The global language services market is anticipated to grow at a CAGR of 6.6% during the forecast period. Due to the localization of businesses, the language services market is growing rapidly due to several factors, including the increasing globalization of business, and the growth of e-commerce. By localizing its products and services, a company can reach a wider audience and build stronger relationships with its customers. As more and more businesses operate in multiple countries, they need to localize their products and services to stay competitive in the market. For instance, Netflix is a streaming service that delivers films and TV shows to over 190 countries. The company has tailored its content for every market, dubbing the audio into the appropriate language and translating the subtitles. Because of this, Netflix has been able to draw sizable audiences in each market. Another company that uses language services is Airbnb. The home-sharing platform operates in over 200 countries and it supports more than 25 languages. This will help Airbnb to grow its customer base and become a leader in the global accommodation industry.
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With the rising demand for language services, market players adopted various strategies including mergers and acquisitions, partnerships, funding, collaborations, and new product launches to stay competitive in the market. For instance, in April 2022, a leading global language services company, BIG Language Solutions, announced the purchase of Milan-based Lawlinguists, a provider of legal translation services. The purchase allowed BIG’s European footprint to include Italy, Germany, and Spain, giving its clients access to legal translation services, tools, and technology.
Global Language Services Market Report Segment
By Type
- Translation Services
- Localization Services
- Interpreting Services
By Component
- Software
- Hardware
By End-User
- BFSI
- IT and Telecom
- Media and Entertainment
- Retail and E-commerce
- Healthcare
- Government
- Education
- Travel and Transport
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Language Services Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- CyraCom International, Inc.
- Global Linguist Solutions LLC
- Hogarth Worldwide Ltd
- Keywords Studios Plc
- Honyaku Center Inc.
- Iyuno
- PIXELOGIC MEDIA PARTNERS LLC.
- PTSGI, Inc.
- STAR Group
- thebigword Group Ltd
- TransPerfect
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