Industry Background:
Interpretation services help companies around the world to communicate, from one-to-one conversations to huge conferences. Interpretation services can be defined as the facilitation of communication between users of different languages, encompassing both spoken as well as signed communication. The International Standards Organization (ISO) definition for interpreting is “Rendering a spoken or signed message into another spoken or signed language, preserving the register and meaning of the source language content.”
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | LanguageLine Solutions (United States), HI-COM (China), Ad Verbum (United Kingdom), Aspena (Czech Republic), Dynamic Language (United States), LanguageLine Solutions (United States), TOMEDES (United States), TRANSPERFECT (New York), Day Translations, Inc (New York) and Lionbridge Technologies, Inc. (United States) |
This growth is primarily driven by The growing demand in the legal and judicial professions for interpretation services, Rapid Increase in Tourism Industry and Rise of Remote Interpretation Services.
Globally, a noticeable market trend is evident The Healthcare Industry has been witnessed to be coming under increasing pressure to provide translation and interpreting services for limited English proficiency (LEP) patients (especially ones that are more cost-effective). The Business Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as LanguageLine Solutions (United States), HI-COM (China), Ad Verbum (United Kingdom), Aspena (Czech Republic), Dynamic Language (United States), LanguageLine Solutions (United States), TOMEDES (United States), TRANSPERFECT (New York), Day Translations, Inc (New York) and Lionbridge Technologies, Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The interpretation services market is highly competitive, with a large number of providers offering a wide range of language interpretation and translation services. The players are focused on quality and accuracy of the services, the prices of the services, and the range of services they provide. To improve the efficiency and accuracy of their services, many players are now adopting technology-driven solutions such as machine translation and artificial intelligence. Thus, companies are striving to enhance capabilities and expand services to meet the growing demand for interpretation services.
Key Developments in the Market:
In November 2022, LanguageLine Solutions acquired Capita Translation and Interpreting (Capita TI), a leading provider of language services in the United Kingdom. The acquisition will strengthen LanguageLine's presence in the European market and enhance its capabilities in providing language interpretation and translation services.
In June 2022, Equiva and LanguageLine Solutions formed a partnership to improve language interpretation services in healthcare settings. This partnership aims to advance health equity by ensuring that non-English-speaking patients have access to accurate interpretation services during medical visits, hospital stays, and other healthcare interactions.
Influencing Trend:
The Healthcare Industry has been witnessed to be coming under increasing pressure to provide translation and interpreting services for limited English proficiency (LEP) patients (especially ones that are more cost-effective).
Market Growth Drivers:
The growing demand in the legal and judicial professions for interpretation services, Rapid Increase in Tourism Industry and Rise of Remote Interpretation Services
Challenges:
Lack of awareness concerning interpretation technologies
Restraints:
High Cost of Translation Services
Opportunities:
The increasing globalization and foreign investment policies of many developed countries and The growing immigration from one country to another for jobs and education
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Interpretation Services Market
- Analysis about New Entrants in Interpretation Services Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Interpretation Services Study Sheds Light on
The Interpretation Services Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Interpretation Services industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Interpretation Services industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.