USD 9.72 billion growth in Language Services Market Size With Accelerated Momentum at 4.26% CAGR – 17,000+ Technavio Reports – Press Release

NEW YORK, July 18, 2022 /PRNewswire/ — The “Language Services Market by End-user (Healthcare, ICT, BFSI, Government, and Others) and Geography (Europe, North America, APAC, South America, and MEA) – Forecast and Analysis 2020-2024” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the language services market between 2019 and 2024 is USD 9.72 billion, as per the latest report by Technavio. The report predicts the market to grow at an accelerating growth momentum at a CAGR of 4.26% during the forecast period. Technavio categorizes the global language services market as a part of the global IT consulting and other services market. 

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Key Market Dynamics:

• Market Driver: Technology adoption to enhance language translation process efficiency is a key driving factor impacting the global language services market growth. 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.
• 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 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.

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Revenue-generating Segment Highlights

The language services market report is segmented by End-user (Healthcare, ICT, BFSI, Government, and Others) and Geography (Europe, North America, APAC, South America, and MEA).  

• Revenue-generating Segment Highlights: The healthcare end-user segment held the largest language services market share in 2019. The segment will continue to account for the highest revenue during the forecast period. The growth of this segment can be attributed to the developments in the healthcare industry that will effectively contribute to the growth of this market.
• Regional Analysis: APAC will be the leading region with 31% of the market’s growth 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 propel the market growth in APAC over the forecast period. 

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Some Companies Mentioned with their Offerings

• 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.
• To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

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Key Topics Covered:

1 Executive Summary

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 01: Parent market
• Exhibit 02: Market characteristics

• 2.2 Value chain analysis
• Exhibit 03: Value chain analysis: IT consulting and other services

3 Market Sizing

• 3.1 Market definition
• Exhibit 04: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 05: Market segments

• 3.4 Market outlook: Forecast for 2020 – 2025
• Exhibit 06: Global – Market size and forecast 2020 – 2025 ($ million)
• Exhibit 07: Global market: Year-over-year growth 2020 – 2025 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 08: Five forces analysis 2020 & 2025

• 4.2 Bargaining power of buyers
• Exhibit 09: Bargaining power of buyers

• 4.3 Bargaining power of suppliers
• Exhibit 10: Bargaining power of suppliers

• 4.4 Threat of new entrants
• Exhibit 11: Threat of new entrants

• 4.5 Threat of substitutes
• Exhibit 12: Threat of substitutes

• 4.6 Threat of rivalry
• Exhibit 13: Threat of rivalry

• 4.7 Market condition
• Exhibit 14: Market condition – Five forces 2020

5 Market Segmentation by End-user

• 5.1 Market segments
• Exhibit 15: End-user – Market share 2020-2025 (%)

• 5.2 Comparison by End-user
• Exhibit 16: Comparison by End-user

• 5.3 Healthcare – Market size and forecast 2020-2025
• Exhibit 17: Healthcare – Market size and forecast 2020-2025 ($ million)
• Exhibit 18: Healthcare – Year-over-year growth 2020-2025 (%)

• 5.4 ICT – Market size and forecast 2020-2025
• Exhibit 19: ICT – Market size and forecast 2020-2025 ($ million)
• Exhibit 20: ICT – Year-over-year growth 2020-2025 (%)

• 5.5 BFSI – Market size and forecast 2020-2025
• Exhibit 21: BFSI – Market size and forecast 2020-2025 ($ million)
• Exhibit 22: BFSI – Year-over-year growth 2020-2025 (%)

• 5.6 Government – Market size and forecast 2020-2025
• Exhibit 23: Government – Market size and forecast 2020-2025 ($ million)
• Exhibit 24: Government – Year-over-year growth 2020-2025 (%)

• 5.7 Others – Market size and forecast 2020-2025
• Exhibit 25: Others – Market size and forecast 2020-2025 ($ million)
• Exhibit 26: Others – Year-over-year growth 2020-2025 (%)

• 5.8 Impact of COVID-19 on end-users

• 5.9 Market opportunity by End-user
• Exhibit 27: Market opportunity by End-user

6 Customer landscape

• 6.1 Overview
• Exhibit 28: Customer landscape

7 Geographic Landscape

• 7.1 Geographic segmentation
• Exhibit 29: Market share by geography 2020-2025 (%)

• 7.2 Geographic comparison
• Exhibit 30: Geographic comparison

• 7.3 Europe – Market size and forecast 2020-2025
• Exhibit 31: Europe – Market size and forecast 2020-2025 ($ million)
• Exhibit 32: Europe – Year-over-year growth 2020-2025 (%)

