The translation and localization services market was valued at around USD 40 billion in 2016 and is expected to surpass USD 46 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on translation and localization services for the period 2017-2021. This market study discusses the chief drivers and key developing trends that will influence the growth of the translation and localization services market during the forecast period. Some of the top vendors listed in this industry analysis include Lionbridge Technologies, TransPerfect, HPE ACG, LanguageLine Solutions, and SDL.
As per the geographical analysis, Europe is the largest shareholder in the global market, with a market share of around 53%. The machine translation sector primarily drives the European market due to the exponential rise in translation needs arising from the growth of globalized contexts.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The increasing scalability of translation achieved with the adoption of advanced technologies will fuel the growth in the translation and localization services market. The use of technology offers translations in shorter TAT and seamless translations. Organizations need simple and seamless translation, and this can be achieved using technology as it involves integrated and customizable platforms with active automated processes. These solutions are specifically designed to provide fast response time and efficiency throughout the customer journey, which includes initiation of the translation requests to in-country review and publishing. Moreover, the rising adoption of Google Translate application and free machine translation from Microsoft Translator will attract more users in the global market.”
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The new procurement market intelligence reports study some of the main drivers and trends affecting the growth of this market and its sub-segments.
Increase in globalization
The market is driving the growing need for translation services by companies taking their products overseas and running multilingual marketing campaigns from their home base. Moreover, globalization and increase in immigration will boost the demand for translation services owing to the influx of diverse cultures and business ideas. The area of translation that is impacted by immigration include documents such as birth certificates, driving license, diplomas, language pairs, which include the need for translation between native languages and marketing by localizing marketing content of the product for the immigrant’s communities.
Rise in number of regulated industries
The growth in the world population is augmenting the global demand for various industries and the requirement of translation services. The rise in the number of regulated industries such as healthcare, financial institutions, construction, and life sciences will revolutionize the translation and localization services market during the forecast period. For instance, in the healthcare sector, translation of healthcare product information and volume of legal and compliance documentation associated with healthcare and pharmaceutical products, which require specialized translation knowledge and increase the need for these services.
Continuous growth of mobile, e-commerce, and IoT
The increasing and rapid growth in the e-commerce, mobile, and social media sectors is driving the global market for localization and translation services. The exponential growth of the e-commerce market in Asia, some of the leading companies, are looking forward to partner with global localization service providers that can culturally adapt products and services and get them ready for a new audience. Such requirement for professional services will contribute to the revenues of this market during the next few years.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Translation and Localization Services Market – Procurement Market Intelligence Report 2017-2021.’
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