Language Services Market by End-user and Geography - Forecast and Analysis 2020-2024

The market share is expected to increase by USD 9.72 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 4.26%.

This 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 market segmentation by end-user (healthcare, ICT, BFSI, government, and others) and geography (Europe, North America, APAC, South America, and MEA). The market report also offers information on several market vendors, including Atlas Language Service Inc., Globe language Services Inc., Lionbridge Technologies Inc., RWS Holdings Plc, SDL Plc, Semantix International AB, Summa Linguae Technologies, Teleperformance SE, TransPerfect Global Inc., and Welocalize Inc. among others.

What will the Market Size be During the Forecast Period?

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Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and after post COVID-19 era. The technology adoption to enhance language translation process efficiency is notably driving the market growth, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the 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

Technology adoption to enhance language translation process efficiency is a key driving factor impacting the global language services market growth. A major market driver is an increasing demand for CAT software. The TM is a database used to save words from the source content along with their associated translations. TM stores previously translated data and offer crowd assistance to provide translations that are consistent in terms of grammar, phrasing, and spelling. The CAT software typically consists of tools such as TM, phrase directories, and other terminology-related databases. In addition to this, the growing demand for TMS further drives the growth of the market. Corporate organizations are increasingly opting for effective and efficient TMS software. TMS helps speed up the process of localization and ensure high-quality translation. They provide a shared platform for collaboration along with built-in features to ensure good quality translations. Such factors will increase the market growth during the forecast period.

Key Language Services Market Trend

Increased emphasis on transcreation is a key trend impacting the global language services market growth. Unlike direct translations, transcreation involves additional content adaptation and customized imagery. It helps marketers connect with the target market. It uses the process of translation as well as copywriting. It plays a significant role in the global social media campaign and enhances the impact of the language. These end-to-end solutions range from cross-border campaign planning to the delivery of multilingual marketing material. 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. Similarly, Red Bull uses the concept of transcreation to change the color of its energy drink cans for the Chinese market. Red Bull drinks in China are provided in golden color cans with red bulls and black writing as red and gold are significant colors in Chinese culture.

Key Language Services Market Challenge

Open-source language service tools will be a key challenge negatively impacting the global language services market growth. A 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. As a result, many small and medium-sized businesses (SMBs) opt for open source translational services. The availability of much free translational software available across the internet ranging from free CAT tools to MT engines further pressurizes vendors? pricing strategy. The company provides free translations of websites and web pages along with the free translation of emails and files. 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 market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global language services market is a part of the global 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 market during the forecast period.

Who are the Major Market Vendors?

The report analyzes the global IT consulting and other services market's competitive landscape and offers information on several market vendors, including:

• Atlas Language Service Inc.
• Globe Language Services Inc.
• Lionbridge Technologies Inc.
• RWS Holdings Plc
• SDL Plc
• Semantix International AB
• Summa Linguae Technologies
• Teleperformance SE
• TransPerfect Global Inc.
• Welocalize Inc.

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• ?Acolad? - The company offers the language services such as professional translation and learning services. 

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 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.

Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the 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.

The value chain of the global IT consulting and other services market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for the Market?

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31% of the market's growth will originate from APAC during the forecast period. China is the key market for the market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The major factor catering to the growth of the market is the increasing globalization of businesses in Asian markets which will facilitate the market growth in APAC 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 significant impact on the economic growth of APAC in 2020. Over 100 countries in this region imposed lockdown by the end of March 2020. Such initiatives adversely impacted the operation of various end-use industries enhancing the demand for virtual interpreting services. Most of the offices were operating through work from home, which reduced the usual demand for on-site language services. However, with gradual control of the spread of the disease, coupled with vaccine drives, the regional market in focus is expected to recover during the forecast period.

What are the Revenue-generating End-user Segments in the Market?

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The market share growth in the healthcare segment will be significant during the forecast period. Developments in the healthcare industry will effectively contribute to the growth of this market.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the industry across Europe, North America, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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