Language Services Market Size

BROOKLYN, NY, USA, May 30, 2024 /EINPresswire.com/ -- IMARC Group has recently released a new research study titled “Language Services Market Report by Service (Translation Services, Interpretation Services, and Others), Component (Software, Hardware), Application (IT and Telecommunications, Commercial, Government, Automotive, Healthcare, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

The global language services market size reached US$ 72.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 108.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.

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What are Language Services?

Language services stand for a set of language assistance solutions that provide varying degrees of translation, interpretation, comprehension, localization, and related training services. They include a comprehensive range of written, electronic, and multimedia materials for dubbing, transcription, narration, voice-over, etc. Language services offer multiple benefits, including effective communication, extensive geographical outreach, improved accuracy rate, skill development, and a highly interactive learning platform for users. Consequently, they find widespread applications across several sectors, such as healthcare, hospitality, information technology (IT), telecommunication, education, automotive, banking, etc.

Language Services Market Trends:

The expanding geographical outreach of organizations that is creating a need to opt for translation solutions to facilitate convenience to their international clients and allow companies to efficiently express their services is primarily driving the language services market. Additionally, the escalating usage of the system for multilingual and cross-cultural communication to create a quicker learning platform is acting as another significant growth-inducing factor. Besides this, the elevating influence of social media platforms resulting in the popularity of content localization and visual translations and the emerging trend of translation and interpretation outsourcing are also positively influencing the market growth.

Moreover, the growing requirement for the solution in international business tourism, leisure tourism, medical tourism, on-site work stays, etc., and the increasing integration of cloud technology and artificial intelligence (AI) with language services are further augmenting the market growth. Apart from this, the rising number of customized foreign language training courses offered at on-site and off-site locations in classroom, semi-private, private, tutorial, and in-country immersion forums is expected to bolster the language services market in the coming years.

Language Services Market Segmentation:

Breakup by Service:

• Translation Services
• Interpretation Services
• Others

Breakup by Component:

• Software
• Hardware

Breakup by Application:

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

Breakup by Region:

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

Competitive Landscape With Key Players:

The competitive landscape of the language services market size 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
• Hogarth Worldwide
• Keywords Studios Plc
• LanguageLine Solutions (Teleperformance)
• Lionbridge Technologies Inc.
• Mission Essential Personnel
• RWS Holdings plc
• SDI Media
• SDL plc
• TransPerfect Solutions

Ask Analyst for Customized Report: https://www.imarcgroup.com/request?type=report&id=2216&flag=C

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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.

Elena Anderson
IMARC Services Private Limited
+ +1 631-791-1145
email us here

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