coverage on the Technology Domain

IoT in Education Market: The global IoT in education market is projected to register a healthy growth rate during the forecast period owing to the rising penetration of digitalization, increasing government in support, and growing adoption of application management solutions to improve learning experience and enable healthy interaction between students and educators

Augmented Reality (AR) in Education Market: As per Fact.MR, the global augmented reality (AR) in education market is forecast to grow at a CAGR of 80% between 2021 and 2031, totaling US$ 85 billion by 2031. Rise in deployment of AR in the educational system, advancements in technology, and increasing penetration of internet are some of the factors driving the growth in AR in education market.

Serial Device Server Market: Global demand for serial device servers is projected to grow at a significant pace during the forecast period, owing to the increasing need for cost effective data transfer solutions and growing awareness among people about the attractive features of serial device servers.

Influencer Marketing Market: The influencer marketing market is estimated to grow US$ 6.0 Bn by 2021, at a CAGR of more than 20% during the assessment period 2021-2031. Influencer marketing is a discipline of digital marketing which involves endorsements and product mentions from the social media influencers, to build high trust in the brand’s potential customers.

Copyright Licensing Market: Copyright licensing for architecture is projected to gain momentum and create an absolute $ opportunity of US$ 33Mn during forecast period. The vertical is estimated to account for 20% revenue share of the global market by 2030-end.

Contract Lifecycle Management Market: A recent study by Fact.MR on the Contract Lifecycle Management market offers a 10-year forecast for 2022 to 2032. The study analyzes crucial trends that are currently determining the growth of the market.

Data Collection and Labeling Market: The data collection and labelling market has garnered a market value of US$ 1848.06 Mn in 2022, anticipated to register a positive CAGR of 18% in the forecast period 2022-2032 and reach a value of US$ 9,670 Mn.

Data Annotation Tools Market: North America is projected to maintain its hegemony during the forecast period. The region is estimated to garner 32% of the global market share. Canada, Mexico, and the United States are projected to make the maximum contribution in developing the regional market.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. 80% of Fortune 1000’s trusts us in critical decision making. We provide both qualitative and quantitative research, spanning market forecast, market segmentation, competitor analysis, and consumer sentiment analysis.

Contact:
Mahendra Singh
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: sales@factmr.com
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/713666/FactMR_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/burgeoning-business-activities-worldwide-to-steer-translation-services-market-past-us-53-5-billion-by-2032–301586632.html

SOURCE Fact.MR