Global Interpretation Services Market Report Description:
Global interpretation services market report gives comprehensive outlook on interpretation services across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The report on global interpretation services market gives historical, current, and future market sizes (US$ Mn) on the basis of product, application and region. This report studies global interpretation services market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global interpretation services market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed 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). Key stakeholders of the global interpretation services market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global interpretation services products.
Global Interpretation Services Market:
The global interpretation services market valued US 17,840.2 Mn in 2019 and is poised to grow with a CAGR of 6.1% over 2020-2026. 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, rising requirement of translation of webs 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.
Cloud-based Accounts for Larger Market Revenue Share in Global 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.
Asia Pacific Accounts for Larger Market Revenue Share in Global Market
Asia Pacific accounted for considerable revenue share in global interpretation services market and is expected to grow over the forecast years. The growth in this region can be attributed to growing penetration of the internet and awareness among large and mid-sized enterprises. Europe held substantial market share during estimated period owing to population accumulation of different communities.
Key player’s profiles in the global market include:
- Gengo, Inc.
- GlobaLexicon Ltd.
- LanguageLine Solutions
- Lionbridge Technologies, Inc.
- Mars Translation
- SDL PLC
- TransPerfect Translations International, Inc.
- Yamagata Corporation
Global market is surging owing to strategic alliances by key players for interpretation services to meet the demands of the customers in the market. For Instance,
- In June 2019, the company expanded its interpreting services by making InSight app availability on the Android platform.
Key Findings of the Report:
- Global interpretation services market expanding at significant CAGR over 2020 to 2026 due to rising requirement of translation of webs content
- Based on region, Asia Pacific accounted for considerable market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- Rest of Europe
- Au & NZ
- Rest of Europe
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of MEA