Language Services Market Trends 2023, Size, Share, Growth, Business Opportunities and Industry Analysis by 2028

The latest report published by IMARC Group, titled “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

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 refer to a set of language assistance solutions that provide varying degrees of interpretation, comprehension, translation, localization, and other training services. They include an extensive range of written, electronic, and multimedia materials for dubbing, transcription, narration, voice-over, etc. Language services offer multiple benefits, such as skill development, effective communication, comprehensive geographical outreach, high accuracy rate, etc. They even facilitate highly interactive learning platforms for the users. As a result, language services find widespread applications across numerous sectors, including information technology (IT), telecommunication, education, automotive, banking, medical, etc.

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Market Trends:

The launch of innovative software for accurate translation and interpretation results is among the key factors driving the language services market. In addition to this, the increasing need for translation services, on account of the expanding geographical outreach of various leading companies that ensure convenience to international clients and allow companies to express their services efficiently, is acting as another significant growth-inducing factor. In line with this, the rising influx of translation and interpretation outsourcing is also positively influencing the global market. Moreover, the growing medical tourism, international business tourism, leisure tourism, on-site work stays, etc., is further stimulating the language services market growth. Apart from this, the introduction of customized foreign language training courses that are being offered at off-site and on-site locations in classroom, semi-private, private, tutorial, and in-country immersion forums, the emerging trend of integrating artificial intelligence (AI), and the shifting preferences toward digitizing content and international marketing are expected to propel 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

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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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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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