Global Language Services Market 2018-2022
About Language Services
This report covers the present scenario and growth prospects of the global language services market for 2018-2022. To calculate the market size, the report considers the revenue generated from language service providers (LSPs) providing services such as translation, interpreting, localization, and other language-related services.
Technavio’s analysts forecast the global language services market to grow at a CAGR of 3.96% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global language services market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Language Services Market 2018-2022
Technavio recognizes the following companies as the key players in the global language services market: Lionbridge, Mayflower Language Services, RWS Group, SDL Language Services, Semantix, Teleperformance, TransPerfect, and Welocalize.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increased emphasis on transcreation. Owing to the significant rise in the internationalization of businesses, corporate organizations are increasingly using the concept of transcreation tools to interact with and attract the target audience towards their products.”
According to the report, one driver in the market is technology adoption to enhance language translation process efficiency. The major market driver is the increasing demand for CAT software. The CAT software uses a computerized program to translate from one language to another language using translation memory (TM).
Further, the report states that one challenge in the market is open source language service tools. The major factor hindering the growth of the market is the increased advent of open source translation services. There are several vendors that provide open source translation services, most of which are provided online.
Lionbridge, Mayflower Language Services, RWS Group, SDL Language Services, Semantix, Teleperformance, TransPerfect, and Welocalize.