Global Language Services Market to See Modest Growth as Economy Reopens
The global language services market, which includes speech-to-speech, speech-to-text, and text-to-text language translation, is forecasted to reach $76.99 billion in 2024, growing at a compounded annual rate of 7.92 percent, according to new research from Koncept Analytics.
The report cites increasing content localization, technological advancements, and increased consolidation of market players as some of the trends influencing the market, but also notes that the COVID-19 pandemic created a favorable impact on the market.
The report credits accelerating economic activities, increasing online video content demand, improving consumer confidence, growing pharmaceutical sales, and rapid globalization as key market drivers. However, it also notes that the industry will be challenged by growth in stringent regulations and intense competition.
The fastest-growing regional market is Europe, owing to the rise in use of voice recognition in multifactor authentication systems in financial services and government, growth in freelance translators, and rapid medical tourism.
Key companies identified in the report include Appen, Keywords Studios, LanguageLine Solutions, Lionbridge Technologies, RWS Group, and TransPerfect.