Translation Services Market Size And Forecast
According to Verified Market Research, the Global Translation Services Market was valued at USD 38.04 Billion in 2018 and is expected to witness a growth of 2.02% from 2019-2026 and reach USD 44.67 Billion by 2026.

The latest survey on the Global Translation Services Market is conducted covering various organizations of the industry from different geographies to come up with a 100+ page report. The study is a perfect mix of qualitative and quantitative information highlighting key market developments, challenges that industry and competition are facing along with gap analysis and new opportunity available and trend in the Translation Services Market. The report aims to present the analysis of Global Translation Services Market By Type, By Application, By Region – North America, Europe, South America, Asia-Pacific, Middle East, and Africa. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities.

What is the Translation Services Market?
Language Services have been around for a long period of time, and the providers for these services (Language Service Providers (LSP)) are companies that offer varying degrees of service. Language services generally include the following services: translation, Translation and Interpretation, dubbing, language courses, language assessment, language technologies and more. Within language services, Translation and Interpretation services can be defined as the facilitation of communication between uses of different languages, encompassing both spoken as well as signed communication. The International Standards Organization (ISO) definition for interpreting is “Rendering a spoken or signed message into another spoken or signed language, preserving the register and meaning of the source language content.” (ISO, 2014, p. 1.).

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The translation is a mode of conveying one form of language in other. With growing customer outreach, the scope of translation services is growing in order to fulfill the needs of the customers based on their preferences of language. It has been observed that various companies have been opting for the translation services in order to provide comfort to their national as well as international clients. This mode of services requires an integrated platform of big data analytics and cloud computing so that the data can be accessed from anywhere and the storage capacity is also increased and is more efficient.

Global Translation Services Market Outlook
As more and more companies make their services available through the Internet, the need for the translation of websites and web content has also grown. Businesses seek translation services in order to serve their customers and keep up with their demands. Apart from this, individuals also use this type of service.

Due to more people migrating to different countries in search of a better life, they find themselves in an environment with an unfamiliar language. As a result, they may need these translation services for better living. There is seen to be a growing number of industries with the need for Translation and Interpretation services. One of the important trends observed in the translation industry includes acquisitions of specialty language service providers by large translation companies. Also, the growing demand for voice-based content is seen as an important driver for these services.

Growing engagements of local markets into businesses have resulted in the growing demand for translation services. BRICS countries, mostly Brazil, India, and China have emerged as economic powerhouses due to saturation of North American and European countries. These emerging countries provide a huge opportunity to international businesses, which has resulted in the growth of several translation service providers here.

Due to globalization and foreign investment policies of many developed countries, this scenario is expected to change in the near future. The growing influx of manufactures and multi-national companies in these under-developed countries is expected to play a huge role in creating a demand for translation services. As the Asia Pacific is expected to be the major market for these foreign players, the acquisition of local language translation players is also seen as a step in the right direction by these companies. Besides, growing immigration from one country to another for jobs and education is also expected to create growth opportunities for translation services.

However, low demand from under-developed countries and the high cost of translation services may hamper the growth of the market during the forecast period.

Global Translation Services Market, Segment Analysis
The Global Translation Services Market is segmented on the basis of Application, Type, and Geography.

Translation Services Market by Application:
The market is segmented on the basis of application into Legal, Medical, Tourism & Travel, Financial & Banking, and Others. Global Translation Service Market for the Legal segment is expected to be largest during the forecast period. The demand for legal Translator and interpreter is rising due to the number of non-English speaking clients is increasing heavily in the United States due to immigration.

A professional legal translator and interpreter have in-depth knowledge about the law, culture, and language of the area from where the client belongs to. The legal translator provides interpretation services through over-the-phone or video remote translation and interpretation for their foreign clients. They also provide simultaneous, consecutive, and escort interpretation.

Translation Services Market by Type:
The market is segmented on the basis of types into Written Translation Services, Interpretation Services, and Others. Global Translation Service Market for Written Translation Services segment is anticipated to be largest over the estimated period.

With the increasing multi-language documents, many companies are hiring translators within their companies in order to help in making clients in different countries. Generally, legal, medical and travel, and tourism companies hire these translators for providing their services to clients located in different countries.

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Global Translation Services Market, Geographic Analysis
The Global Translation Services Market is studied on the basis of key geographies North America, Europe, Asia Pacific, and Rest of the World (RoW). Among the three mentioned regions, Europe dominated the Global Translation Services Market in 2018 and is anticipated to follow the same trend during the forecast period.

In Europe, awareness among large and mid-sized enterprises coupled with stringent legal regulations is creating the demand for translation services. Due to stringent regulations, documentation has to be very strong for doing business in this region. Besides, lenient immigration policies in some of the countries have led to population accumulation of different communities. This has led to the growth of translation services in Europe. Since the countries in this region are located close to each other, tourism from one neighborhood country to another has also gone up.

North America, which constitutes the United States, Canada and Mexico represent the second-largest market for translation services while evaluating all other regions of the world.  Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.

Global Translation Services Market Competitive Landscape
The Global Translational Services Market is highly fragmented with the presence of a large number of players globally. Some of the major companies include TransPerfect, Semantix, Lingotek, Yamagata Corporation, Day Translations, Mission Essential, LanguageLine. Lionbridge, Alchemy, SDL, Logos Group, PROZ, RWS, and STARS Group.

TransPerfect is one of the top five players for the Global Translation Service market.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally. 

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