Global Translation Services Market Analysis
At Verified Market Research, we provide a market study that encompasses both qualitative and quantitative assessments of latest trends for the market segmentations classified by our analysts. According to Verified Market Intelligence, the Global Translation Services Market was valued at USD 37.26 billion in 2017 and is projected to reach USD 43.91 billion by 2025, growing at a CAGR of 2.1% from 2018 to 2025.
What is Translation Services?
Translation is a mode of conveying one form of language in other. With growing customer outreach the need for translation services has been accelerated to satisfy the needs of the customers based on their preferences of language. It has been observed that various companies have been opting for the translation services in order to provide comfort to their national as well as international clients. This mode of services requires an integrated platform of big data analytics and cloud computing so that the data can be accessible from anywhere and the storage capacity is also increased and is more efficient.
Global Translation Services Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
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The adoption of translation services by various industries as well as government agencies and increase in digitization and has boosted the market. These characteristics are the main drivers for the global translation services market as it makes the digital world simpler for the customers. Increased complexity in the type of platform used to develop such services and high cost for the development has affected the industries at a global level.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The "Global Translation Services Market" is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market. This can be of a great use in gaining knowledge about the cutting-edge technologies in the market.
Global Translation Services Market Competitive Landscape
The "Global Translation Services Market t" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Mission Essentials, LanguageLine, Lionbridge, Alchemy, RR Donnelley, Lingotek, PROZ/KUDOZ, Moravia, TransPerfect, STAR Group, Welocalize, CLS Communication, Thebigword Group, Logos Group, Yamagata and Semantix. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Translation Services Market Segmentation, by Application
On the basis of application, Global Translation Services market is segmented into:
Financial & Banking
Tourism & Travel
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The legal segment dominated the market in 2017, while tourism & travel segment is projected to grow at the highest CAGR over the forecast period.
Global Translation Services Market Segmentation, by Type
On the basis of Type, Global Translation Services Market is categorized into:
Written translation services
The written translation services segment accounted for largest market share of the global market in the year 2017 and is expected to lead the market in the forecast period.
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