Pune, India -- (SBWire) -- 07/26/2018 --Market synopsis

The Global Translation Service Market is driven by huge technological advancement and arrival of machines and software which can translate any foreign language in less time. Another driver for translation services is the growing geographical outreach of enterprises, thereby increasing the foreign client base and thus develops a need for translation. Translation services are the means by which the interaction between technology and human communication is increased more efficiently. Google translate is one of the big examples of free translation service. It has been going through many advancements and now can easily detect any language, slangs, regional keywords, by written means or even by voice.

Many companies are going through various changes in terms of acquisition, partnerships, and product launches. Teleperformance, a major player, in the Translation Service Market, acquired LanguageLine Solutions. The industry has considered this acquisition as a major strategic move for the company. The company claims to provide an efficient and reliable service to its customers and clients. Another major innovator in this market, Amazon Web Services, had launched translation services. The company is aiming to get in line with Google Translate as a way for new and existing businesses to increase products and services.

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Industry News

March 2017 – Teleperformance folds LanguageLine into new unit, keeps brand. Teleperformance announced acquisition of LanguageLine Solutions in September 2016 and has been the biggest acquisition in the language industry.

November 2017 – LanguageLine Solutions wins Gold in Best in Biz Awards 2017. The company takes top prize with revolutionary LanguageLine InSight video-interpretation solution, which provides one-touch connection to over 9,000 professional interpreters. The company aims to empower clients in order to provide outstanding service and exceptional care to limited-English-proficient, deaf, and hard-of-hearing populations.

November 2017 – Amazon Web Services launches translation services as part of its AWS extravaganza. Amazon is pitching the new translate service as a way for businesses to expand products and services using its text translation tool.

Key Players

The prominent players in the market of Translation Service are- LanguageLine Solutions (U.S.), Lionbridge (U.S.), TransPerfect (U.S.), SDL (UK), GlobaLexicon (UK), Global Language Solutions, Inc. (U.S.), Ingco International (U.S.) among others.

Other vendors include Foreign Translations (U.S.), CLS Communication (Switzerland), Net-Translators (U.S.), Dynamic Language (U.S.), Zaharicom, Inc (U.S.), Cuttingedge Translation Services Pvt. Ltd (India), Babylon Software Ltd (Israel), Gengo (U.S.), Mars Translation Services (China), Straker Translations (U.S.) among others

Translation Service Global Market - Segmentation

The translation service market can be classified into 3 key segments for the convenience of the report and enhanced understanding;

- Segmentation by Type: Comprises of technical translation, scientific translation, financial translation, legal translation, judicial translation, juridical translation, literary translation and others
- Segmentation by End User: Comprises of commercial, public sector and others
- Segmentation by Region: Comprises of Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Translation Service Global Market - Regional Analysis

North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the translation service market in North America owing to the presence of a large number of established key players such as Amazon Web Services, LanguageLine Solutions, Lionbridge, TransPerfect, GlobaLexicon and Ingco International among others. Also, due to a considerable shift towards the adoption of different language translation services in the region, the market is likely to show immense growth in the coming future. Translation service market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and growing business operations across the globe. Whereas, the Europe market for translation service is expected to grow at a considerable CAGR (2017-2023).

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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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