Global Interpretation Services
Market Report
2024
The Global Interpretation Services market size was USD 19.1 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 6.10% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global interpretation services market size was USD 19.1 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 6.10% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Interpretation Services Market Sales Revenue 2022 | $ 19.1 Billion |
Global Interpretation Services Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.1% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Interpretation Services industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Interpretation Services Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
An interpretation service means the conversion of language by a qualified individual or service to facilitate communication between people who speak different languages. The main goal of interpretation is to convey accurate and effective communication. Interpret services can happen in various areas such as business meetings, conferences, legal proceedings, healthcare settings, and others. Interpretation Services are one of the forms of Language Services.
As a result of business globalization and the growth of international trade, there is an increasing demand for interpretation services. People who speak various languages may communicate due to services like interpretation. They facilitate communication between languages and speed up business transactions. There is an increase in demand across various application sectors, including financial & banking. This is anticipated to drive the market expansion.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the interpretation services industry.
For instance, on-demand, one-touch access to more than 13,000 qualified, medically certified translators who speak 240+ languages will be made available by Language Line Solutions Blue Stream Health starting in November 2020. Without an appointment, these connections can be created in seconds.
(Source:www.mcknights.com/news/products/bluestream-health-integrates-language-interpretation-services/)
An industry that is quickly growing is the market. With the development of technology comes a greater demand for services. Most recently, remote interpretation has allowed interpreters to provide services without being in person. Companies using linguistic services for conferences, seminars, and other events are becoming more and more prevalent. Another innovation is the availability of internet platforms for virtual interpretation, which enable interpreters to connect with clients and provide interpretation services from anywhere in the world. While providing their customers with a more individualized experience has allowed businesses to save time and money. Lastly, artificial intelligence is used to automate a few linguistic services, such as speech recognition and machine translation.
As of late, around 300 hours of video footage are posted to YouTube every minute, and users watch that content around 5 billion videos each day. About 70% of YouTube visitors are non-English speakers outside the United States.
(Source:www.globalmediainsight.com/blog/youtube-users-statistics/)
This trend is growing significantly due to the need for video translations and localizations. During the projection period, post-editing of machine translations (PEMT) is anticipated to be a significant trend in the translation services industry.
The constraints of lack of awareness in the interpretation services market. With so many restrictions, the market can be a difficult effort. Understanding the industry is crucial because forecasting market trends can be difficult without fully grasping the competitive landscape. It is also necessary to fully comprehend the underlying data and its sources to interpret the market. Without reliable sources, it may be difficult to have faith in the integrity of the data, making it difficult to diagnose with assurance.
By claiming human lives, causing irreparable corporate losses, and having an effect on the global economy, COVID-19 shocked the world last year. No one was prepared for the effects of the virus, so it arrived as a menace to the entire planet. World health workers struggled to discover suitable answers due to treatment and symptoms that were unknown. Still, they tried to help those in need by giving them enough aid while keeping track of patients and their medications to cure and fix other patients with similar symptoms. Translation services successfully bridge the gap between patients, doctors, and government officials, keeping ethics to treat diseased people better because colleges, offices, universities, and other places have various populations worldwide. The market size for translation services increased by 40% during the COVID-19 epidemic. It increased 19 times more, giving individuals an advantage over illness and assisting people worldwide in these trying times.
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The competition in the market for interpretation services is fierce and varied. It includes a range of suppliers, from large global corporations to smaller specialized businesses. Due to globalization and technological growth, there is intense competition among firms to offer cutting-edge solutions, expert translations, and interpreting.
June 2022: TransPerfect said it has partnered with top law firms to offer pro bono services in support of a widespread initiative by former Afghan judges to apply for asylum in the United Kingdom. Legal documents for many refugee claims required free interpretation services from TransPerfect Legal Solutions (TLS) in Pashto and Dari. The campaign is a multifaceted, international team effort that includes attorneys from well-known law firms, and it was launched in reaction to the possible threat that these judges would face when the Taliban took over Afghanistan.
January 2021: One of Europe's biggest translation contracts went to Semantix and its partner ES Team in response to the EU Commission's call for tender GROW/2020/OP/0002. This tender would make all translation services for EU languages available to aid the EU's transition to a smart, sustainable, and inclusive economy.
