The translation services market is growing because people need interpreting and written translation services. The market identifies an increase in the therapeutic industry, which is the prime reason behind the translation market growth. Below you will find the overview of the translation services market 2022.
Revenue of Translation Services Market
In 2016, the revenue of the translation services market was a million USD, and it increased over time. The size is expected to increase in 2026. Undoubtedly, 2020 was an unusual year for the translation industry, and they tried to deal with the impact of the pandemic similarly to other industries.
Now you can see new trends in 2022 in the translation industry. Here is an overview of the translation industry.
2022 Forecast for Translation Industry
The value of the translation service industry was $47.5 billion to $48.4 billion in 2020 as compared to $49.6 billion in 2019. As the industry stabilized and people learned how to survive in the pandemic, an increase in growth was expected. In 2021, the industry’s overall value was $51.6 billion to $52.9 billion. More growth is expected in 2022, from $54.8 billion to $57.7 billion.
Translation Services Market 2022
Nowadays, the translation service market is undergoing significant changes because of pandemics and the evolution of technology. For this reason, there are new trends in 2022 for the translation industry.
Machine Translation Evolution
Machine translation has several advantages, and it delivers faster translation at a cost-effective rate. Its quality can be lower than human translation. Google translate provides you with several answers to misconceptions about machine translation.
Several people believe that machine translation is unreliable and inaccurate. It is not true because machine learning is the future of the translation industry. Neural networks and machine learning advances allow tech firms to disrupt the language space. There is no comparison between Google Translate and machine translation. Remember, Google translate was started in 2006.
In 2022, the translation services industry can tackle this gap and educate clients about the future of this industry and the role of machines.
MTPE (Machine Translation Post-Editing)
MTPE services mean a human proofreader is involved in fixing translation. The idea is to take inaccurate machine translation and send it to a human to fix errors. It is based on accurate perceptions instead of current reality. As a result, the experience will be collaborative, with humans and machines working together.
According to the translation services market 2022, the contribution of humans and machines results in accurate, cost-effective, and fast translations. It can be the future of the translation industry.
Collaboration Tools
Several professionals and businesses have learned to work remotely in the past few years. Remote jobs are available to translate text and offer translation services. Remember, the translation market has been following this practice for several years.
Video calling brings interesting improvements in this industry. People have different options to collaborate through tools and platforms. You can manage your translation projects through Trello and other similar boards.
The translation industry keeps up with the change and uses the latest tools. There will be new tools and techniques for work according to the translation services market 2022.
Machine Translation Market Size and Industry Trends
In 2021, the MT market size reached a value of 800 million dollars, and it is expected to expand by more than 30 percent CAGR between 2022 and 2030. Experts are focusing on improving customer experience to improve the growth of the machine translation industry. Indeed, key players across several segments are focusing on the experience of users in respect of communication.
Meta is working on a global speech translator to facilitate conversion between different people in natural languages. Moreover, the company plans to build AI models to learn from languages with some examples. It allows them to communicate smoothly across WhatsApp, Facebook, and Instagram.
The strict lockdown measures by governments dramatically increased the use of online platforms for documentaries, TV shows, and movies. As a result, content providers concentrate on translation services to improve their client base. In 2020, the machine translation market greatly impacted the coronavirus outbreak.
Better R&D Activities for Machine Translation
Demand for machine translation is consistently increasing from companies and enterprises. Business wants to capture the growing market through expansion in their portfolio. The neural machine translation market of the USA is confident in achieving goals of over 25 percent through increasing focus on technological advancements. For example, the NMT system is a new introduction to leverage metadata as inputs for machine translation output customization.
The latest tools are useful for professionals focusing on flawless user-influenced machine translations and localization. The Cloud machine translation industry UK observes a consistent growth rate, such as 29 percent, and they can achieve it by improving the use of technology in large businesses and SMEs.
Nowadays, businesses are transferring their data to a special cloud-based infrastructure to improve communication, data security, mobility, security, and accessibility and decrease maintenance costs. The international participants provide cloud-based machine translation according to evolving requirements of the business sector.
