Translation Service Market 2019 Global Industry Analysis by Size, Growth Factors, Emerging Trends, Top Leaders, Development Status and Forecast 2023

Market Research Future published a research report on Translation Service Market Research Report - Forecast 2023 Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Pune, India - March 6, 2019 /MarketersMedia/ —

Translation Service Global Market - Overview

The global translation service market is showing immense growth; mainly due to the growing need for accurate interpretation services. Translation services help in bridging the gap between communication and technology. Major driver for this market include expanding geographical reach of the organizations where companies are dealing with foreign clients and translation becomes the need of the business. Technological advancements and arrival of machines and software which can provide translation in less amount of time are other factors fuelling the market growth.

According to a recent study report published by Market Research Future, The global market of translation service is increasing and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 2023). Language translation services include on-demand access to professional interpreters via phone, video remote, and onsite, translation and localization of any content, testing and training of bilingual and interpreter staff, implementation support and services and competitive, cost-effective language access solutions. Time sensitive and urgent translation service is a growing requirement by many industries including city transit, airports, hotels, online services such as social media companies and other customer service providers. There are a variety of solutions available but choosing the right kind of services according to the business requirements is important.

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On the other hand, lack of technical expertise and unawareness regarding the importance of the translation services are some of the factors hindering the growth of translation service market. Also, implementation of translation service will be an added service, which will ultimately result in added costs and may hamper the market growth.

Key Players

The key players of global Translation Service Market report include Rockwell Automation, Inc. (U.S.), Kuka AG (Germany), ABB Group (Switzerland), Fanuc Corporation (Japan), Yaskawa Electric Corporation (Japan), Rapyuta Robotics Co. Ltd. (Japan), Ortelio Ltd. (UK), Calvary Robotics (U.S.), Motion Controls Robotics (U.S.) and others.

Segmentation

On the basis of service type, the market is segmented into written translation services, interpretation service, others
On the basis of operation type, the market is segmented into technical translation, machine translation.
On the basis of the component, the market is segmented into hardware and software
On the basis of application, the market is segmented into commercial, automotive, IT & Telecommunication, healthcare, government and others
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world.

Regional analysis

The regional segmentation of the global translation service market segments the market into regions namely North America, Europe, Asia Pacific and rest of the world (RoW). In all the regions, higher adoption of translation services in government and security agencies dominate the market. Due to the recent rise in crime and terrorism in various countries, many government security service agencies around the world have started using translation services across the globe to identify and interpret messages and radio signals. In North America, the biggest market is the United States of America (USA), as the current government in the USA has adopted a strict policy regarding homeland security. The new policy contributes a major proportion for the growth of this market, especially in government translation Service. The other major markets in North America after the USA are Canada and Mexico.

Due to rising technological advancement, many enterprises including various startups are conducting new methodologies and partnering with service providers. With North America being the base of more than 60% of key players in this market, the second biggest market in Europe. Due to technological advancement, Europe and North America are big markets, and they are still growing. Due to quick adaptation of latest technology, both markets are being driven by factors including growing application of analytics and increasing deployment of advanced translation service features. The most important markets in Europe include France, Germany, Russia, and the United Kingdom (UK), followed by rest of Europe.

During the forecast period, Asia Pacific is expected to be the fastest growing region due to increasing initiatives by the government. Due to vast language diversity, India is a big market for translation services. Other important markets in this region include Australia, China, Japan, and New Zealand, followed by the rest of Asia Pacific. Among RoW regions, some countries are slowly and steadily receiving foreign investments which are helping their stagnant economies. Therefore, the market for translation services is emerging in Brazil and some countries in the Middle East and Africa.

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Intended Audience

Translation Service Market services providers
Software developers
Government agencies
Electronic device manufacturers
Value-added resellers
Security agencies
Research Firms

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