Language Services Market 2023, Global Size, Growth, Trends, Statistics, Competitive Landscape and Industry Analysis by 2028

IMARC Group has recently released a new research study titled “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

The global language services market size reached US$ 67.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.

Year Considered to Estimate the Market Size:

• Base Year of the Analysis: 2022
  
• Historical Period: 2017-2022
  
• Forecast Period: 2023-2028

Language services represent a set of language assistance solutions that offer varying degrees of interpretation, translation, comprehension, localization, and other training services. They comprise a wide range of electronic, written, and multimedia materials for transcription, dubbing, narration, voice-over, etc. Language services provide numerous benefits, such as effective communication, wide geographical outreach, high accuracy rate, skill development, and offering a highly interactive learning platform to the users. As a result, these services are widely used across several sectors, including legal, medical, information technology (IT) and telecommunication, education, automotive, and banking, financial services and insurance (BFSI).

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Language Services Market Trends:

The escalating demand for language assistance solutions, on account of increasing advancements in the IT and telecommunication sector leading to software development for accurate translation and interpretation results, is among the key factors stimulating the language services market. Moreover, globalization and improving internet connectivity have augmented the elevating need for these solutions, which is acting as another significant growth-inducing factor. Besides this, the rising need for translation services in various companies, owing to the increasing geographical outreach, which provides convenience to their international clients and allows companies to express their services efficiently, is positively influencing the global market. Furthermore, the shifting consumer preferences towards language services for multilingual and cross-cultural communication to create an efficient and quicker learning platform are also propelling the market growth. Apart from this, the rising influence of social media platforms resulting in the growing popularity of visual translations and content localization is further fueling the global market. Additionally, the inflating investments in the field of language services and the increasing influx of translation and interpretation outsourcing are anticipated to fuel the language services market over the forecasted period.

Language Services Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the language services market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Global Linguist Solutions, LLC
• Hogarth Worldwide
• Keywords Studios Plc
• LanguageLine Solutions (Teleperformance)
• Lionbridge Technologies, Inc.
• Mission Essential Personnel
• RWS Holdings plc
• SDI Media
• SDL plc
• TransPerfect Solutions

Key Market Segmentation:

The report has segmented the global language services market based on service, component, application and region.

Breakup by Service:

• Translation Services
• Interpretation Services
• Others

Breakup by Component:

• Software
• Hardware

Breakup by Application:

• IT and Telecommunications
• Commercial
• Government
• Automotive
• Healthcare
• Others

Breakup by Region:

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

Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2216&flag=C

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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