Increasing Concentration from e-Commerce Players
The e-Commerce segment in the MT industry is expected to expand at over 33 percent CAGR from 2022 to 2030. After the pandemic, people tend to rely more on e-commerce to purchase luxury and essential items, clothes, electronics, and groceries.
New Strategic Relationships for Language Service Organizations
The machine translation industry of Asia Pacific accounted for almost 20 percent of revenue in 2021, and this industry will grow because of an increasing number of associations between stakeholders. In April 2022, ATC (Association of Translation Companies) and CITLoB (Confederation of Interpreting and Translation and Localization businesses) from India announced their collaborations to help businesses in the translation service industry.
They are passionate about making new connections and confirming their existence in new markets. Undoubtedly, this partnership will be beneficial for Indians to develop in an evolving market. The assistance is growing from regional and global companies to boost the entry of new people into the business.
Concentrate on Adding Advanced Features for Better User Experience
Presently, business leaders aim to develop their portfolios to meet customers’ changing requirements. For example, AWS (Amazon.com) in February 2011 introduced customization formality in Amazon translation (a neural machine translation service).
This feature is useful for customers to modify the formality level in translation output for six languages such as Japanese, Spanish, French, Italian, Hindi, and German.
The translation market prefers cloud or on-premise deployment models. Undoubtedly, machine translation is famous in BFSI, automotive, e-commerce, healthcare, electronics, military and defense, and telecommunication and IT. Remember, the translation services market 2022 are for the following regions.
- North America
- Canada
- United States
- Europe
- Germany
- UK
- Italy
- Nordic
- Spain
- France
- Asia Pacific
- Japan
- China
- South Korea
- Singapore
- Australia
- India
- Latin America
- Brazil
- Latin America
- Argentina
- Mexico
- MEA
- South Africa
- GCC
Competitive Landscape
The main players in the machine translation market are Alibaba cloud, AWS, AppTek LLC, Cloudwords Inco, Google LLC, IBM Corporation, Microsoft Corporation, Moravia IT s.r.o, Omniscient Technologies, Lionbridge Technologies, Tencent Cloud TMT, Saytran International, and Smart Communications.
Components of Language Services
Language services mean assistance solutions for language that offer training, localization, comprehension, translation, and interpretation services. For instance, translation provides electronic, multimedia, and written materials for dubbing, voice-over, narration, and transcription.
Undoubtedly, translation services have several benefits, including geographical outreach, effective communication, skill development, high accuracy rate, and user interactive learning platforms. Moreover, adopting machine translation services promotes technology integration with communication.
Indeed, language services have wide uses across various sectors, such as BFSI, automotive, education, telecommunication, IT, medical and legal. The increasing demand for translation services may be connected to quick advancements in the telecommunication and IT industry. As a result, software development occurs for accurate interpretation and translation results.
Undoubtedly, current key players in the market can impact translation services market size and forecast 2022. Moreover, rapid globalization and internet connectivity augment the increasing need for machine translation services. With better geographical outreach, several companies opt for these services.
Businesses can satisfy their international clients and permit companies to express their services efficiently. They can create a quick and efficient learning platform for better global adoption. Additionally, the inclination of growing consumers is increasing towards language services for cross-cultural and multilingual communication.
Industry Investment
Besides increasing industry investments, translation services, interpretation outsourcing, and rapid translation influx have contributed to market growth. Moreover, the increasing influence of social platforms results in content localization and visual translation. These methods are in demand because businesses need good communication with their clients.
Language services become important for medical tourism, global business translation, on-site work stays, and leisure tourism. All these factors play an important role in catalyzing the translation industry.
In this scenario, you cannot ignore the educational sector where students get a chance to study foreign language courses. These courses are available in off-site and on-site locations, in-country forums, tutorials, and semi-private and private classrooms. All these things are enough to explain the demand for language services.
Several technological upgrades and artificial intelligence emergence play an important role in this sector. It will fuel the current growth of the worldwide language service market.