(Source:www.semantix.com/press-room/semantix-esteam-win-giant-eu-commission-contract)
Top Companies Market Share in Interpretation Services Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2022 and accounted for a share of more than 36.7% of the global revenue due to several variables. Due to the region's growing diversity, the market for interpretation services in North America is anticipated to experience significant expansion. All industries in the region are likely to experience an increase in the demand for effective interpretation services as the region's population continues to change and become more varied. Qualified translators and interpreters are essential in meeting the needs of this population's changing demographics.
According to Cognitive Market Research, the expansion of numerous sectors' operations at larger scales throughout important geographies is principally responsible for the growth of the US market. The main consumers of translation and interpreting services in the United States include well-known end-use businesses like BFSI, IT & telecom, healthcare, pharmaceuticals, and government services. This is mostly attributable to the rising tide of immigrants wanting to settle down and start a successful career.
In order to ensure consumer satisfaction, the market for translation services has boomed recently in rural and metropolitan areas and within government institutions. There have been numerous contributions from entrepreneurs in Asia-Pacific nations like China, Japan, Australia, New Zealand, and India. Smaller businesses have worked with bigger businesses to understand client needs better and create new, quicker ways to unravel issues and offer the best solutions. China is anticipated to stand out among all the APAC nations.
The current report Scope analyzes Interpretation Services Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Interpretation Services Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Interpretation Services Industry growth. Interpretation Services market has been segmented with the help of its Type, Application , and others. Interpretation Services market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, written translation services are utilized most frequently in the market for interpretation services due to tremendous technological advancement and a surge in foreign customers. In addition, as the volume of papers in many languages rises, more companies are hiring translators to broaden their clientele internationally. The need for written translation services is expected to be quite strong during the projected period due to the high demand from the legal, medical, travel, and tourism industries.
Interpretation services are the second-most used product. While written service rules the market, interpretation services are still necessary for some interpretation services; interpretation services fall under the category of interpretation services and are described as the facilitation of spoken and signed communication between speakers of various languages.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Interpretation Services Industry. Request a Free Sample PDF!
Translation services for legal applications are the interpretation services market's most popular offering. Because more non-English speaking clients are coming to the United States due to immigration, there is a growing need for legal translators and interpreters. Additionally, the legal translator provides interpretation services to its international clients over the phone or by video remote translation. They also offer escorted, simultaneous, and sequential interpretation, all of which help the legal translation market expand throughout the projection year.
According to Cognitive Market Research, translation services for translation services for medical applications is the second-most popular product. The need for interpreters in the healthcare industry is growing. Thanks to medical tourism, patients are looking into options for receiving inexpensive, fulfilling treatments worldwide. It can be difficult to communicate with international patients when they are speaking their language. Interpreters communicate between the doctor and the foreign patient, enabling hospitals to provide precise medical care.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
Swasti an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
In her current role, Swasti manages research for service and software category, leading initiatives to uncover market opportunities and enhance competitive positioning. Her strong analytical skills and ability to provide clear, impactful findings have been crucial to her team’s success. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations, Swasti remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Interpretation Services Market is witnessing significant growth in the near future.
In 2023, the Written Translation Services segment accounted for noticeable share of global Interpretation Services Market and is projected to experience significant growth in the near future.
The Translation Services for Legal Applications segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies TransPerfect , LanguageLine and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the interpretation services industry. Language Services have been around for a long period of time, and the providers for these services (Language Service Providers (LSP)) are companies that offer varying degrees of service.
Disclaimer:
Type | Written Translation Services, Interpretation Services, Other Translation Service Types |
Application | Translation Services for Legal Applications, Translation Services for Financial & Banking, Translation Services for Medical Applications, Translation Services for Tourism & Travel, Other Translation Service Types |
List of Competitors | TransPerfect, Lionbridge, LanguageLine, SDL, RWS, WELOCALIZE, Yamagata Corporation, Semantix, Logos Group, Lingotek, MISSION ESSENTIAL PERSONNEL, LLC., Alchemy, THEBIGWORD GROUP, PROZ, STARS Group. |
This chapter will help you gain GLOBAL Market Analysis of Interpretation Services. Further deep in this chapter, you will be able to review Global Interpretation Services Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Interpretation Services market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Written Translation Services have a significant impact on Interpretation Services market? |
What are the key factors affecting the Written Translation Services and Interpretation Services of Interpretation Services Market? |
What is the CAGR/Growth Rate of Translation Services for Legal Applications during the forecast period? |
By type, which segment accounted for largest share of the global Interpretation Services Market? |
Which region is expected to dominate the global Interpretation Services Market within the forecast period? |
Segmentation Level Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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