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The language services market share is expected to increase by USD 20.83 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.99%.
This language services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers language services market segmentation by end-user (healthcare, ICT, BFSI, government, and others) and geography (Europe, North America, APAC, South America, and the Middle East and Africa). The language services market report also offers information on several market vendors, including Acolad Group, APPEN Ltd., Cyracom International Inc., Dubbing Brothers SAS, Honyaku Center Inc., Iyuno SDI Group, Keywords Studios Plc, LanguageLine Solutions, Lionbridge Technologies LLC, Morningside, Pactera Technologies NA Inc., PIXELOGIC MEDIA PARTNERS LLC., PTSGI Inc., RWS Holdings PLC, STAR AG, thebigword Group Ltd., TransPerfect Global Inc., United Language Group, Voice and Script International Ltd., and Welocalize Inc. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The technology adoption to enhance language translation process efficiency is notably driving the language services market growth, although factors such as open-source language service tools may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the language services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Language Services Market Driver
The technology adoption to enhance language translation process efficiency is one of the key drivers supporting the language services market growth. The CAT software typically consists of tools such as TM, phrase directories, and other terminology-related databases. It is considered to be effective for technical translations as there is a possibility for a large number of repetitions in technical translations. Some of the vendors that provide CAT software and services are SDL Trados Studio, Smartcat, and memoQ. Owing to its ease of use along with increased and improved efficiency, CAT software experiences significant demand, thereby driving the growth of the market.
Key Language Services Market Trend
Increased emphasis on transcreation is one of the key language services market trends contributing to the market growth. Although the transcreation process has early adopters in the North American and the European region, with many companies, especially in the F&B sector, increasingly using it to connect with users globally and globalize their products, the transcreation of marketing content is still at a nascent stage in emerging regions. For instance, Coca-Cola, as a brand, has used transcreation to provide dedicated websites for each of its country-specific markets. The layout, visuals, and content are different for each country. Such instances may boost the market growth in the forecasted period.
Key Language Services Market Challenge
Open-source language service tools is one of the factors hampering the language services market growth. There are several vendors that provide open-source translation services, most of which are provided online. However, the proprietary versions of these tools can be quite expensive. A single license for SDL Trados Studio can cost thousands of dollars. In addition, there are various open-source TMS tools available in the market, such as Pontoon, GlobalSight, and Zanata. In addition to this, there are a few LSPs that provide free online translation, such as SYSTRAN. The company provides free translations of websites and web pages along with the free translation of emails and files. Thus, the advent of free, open-source translation services is most likely to reduce the price of language translation products during the forecast period, thereby hindering the growth of the market.
This language services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global language services market as a part of the global information technology (IT) consulting and other services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the language services market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the language services market encompasses successful business strategies deployed by the key vendors. The language services market is fragmented and the vendors are deploying growth strategies such as technological innovations and partnerships to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The language services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the language services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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31% of the market’s growth will originate from North America during the forecast period. The US is the key market for the language services market in North America. Market growth in this region will be slower than the growth of the market in APAC.
The increase in government investment in the field of language services and the significant increase in the outsourcing of translation and interpretation services will facilitate the language services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on the regional market. However, with the initiation of COVID-19 vaccination drives in the region from Q1 2021, gradually, all the industries started opening from H1 2021, and this surged the demand for language service providers in the US, Canada, and Mexico. Thus, all these factors are expected to fuel the growth of the regional market during the forecast period.
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The language services market share growth by the healthcare segment will be significant during the forecast period. Developments in the healthcare industry will effectively contribute to the growth of the market. In the life sciences segment, factors such as the surge in patent filings by existing and new organizations, regional expansion of businesses, increased outsourcing by drug manufacturers and clinical research companies, and the rising demand for localization services are increasing the demand for language services. This, in turn, will have a positive impact on the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the language services market size and actionable market insights on post COVID-19 impact on each segment.
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Language Services Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.99% |
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Market growth 2022-2026 |
$ 20.83 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.31 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 31% |
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Key consumer countries |
US, China, India, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Acolad Group, APPEN Ltd., Cyracom International Inc., Dubbing Brothers SAS, Honyaku Center Inc., Iyuno SDI Group, Keywords Studios Plc, LanguageLine Solutions, Lionbridge Technologies LLC, Morningside, Pactera Technologies NA Inc., PIXELOGIC MEDIA PARTNERS LLC., PTSGI Inc., RWS Holdings PLC, STAR AG, thebigword Group Ltd., TransPerfect Global Inc., United Language Group, Voice and Script International Ltd., and Welocalize Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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