SHERIDAN, WY, USA, April 24, 2022 /EINPresswire.com/ -- According to IMARC Group’s latest report, titled “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global language services market reached a value of US$ 62.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 96.1 Billion by 2027, exhibiting at a CAGR of 7.5% during 2022-2027.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Language services consist of a set of language assistance solutions, which offer varying degrees of translation, interpretation, localization, comprehension, and other training services. These services include a wide range of written, electronic, and multimedia materials for dubbing, transcription, narration, and voice-over, among others. They also provide several additional benefits, including wide geographic outreach, effective communication, high accuracy rate, and skill development. It offers a highly interactive learning platform to the users. As a result, they are extensively used across medical, legal, education, information technology (IT) and telecommunication, banking, financial services and insurance (BFSI), and automotive industries.

Market Trends and Drivers:

The rapid advancement in the IT and telecommunication industry is one of the key factors driving the language services market growth. Language services are extensively used across the industry to develop accurate translations and interpretation results. The shifting consumer preference toward language services for multilingual and cross-culture communication and the rapidly improving internet connectivity are factors contributing to the market growth. Moreover, the technological advancements and the emergence of artificial intelligence (AI) are other factors creating a positive outlook for the market.

Language Services Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the language services market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Global Linguist Solutions, LLC
• SDI Media
• Mission Essential Personnel
• RWS Holdings plc
• Hogarth Worldwide
• Keywords Studios Plc
• SDL plc
• LanguageLine Solutions (Teleperformance)
• TransPerfect Translations
• Lionbridge Technologies, Inc.

Key Market Segmentation:

The report has segmented the global language services market on the basis of service, component, application and region.

Breakup by Service:

• Translation Services
• Interpretation Services
• Others

Breakup by Component:

• Software
• Hardware

Breakup by Application:

• IT and Telecommunications
• Commercial
• Government
• Automotive
• Healthcare
• Other

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Elena Anderson
IMARC Services Private Limited
+1 6317911145
email us here

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