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Global Language Services Market (Translation, Interpretation & Speech Recognition): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)

January 2021 | 71 pages | ID: G31B98921D4EEN
Koncept Analytics

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The global language services market is forecasted to reach US$76.99 billion in 2024, growing at a CAGR of 7.92% for the period spanning 2020-2024. The factors such as accelerating economic activities, increasing online video content demand, improving consumer confidence index, growing pharmaceutical sales and rapid globalization are expected to drive the market. However, growth of the industry would be challenged by growth in stringent regulations and intense competition. Few notable trends include increasing content localization, technological advancements and increased consolidation of market players. In 2020, the outbreak of COVID-19 pandemic has created an favorable impact on the market as the virtual language service providers have been increased rapidly.

Language services can be classified into text-to-text (language translation), speech-to-speech (interpreting spoken speech to another) and speech-to-text (conversion of words to text).

The fastest growing regional market is Europe owing to rise in use of voice recognition in multifactor authentication systems in BFSI, government & defence verticals, growth in freelance translators and rapid medical tourism.

Scope of the report:
  • The report provides a comprehensive analysis of the global language service market, segmented into translation, interpretation and speech recognition services.
  • The major regional markets (Europe, North America and Asia-Pacific) have been analysed.
  • The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
  • The competitive landscape of the market, along with the company profiles of leading players (TransPerfect, Lionbridge Technologies, Inc., LanguageLine Solutions, RWS Group,
  • Appen Limited and Keywords Studios Plc) are also presented in detail.
Key Target Audience:
  • Language Service Providers
  • End Users
  • Consulting Firms
  • Investment Banks
  • Government Bodies & Regulating Authorities
1. MARKET OVERVIEW

1.1 Introduction
1.2 Classification of Language Services
1.3 Users of Language Services

2. IMPACT OF COVID-19

2.1 Overview
2.2 High Language Services Demand in Medical Field
2.3 Changes in Language Services Industry

3. GLOBAL LANGUAGE SERVICES MARKET ANALYSIS

3.1 Global Language Services Market Value
3.2 Global Language Services Market Value Forecast
3.3 Global Language Services Market Value by Services
  3.3.1 Global Language Translation Services Market Value
  3.3.2 Global Language Translation Services Market Value Forecast
  3.3.3 Global Language Interpretation Services Market Value
  3.3.4 Global Language Interpretation Services Market Value Forecast
  3.3.5 Global Language Speech Recognition Services Market Value
  3.3.6 Global Language Speech Recognition Services Market Value Forecast
3.4 Global Language Services Market Value by Region

4. REGIONAL LANGUAGE SERVICES MARKET ANALYSIS

4.1 Europe
  4.1.1 Europe Language Services Market Value
  4.1.2 Europe Language Services Market Value Forecast
4.2 North America
  4.2.1 North America Language Services Market Value
  4.2.2 North America Language Services Market Value Forecast
4.3 Asia-Pacific
  4.3.1 Asia-Pacific Language Services Market Value
  4.3.2 Asia-Pacific Language Services Market Value Forecast

5. MARKET DYNAMICS

5.1 Growth Drivers
  5.1.1 Accelerating Economic Activities
  5.1.2 Increasing Online Video Content Demand
  5.1.3 Improving Consumer Confidence Index
  5.1.4 Growing Pharmaceutical Sales
  5.1.5 Rapid Globalization
5.2 Key Trends and Developments
  5.2.1 Increasing Content Localization
  5.2.2 Technological Advancements
  5.2.3 Increased Consolidation of Market Players
5.3 Challenges
  5.3.1 Stringent Regulations
  5.3.2 Intense Competition

6. COMPETITIVE LANDSCAPE

6.1 Global Language Services Market
  6.1.1 Key Players – Revenues Comparison
  6.1.2 Key Players – Market Cap Comparison

7. COMPANY PROFILES

7.1 TransPerfect
  7.1.1 Business Overview
  7.1.2 Business Strategies
7.2 Lionbridge Technologies, Inc.
  7.2.1 Business Overview
  7.2.2 Business Strategies
7.3 LanguageLine Solutions
  7.3.1 Business Overview
  7.3.2 Business Strategies
7.4 RWS Group
  7.4.1 Business Overview
  7.4.2 Financial Overview
  7.4.3 Business Strategies
7.5 Appen Limited
  7.5.1 Business Overview
  7.5.2 Financial Overview
  7.5.3 Business Strategies
7.6 Keywords Studios Plc
  7.6.1 Business Overview
  7.6.2 Financial Overview
  7.6.3 Business Strategies

LIST OF FIGURES

Classification of Language Services
Global Language Services Market Value (2015-2019)
Global Language Services Market Value Forecast (2020-2024)
Global Language Services Market Value by Services (2019)
Global Language Translation Services Market Value (2015-2019)
Global Language Translation Services Market Value Forecast (2020-2024)
Global Language Interpretation Services Market Value (2015-2019)
Global Language Interpretation Services Market Value Forecast (2020-2024)
Global Language Speech Recognition Services Market Value (2015-2019)
Global Language Speech Recognition Services Market Value Forecast (2020-2024)
Global Language Services Market Value by Region (2019)
Europe Language Services Market Value (2015-2019)
Europe Language Services Market Value Forecast (2020-2024)
North America Language Services Market Value (2015-2019)
North America Language Services Market Value Forecast (2020-2024)
Asia-Pacific Language Services Market Value (2015-2019)
Asia-Pacific Language Services Market Value Forecast (2020-2024)
Global GDP per Capita (2015-2019)
Global Video-on Demand Industry (2019-2024)
Consumer Confidence Index in US and Europe (2015-2019)
Global Pharmaceutical Industry (2015-2019)
Key Players – Market Cap Comparison
RWS Revenues and Profit (2015-2019)
RWS Revenues by Segments (2019)
Appen Revenues and Net Profit (2015-2019)
Appen Revenues by Segments (2019)
Appen Revenues by Region (2019)
Keywords Studios Revenues and Profit (2015-2019)
Keywords Studios Revenues by Services (2019)
Key Players – Revenues Comparison (2019)


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