Translation Service Market Estimated To Perceive Accrued Value with a Staggering CAGR; MRFR Unleashes Industry Insights Up To 2022

Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a half cooked research report on “Global Translation Service Market Research Report - Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022

Translation Service Global Market   - Overview

The global translation service market is showing immense growth; mainly due to the growing need for accurate interpretation services. Translation services help in bridging the gap between communication and technology. Major driver for this market include expanding geographical reach of the organizations where companies are dealing with foreign clients and translation becomes the need of the business. Technological advancements and arrival of machines and software which can provide translation in less amount of time are other factors fuelling the market growth.  

According to a recent study report published by Market Research Future, The global market of translation service is increasing and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2022). Language translation services include on-demand access to professional interpreters via phone, video remote, and onsite, translation and localization of any content, testing and training of bilingual and interpreter staff, implementation support and services and competitive, cost-effective language access solutions. Time sensitive and urgent translation service is a growing requirement by many industries including city transit, airports, hotels, online services such as social media companies and other customer service providers. There are a variety of solutions available but choosing the right kind of services according to the business requirements is important.

On the other hand, lack of technical expertise and unawareness regarding the importance of the translation services are some of the factors hindering the growth of translation service market. Also, implementation of translation service will be an added service, which will ultimately result in added costs and may hamper the market growth.

Browse Full Report @ https://www.marketresearchfuture.com/reports/translation-service-market-1400

Key Players:

Amazon Web Services (U.S.), Teleperformance (France), LanguageLine Solutions (U.S.), Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), GlobaLexicon (UK), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Translation Service Market.

Industry News

March 2017 – Teleperformance folds LanguageLine into new unit, keeps brand. Teleperformance announced acquisition of LanguageLine Solutions in September 2016 and has been the biggest acquisition in the language industry.

November 2017 – LanguageLine Solutions wins Gold in Best in Biz Awards 2017. The company takes top prize with revolutionary LanguageLine InSight video-interpretation solution, which provides one-touch connection to over 9,000 professional interpreters. The company aims to empower clients in order to provide outstanding service and exceptional care to limited-English-proficient, deaf, and hard-of-hearing populations.

November 2017 – Amazon Web Services launches translation services as part of its AWS extravaganza. Amazon is pitching the new translate service as a way for businesses to expand products and services using its text translation tool.

Translation Service Global Market   - Competitive Analysis

The market of translation service appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Translation Service Global Market   - Segmentation

The translation service market can be classified into 3 key segments for the convenience of the report and enhanced understanding;

Segmentation by Type: Comprises of technical translation, scientific translation, financial translation, legal translation, judicial translation, juridical translation, literary translation and others

Segmentation by End User: Comprises of commercial, public sector and others

Segmentation by Region: Comprises of Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Translation Service Global Market -

Regional Analysis

North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the translation service market in North America owing to the presence of a large number of established key players such as Amazon Web Services, LanguageLine Solutions, Lionbridge, TransPerfect, GlobaLexicon and Ingco International among others. Also, due to a considerable shift towards the adoption of different language translation services in the region, the market is likely to show immense growth in the coming future. Translation service market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and growing business operations across the globe. Whereas, the Europe market for translation service is expected to grow at a considerable CAGR (2017-2023).