Authored By: Sarah
28 Feb 2022

Language Services Market 2021-2025 | Industry Forecast and Trend Analysis

Technavio has been monitoring the language services market and it is expected to grow by $ 21.67 billion, accelerating at a CAGR of almost 6.64% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.


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Language Services Market: Key Drivers and Trends to Impact Market Growth

Adoption of technology to enhance language translation process efficiency will drive market growth. North America has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. The globalization of businesses has been identified as one of the chief factors that will drive the language services market growth in North America over the forecast period. Growth by the healthcare segment has been significant in recent years and is expected to offer further growth opportunities during the forecast period.

This report provides a detailed analysis of all the factors that are likely to influence the growth of individual segments within the market as well as the overall market in focus. This analysis will enable clients to assess their play in the market and plan for growth opportunities.

Language Services Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Acolad, APPEN Ltd., Iyuno SDI Group, Keywords Studios Plc, LanguageLine Solutions, Lionbridge Technologies LLC, SDL Ltd., Star Group, TransPerfect Global Inc., and Welocalize Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.  For more insights into this market: Download a Free Sample Report

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The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market will accelerate at a CAGR of over 6.64%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 21.67 bn through 2021-2025.

     
  3. What is a key factor driving this market?
    Technology adoption to enhance language translation process efficiency will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    Europe, North America, APAC, South America, and MEA are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market:
    31% growth will originate from North America

     
  6. Who are the leading market vendors?
    The leading vendors in this market are Acolad, APPEN Ltd., Iyuno SDI Group, Keywords Studios Plc, LanguageLine Solutions, Lionbridge Technologies LLC, SDL Ltd., Star Group, TransPerfect Global Inc., and Welocalize Inc.

     
  7. What are the market segments covered in this report?
    The market is segmented by End-user (Healthcare, ICT, BFSI, Government, and Others) and Geography (Europe, North America, APAC, South America, and MEA)
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