Market Size of the Global Language Services Industry 2009-2021
With the world becoming increasingly interconnected, the global
language services market has seen rapid growth. Over the last ten years the
market has doubled in size, reaching 46.9 billion U.S. dollars in 2019.
Generally speaking, the language services market can be divided into three segments – instruction, translation and localization. Translation differs from localization in that the former involves tasks where one language needs to be directly translated into another. This includes traditional activities such as document translation and interpreting services. Localization, on the other hand, refers to a broader process of cultural adaption, generally in . Depending on the context, either service may be required for .
As is perhaps not surprising given the region’s high level of development and linguistic diversity, . The small size of the Latin American market may appear surprising though; given . This, along with the large size of the North American market, may be in part explained by the .
Given its diverse range of languages and high level of economic
development, it is perhaps not surprising that Europe is home to the largestlanguage services market in the world, comprising almost half of the global
Language services globally
covers a broad range of
activities, from language instruction to professional translation services to
localization and voice-over services for media such as film, television, and
video games. With the world becoming increasingly interconnected through
technology, this market has more than doubled since 2009, with an of almost 50 billion U.S. dollars in 2019. And, there is good
reason to expect this market to continue growing – especially given that the
market share of the Asia Pacific region is relatively low, yet the region is
home to five of the ten .
Technology is playing an increasingly important role in the language services industry. , which is the process of using software to translate from one language to another, is a fast-growing field that is expected to more than triple in size from 2017 to 2024. Accordingly, the two – Transperfect and Lionbridge – are investing heavily in this area, offering software based ‘artificial intelligence’ translation in conjunction with their more traditional translation services.