The Translation Services by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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In accordance with The Business Research Company’s Translation Services report, the translation services market has demonstrated consistent growth in recent years, poised to ascend from $23.81 billion in 2024 to $24.79 billion by 2024, marking a noteworthy compound annual growth rate (CAGR) of 4.1%. The impetus behind this expansion in the historical period stems from the globalized landscape of businesses, the creation of multilingual content, intensified international trade and collaboration, escalating global travel and tourism, and the imperative adherence to legal and regulatory compliance.

Projections indicate a sustained upward trajectory for the translation services market, envisioning an ascent to $29.85 billion by 2028, showcasing a CAGR of 4.8%. The anticipated surge in the forecast period can be attributed to the burgeoning influence of e-commerce and global platforms, strides in machine translation technologies, a heightened demand for video and multimedia translation, localization efforts in digital marketing, surging global health and medical translation requisites, and the evolving regulatory landscape. Key trends in the forecast period encapsulate e-learning and localization, hybrid translation models, a pivotal focus on data security and confidentiality, the integration of blockchain for translation verification, and the burgeoning demand for post-editing services tailored for machine translation

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.

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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


Undeniably, technological advancements emerge as the prevailing trend, capturing the spotlight in the translation services market. Major industry players are strategically directing their efforts towards the development of technologically sophisticated solutions to fortify their market stance. A prime example is the initiative undertaken by Google LLC, a prominent US-based technology company, which introduced the Translation Hub in October 2022. This innovative cloud service empowers companies to autonomously translate documents. Users can effortlessly upload documents, specifying the target languages. The Hub, adeptly handling diverse document formats such as Google Docs, Slides, PDFs, and Microsoft Word, expeditiously furnishes translations while preserving the source document's layout. Google proudly asserts that the Hub encompasses administrative functionalities, facilitating seamless translation monitoring and feedback provision. This underscores the pivotal role of technology in propelling the translation services market towards unprecedented heights.

The translation services market report table of contents includes:
1. Executive Summary
2. Translation Services Market Characteristics
3. Translation Services Market Trends And Strategies
4. Translation Services Market - Macro Economic Scenario
5. Global Translation Services Market Size and Growth
.....

31. Global Translation Services Market Competitive Benchmarking
32. Global Translation Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Translation Services Market
34. Translation Services Market Future Outlook and Potential Analysis
35. Appendix

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