- Â On-premise
Interpretation Services Market size was valued at USD 18,195.1 million in 2021 and is expected to reach USD 26,644.1 million by 2028, at a CAGR of 5.6% during the forecast period 2022 to 2028. Some of the key factors fueling the market growth include growing demand for the legal and judicial professions for interpretation services, increase in the number of highly skilled teams, the rising requirement of translation of web content, growing geographical outreach of companies, and increasing the foreign client base. However, lack of awareness and high costs of the services are hampering the market growth. The report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the global market report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed the global interpretation services market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Language Services have been around for a long time, and the organizations who supply them (Language Service Providers (LSP)) are businesses that provide various levels of service. Translation, interpretation, dubbing, language training, language evaluation, language technologies, and more are all examples of language services. Interpretation services are described as the facilitation of communication between users of various languages, including both spoken and signed communication, within the context of language services.
Fastest Growing Market
Cloud-based segment accounted for larger revenue share in global interpretation services market with a significant CAGR and is expected to grow over the forecast years. This mode of services requires an integrated platform of cloud computing so that the data can be accessed from anywhere and the storage capacity is also increased and is more efficient.
The interpretation services market is projected to expand at a CAGR of 5.6% during the forecast period
Gengo, Inc, GlobaLexicon Ltd, LanguageLine Solutions, Lionbridge Technologies, Inc, Mars Translation, SDL PLC, Semantix
North America is the fastest-growing region in the interpretation services market