Market Overview:
The global interpretation services market is expected to grow from USD 5.27 billion in 2018 to USD 10.06 billion by 2030, at a CAGR of 8.5% from 2018 to 2030. The growth of the market can be attributed to the increasing demand for interpretation services from individual and enterprise users across the globe, and rising number of conferences and exhibitions worldwide. However, lack of awareness about interpretation services among end-users is a major restraining factor for the growth of this market. Based on type, the global interpretation services market can be segmented into on-premise and cloud-based segments. The on-premise segment is expected to hold a larger share than the cloud-based segment during the forecast period.
Product Definition:
Interpretation services are professional services that involve the interpretation of spoken or sign language from one language to another. The purpose of interpretation services is to ensure that communication between people who speak different languages is as effective as possible. Interpreters work with individuals, groups, and organizations to help them communicate with each other.
On-premise:
On-premise is a term used for software and data that are stored on the end user's computer system. The data or software can be installed on the end users computer hard drive, server, or other storage devices. It is an approach where all of the critical information such as client files, databases and programs are stored internally within an organization's network to protect them from external threats such as hackers and vandals.
Cloud-based:
Cloud-based is a term used to define software or applications that are hosted by a third party on their server. The data or programs are stored remotely using digital storage and can be accessed from any location in the world. It offers benefits such as easy accessibility, cost effectiveness, and quick retrieval of information.
Application Insights:
The others application segment accounted for the largest revenue share in 2017 and is projected to expand at a CAGR of XX% over the forecast period. The growth can be attributed to an increase in demand for translation services across various applications, including medical, legal and financial interpretation. For instance, Google has launched its own language service platform called Google Translate Labs that provides real-time language translation between speech input methods (voice) and more than 40 languages through machine learning technology.
Medical interpreting is expected to emerge as the fastest-growing segment owing to an increase in healthcare spending coupled with a rise in population susceptible to hearing impairment or deafness that requires medical interpreter support for communication during treatment procedures or surgeries.
Regional Analysis:
North America dominated the global market in 2017. The growth of this region can be attributed to the presence of a large number of service providers and increased demand for quality translation services. Asia Pacific is expected to witness significant growth over the forecast period owing to increasing outsourcing activities in various industries, such as IT & telecom, legal, medical and financial services among others. Moreover, rising investments by governments in developing countries are anticipated to fuel regional market expansion over the next eight years. Companies such as Microsoft Corporation; Google LLC; IBM Corporation; NTT Docomo Inc.; Baidu Inc.; Alibaba Group Holding Ltd.; Tencent Holdings Limited; Wistron Corp.
Growth Factors:
- Increasing demand for interpretation services from the business sector
- Growing number of international events and conferences
- Rising number of immigrants and refugees worldwide
- Proliferation of technology-assisted interpretation services
- Growing demand for language translation services
Scope Of The Report
Report Attributes
Report Details
Report Title
Interpretation Services Market Research Report
By Type
On-premise, Cloud-based
By Application
Individual, Enterprise, Others
By Companies
LanguageLine Solutions, HI-COM, Ad Verbum, Aspena, Day Translations, Dynamic Language, LanguageLine Solutions, Welocalize Life Sciences, GMR Transcription Services, Interpreters and Translators, InWhatLanguage, ISI Language Solutions, CTS LanguageLink, Language Connect, Foreign Translations
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
230
Number of Tables & Figures
161
Customization Available
Yes, the report can be customized as per your need.
Global Interpretation Services Market Report Segments:
The global Interpretation Services market is segmented on the basis of:
Types
On-premise, Cloud-based
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Individual, Enterprise, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- LanguageLine Solutions
- HI-COM
- Ad Verbum
- Aspena
- Day Translations
- Dynamic Language
- LanguageLine Solutions
- Welocalize Life Sciences
- GMR Transcription Services
- Interpreters and Translators
- InWhatLanguage
- ISI Language Solutions
- CTS LanguageLink
- Language Connect
- Foreign Translations
Highlights of The Interpretation Services Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- On-premise
- Cloud-based
- By Application:
- Individual
- Enterprise
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Interpretation Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Interpretation Services is a company that provides interpretation and translation services. They offer interpreting and translation for legal, medical, business, academic, and other specialized purposes.
Some of the key players operating in the interpretation services market are LanguageLine Solutions, HI-COM, Ad Verbum, Aspena, Day Translations, Dynamic Language, LanguageLine Solutions, Welocalize Life Sciences, GMR Transcription Services, Interpreters and Translators, InWhatLanguage, ISI Language Solutions, CTS LanguageLink, Language Connect, Foreign Translations.
The interpretation services market is expected to grow at a compound annual growth rate of 8.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Interpretation Services Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Interpretation Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Interpretation Services Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Interpretation Services Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Interpretation Services Market Size & Forecast, 2018-2028
4.5.1 Interpretation Services Market Size and Y-o-Y Growth
4.5.2 Interpretation Services Market Absolute $ Opportunity
Chapter 5 Global Interpretation Services Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Interpretation Services Market Size Forecast by Type
5.2.1 On-premise
5.2.2 Cloud-based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Interpretation Services Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Interpretation Services Market Size Forecast by Applications
6.2.1 Individual
6.2.2 Enterprise
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Interpretation Services Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Interpretation Services Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Interpretation Services Analysis and Forecast
9.1 Introduction
9.2 North America Interpretation Services Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Interpretation Services Market Size Forecast by Type
9.6.1 On-premise
9.6.2 Cloud-based
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Interpretation Services Market Size Forecast by Applications
9.10.1 Individual
9.10.2 Enterprise
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Interpretation Services Analysis and Forecast
10.1 Introduction
10.2 Europe Interpretation Services Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Interpretation Services Market Size Forecast by Type
10.6.1 On-premise
10.6.2 Cloud-based
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Interpretation Services Market Size Forecast by Applications
10.10.1 Individual
10.10.2 Enterprise
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Interpretation Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Interpretation Services Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Interpretation Services Market Size Forecast by Type
11.6.1 On-premise
11.6.2 Cloud-based
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Interpretation Services Market Size Forecast by Applications
11.10.1 Individual
11.10.2 Enterprise
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Interpretation Services Analysis and Forecast
12.1 Introduction
12.2 Latin America Interpretation Services Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Interpretation Services Market Size Forecast by Type
12.6.1 On-premise
12.6.2 Cloud-based
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Interpretation Services Market Size Forecast by Applications
12.10.1 Individual
12.10.2 Enterprise
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Interpretation Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Interpretation Services Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Interpretation Services Market Size Forecast by Type
13.6.1 On-premise
13.6.2 Cloud-based
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Interpretation Services Market Size Forecast by Applications
13.10.1 Individual
13.10.2 Enterprise
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Interpretation Services Market: Competitive Dashboard
14.2 Global Interpretation Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 LanguageLine Solutions
14.3.2 HI-COM
14.3.3 Ad Verbum
14.3.4 Aspena
14.3.5 Day Translations
14.3.6 Dynamic Language
14.3.7 LanguageLine Solutions
14.3.8 Welocalize Life Sciences
14.3.9 GMR Transcription Services
14.3.10 Interpreters and Translators
14.3.11 InWhatLanguage
14.3.12 ISI Language Solutions
14.3.13 CTS LanguageLink
14.3.14 Language Connect
14.3.15 Foreign Translations
