Global Language Service Market: Size, Trends & Forecasts (2019-2023)
Scope of the Report
The report entitled “Global Language Service Market: Size, Trends & Forecasts (2019-2023)”, provides analysis of the global language service market, with detailed analysis of market size and growth, and segmentation of the industry. The analysis includes the market by value, by growth rate, and by segmentation.
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global language service market has also been forecasted for the years 2019-2023, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
TransPerfect, Lionbridge, LanguageLine Solutions and RWS Holding are some of the key players operating in the global language service market, whose company profiling has been done in the report. In this segment of the report, business overview, financial overview and business strategies of the companies are provided.
Language service industry provides all the translations for different types of businesses such as healthcare, legal, information technology, etc. With increase in globalization, many organization are aiming to expand to as many country. The major challenge during such expansions are the difference in communications. In order to connect to the local people, such organization require language translation provider.
There are many segments which falls under language service industry such as translations, editing for authors, language interpretation, language education, computer assisted translations, terminology extractions, language localization, software localization and machine translations. Also, language service providers are of different infrastructure, such as, freelancers (one who translates and edits and proofreads), Single-Language Vendor (offering a wide range of translation services into one language) and Multiple-Language Vendor (a company which offer a wide range of translation services into multiple languages, enabling its clients to concentrate all of their translation requests with one vendor)
There are many benefits when contracting with a small-scale language service provider such as comfort level by building a healthy relationship, translating capability, availability of subject matter experts, linguistic capabilities, etc. But for big organizations there are four major elements which are to be checked before finalizing the language service provider. These are operational security and reliability, interpreter quality, visibility and infrastructure.
The global language service market is expected to increase at high growth rates during the forecasted period (2019-2023). The global language service market is supported by various growth drivers, such as increasing globalization, growing e-commerce, increasing online and offline content volume, etc. Yet, the market faces certain challenges, such as, data security, getting mobile application and social media savvy, etc. Few new market trends are also provided such as, importance of video translation, demand for neural machine translation tools, etc.
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