Technavio market research analysts forecast the global language services marketto grow at a CAGR of 4% during the period 2018-2022, according to their latest report.
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Technavio has announced a new market research report on the global language services market from 2018-2022. (Graphic: Business Wire)
This market research report segments the global language services marketby end-user (healthcare, ICT, BFSI, government, and others), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight Technology adoption to enhance language translation process efficiency as a key factor contributing to the growth of the global language services market:
Technology adoption to enhance language translation process efficiency
A major market driver is the increasing demand for CAT software. The CAT software uses a computerized program to translate from one language to another language using translation memory The TM is a database used to save words from the source content along with their associated translations. The TM takes the content that was previously translated by humans and professional translators and prepopulates the new project with that content. TM stores previously translated data and offer crowd assistance to provide translations that are consistent in terms of grammar, phrasing, and spelling. As a result, professional translators can translate texts more efficiently and quickly using CAT as it provides a more streamlined and interactive editing platform. The CAT software typically consists of tools such as TM, phrase directories, and other terminology-related databases. In addition to this, CAT products can be easily integrated with TMS-enabling language translation service providers to collaborate with translators to keep translational texts organized easily.
According to a senior analyst at Technavio for education technology research, "CAT is effective for technical translations as there is a possibility for many repetitions in technical translations. Owing to its ease of use along with increased and improved efficiency, CAT software experiences significant demand, thereby driving the growth of the market. In addition to this, the growing demand for TMS further drives the growth of the market. Corporate organizations are increasingly opting for effective and efficient TMS software. TMS helps speed up the process of localization and ensures high-quality translation."
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Global language services market segmentation
The healthcare sector dominated the market with a share of close to 34% in 2017 followed by the Information and Communication Technology (ICT) sector; Banking, Financial Services and Insurance (BFSI) sector; and the government sector. The ICT sector is expected to exhibit the maximum growth of close to 2% over the forecast period.
EMEA dominated the global language services market with a market share of more than 44% in 2017, followed by the Americas and APAC. A significant increase in technologically advanced translation and localization services and an increase in the number of translation tools in EMEA are expected to drive the market in the region. The rising applicability of language services in EMEA is another factor catering to the growth of the market in the region.
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