• 7.4 North America – Market size and forecast 2020-2025
• Exhibit 33: North America – Market size and forecast 2020-2025 ($ million)
• Exhibit 34: North America – Year-over-year growth 2020-2025 (%)

• 7.5 APAC – Market size and forecast 2020-2025
• Exhibit 35: APAC – Market size and forecast 2020-2025 ($ million)
• Exhibit 36: APAC – Year-over-year growth 2020-2025 (%)

• 7.6 South America – Market size and forecast 2020-2025
• Exhibit 37: South America – Market size and forecast 2020-2025 ($ million)
• Exhibit 38: South America – Year-over-year growth 2020-2025 (%)

• 7.7 MEA – Market size and forecast 2020-2025
• Exhibit 39: MEA – Market size and forecast 2020-2025 ($ million)
• Exhibit 40: MEA – Year-over-year growth 2020-2025 (%)

• 7.8 Key leading countries
• Exhibit 41: Key leading countries

• 7.9 Market opportunity by geography
• Exhibit 42: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.2 Market challenges
• Exhibit 43: Impact of drivers and challenges

9 Vendor Landscape

• 9.1 Overview
• Exhibit 44: Vendor landscape

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 47: Vendors covered

• 10.2 Market positioning of vendors
• Exhibit 48: Market positioning of vendors

• 10.3 Acolad
• Exhibit 49: Acolad – Overview
• Exhibit 50: Acolad – Product and service
• Exhibit 51: Acolad – Key offerings

• 10.4 APPEN Ltd.
• Exhibit 52: APPEN Ltd. – Overview
• Exhibit 53: APPEN Ltd. – Business segments
• Exhibit 54: APPEN Ltd. – Key news
• Exhibit 55: APPEN Ltd. – Key offerings
• Exhibit 56: APPEN Ltd. – Segment focus

• 10.5 Iyuno SDI Group
• Exhibit 57: Iyuno SDI Group – Overview
• Exhibit 58: Iyuno SDI Group – Product and service
• Exhibit 59: Iyuno SDI Group – Key news
• Exhibit 60: Iyuno SDI Group – Key offerings

• 10.6 Keywords Studios Plc
• Exhibit 61: Keywords Studios Plc – Overview
• Exhibit 62: Keywords Studios Plc – Business segments
• Exhibit 63: Keywords Studios Plc – Key news
• Exhibit 64: Keywords Studios Plc – Key offerings
• Exhibit 65: Keywords Studios Plc – Segment focus

• 10.7 LanguageLine Solutions
• Exhibit 66: LanguageLine Solutions – Overview
• Exhibit 67: LanguageLine Solutions – Product and service
• Exhibit 68: LanguageLine Solutions – Key offerings

• 10.8 Lionbridge Technologies LLC
• Exhibit 69: Lionbridge Technologies LLC – Overview
• Exhibit 70: Lionbridge Technologies LLC – Product and service
• Exhibit 71: Lionbridge Technologies LLC – Key offerings

• 10.9 SDL Ltd.
• Exhibit 72: SDL Ltd. – Overview
• Exhibit 73: SDL Ltd. – Business segments
• Exhibit 74: SDL Ltd.- Key news
• Exhibit 75: SDL Ltd. – Key offerings
• Exhibit 76: SDL Ltd. – Segment focus

• 10.10 Star Group
• Exhibit 77: Star Group – Overview
• Exhibit 78: Star Group – Product and service
• Exhibit 79: Star Group – Key offerings

• 10.11 TransPerfect Global Inc.
• Exhibit 80: TransPerfect Global Inc. – Overview
• Exhibit 81: TransPerfect Global Inc. – Product and service
• Exhibit 82: TransPerfect Global Inc. – Key news
• Exhibit 83: TransPerfect Global Inc. – Key offerings

• 10.12 Welocalize Inc.
• Exhibit 84: Welocalize Inc. – Overview
• Exhibit 85: Welocalize Inc. – Product and service
• Exhibit 86: Welocalize Inc. – Key offerings

11 Appendix

• 11.2 Currency conversion rates for US$
• Exhibit 87: Currency conversion rates for US$

• 11.3 Research methodology
• Exhibit 88: Research Methodology
• Exhibit 89: Validation techniques employed for market sizing
• Exhibit 90: Information sources

• 11.4 List of abbreviations
• Exhibit 91: List of abbreviations

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