IMARC Group has recently released a new research study titled “Language Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, 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$ 67.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
Language services are solutions that facilitate communication between individuals or organizations with different languages and cultures. They include translation, website localization, interpretation, localization, and language training as standard services. Some of the prominent advantages of language services include improved communication and understanding, enhanced cross-cultural collaboration, and expanded business opportunities. They are essential for global businesses that operate in multiple countries and need to communicate effectively with customers, partners, and employees.
What are the growth prospects and trends in the industry?
The global language services market is primarily accelerated by rapid advancements in the information technology (IT) and telecommunications industry, which have led to the development of accurate translation and interpretation software. With globalization and improved internet connectivity, companies are adopting translation services to cater to their international clients and efficiently express their services, which, in turn, is creating a positive outlook for the market. Moreover, the growing popularity of social media platforms has surged the demand for visual translations and content localization, which is driving the market growth. Furthermore, increasing investments in language services and the influx of translation and interpretation outsourcing are contributing to the market growth. Other factors, such as the surging product demand in various sectors, such as international business tourism, medical tourism, leisure tourism, and on-site work stays, and rapid technological advancements, are propelling the market growth.
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Competitive Landscape With Key Players:
The competitive landscape of the 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
- Hogarth Worldwide
- Keywords Studios Plc
- LanguageLine Solutions (Teleperformance)
- Lionbridge Technologies, Inc.
- Mission Essential Personnel
- RWS Holdings plc
- SDI Media
- SDL plc
- TransPerfect Solutions
Buy This Report Now: https://www.imarcgroup.com/checkout/detail?id=2216&method=1
Key Market Segmentation:
The report has segmented the global market based on 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
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Report With TOC & List of Figures: https://bit.ly/3llWFPk
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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.
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