Language Service Market Emerging Trends and Global Demands 2020: TransPerfect, Lionbridge, LanguageLine Solutions, RWS Holding and others

By: X herald
GLOBAL LANGUAGE SERVICE MARKET: SIZE, TRENDS AND FORECASTS (2020-2023)

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COMPANIES COVERED (SALES, PRICE, REVENUE, VOLUME, GROSS MARGIN AND MARKET SHARE)-

TransPerfect, Lionbridge, LanguageLine Solutions, RWS Holding and others.

EXECUTIVE SUMMARY:

Language service industry provides all the translations for different types of businesses such as healthcare, legal, information technology, etc. With increase in globalization, many organization are aiming to expand to as many country. The major challenge during such expansions are the difference in communications. In order to connect to the local people, such organization require language translation provider.

There are many segments which falls under language service industry such as translations, editing for authors, language interpretation, language education, computer assisted translations, terminology extractions, language localization, software localization and machine translations. Also, language service providers are of different infrastructure, such as, freelancers (one who translates and edits and proofreads), Single-Language Vendor (offering a wide range of translation services into one language) and Multiple-Language Vendor (a company which offer a wide range of translation services into multiple languages, enabling its clients to concentrate all of their translation requests with one vendor)

There are many benefits when contracting with a small-scale language service provider such as comfort level by building a healthy relationship, translating capability, availability of subject matter experts, linguistic capabilities, etc. But for big organizations there are four major elements which are to be checked before finalizing the language service provider. These are operational security and reliability, interpreter quality, visibility and infrastructure.

The global language service market is expected to increase at high growth rates during the forecasted period (2019-2023). The global language service market is supported by various growth drivers, such as increasing globalization, growing e-commerce, increasing online and offline content volume, etc. Yet, the market faces certain challenges, such as, data security, getting mobile application and social media savvy, etc. Few new market trends are also provided such as, importance of video translation, demand for neural machine translation tools, etc.

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WHAT ARE THE MARKET FACTORS THAT ARE EXPLAINED IN THE REPORT?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Language Service Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

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