Market Trends of Language Services Industry
Translation Services is Expected to Witness Significant Growth
- Within language services translation services play a key role in facilitating communication between users of different languages. These services encompass both spoken and signed communication and follow the International Standards Organization (ISO) definition that states the rendering of a spoken or signed message into another language by preserving the meaning of the source language content.
- The growing customer outreach has enhanced the scope of translation services to fulfill the customers' needs, barring language preferences. Historical data signifies that various companies are opting for translation services to provide comfort to their national and international clients.
- Translation services usually require an integrated cloud computing platform and big data analytics to ensure data access from anywhere. This also results in increased storage capacity and more efficiency.
- With more and more companies offering their services online, the need for websites and web content translation has grown. Businesses globally are seeking translation services to serve their customers and keep up with their demands. While individuals are also using this type of service, the share of such usage is minimal.
- According to the latest figures, around 300 hours of video content is being uploaded to YouTube every minute, and approximately 5 billion videos are being watched daily by users. Also, about 70% of YouTube viewers are from outside the United States and are non-English speaking people. This trend is increasing the demand for video translations and localizations on a large scale. The post-editing of machine translations (PEMT) is expected to be a major trend in the translation services domain during the forecast period.
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North America Holds Largest Market Share
- The language services market in the North American region is expected to witness significant growth owing to its increasing diversity. As the region's population continues to shift and become more diverse, the need for effective language services is expected to increase in all industries across the region, and qualified translators and interpreters are crucial in serving the needs of this increasingly diverse population.
- The advent of multicultural marketing has become an important topic these days, and it is expected to drive the demand for language services. The region's changing demographics have made marketing strategies to diverse communities a priority for multiple businesses that previously relied only on a single language.
- According to the US Census Bureau, more than 350 languages are spoken in the United States. The Asian population is also rising owing to increased immigration. New immigration trends are expanding the language services market to serve these populations.
- Understanding the current language trends in their region and how they continue to shape the market and the country helps organizations understand the rapidly rising need for providing multicultural consumers with much more effective communication through professional language services.
- The players in the market are looking to strengthen their competitiveness through various efforts such as multiple M&A activities, product innovation, increased R&D, and exploration of overseas markets. For instance, AppTek, a leader in AI, Machine Learning ML, Automatic Speech Recognition (ASR), Neural Machine Translation (NMT), and Natural Language Understanding (NLU) technologies, announced a new partnership with TransPerfect. The combined capabilities of AppTek's powerful ASR engine and TransPerfect's specialized translation and localization services will further improve customer workflows by reducing project turnaround times.
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