Global Translation Services Market
Translation Services Market Size And Forecast
According to Verified Market Research, the Global Translation Services Market was valued at USD 39.61 billion in 2019 and is projected to reach USD 46.21 billion by 2027, growing at a CAGR of 2.1% from 2020 to 2027.
Global Translation Services Market Outlook
Due to more people migrating to different countries in search of a better life, they find themselves in an environment with an unfamiliar language. As a result, they may need these translation services for better living. There is seen to be a growing number of industries with the need for Translation and Interpretation services. One of the important trends observed in the translation industry includes acquisitions of specialty language service providers by large translation companies. Also, the growing demand for voice-based content is seen as an important driver for these services.
However, low demand from under-developed countries and the high cost of translation services may hamper the growth of the market during the forecast period.
Global Translation Services Market, Segment Analysis
The Global Translation Services Market is segmented on the basis of Application, Type, and Geography.
Global Translation Services Market Competitive Landscape
The Global Translational Services Market is highly fragmented with the presence of a large number of players globally. Some of the major companies include TransPerfect, Semantix, Lingotek, Yamagata Corporation, Day Translations, Mission Essential, LanguageLine. Lionbridge, Alchemy, SDL, Logos Group, PROZ, RWS, and STARS Group.
TransPerfect is one of the top five players for the Global Translation Service market.
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