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Research Outline
Prepared for Greg R. | Delivered April 28, 2020
Document Translation Services
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Goals
To determine the demand for online document translation services in the US.
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Early Findings
According to Verified Market Research, the global translation services market was worth roughly
$40 billion
in 2019, growing at a CAGR of 2.1% until 2027.
The biggest market for the industry was
Europe
, which dominated the market and is expected to account for the biggest growth in the foreseeable future.
The US market was worth
$6.0 billion in 2019,
an annualized increase of 3.3% since 2015.
T
h
e
US market is expected to grow at a CAGR of
2.6%
until 2025.
There were
61,205 US businesses
that offered translation services in 2019, mainly focusing on two categories: document translation and website localization.
The biggest players that offer translation services include
TransPerfect,
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,
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,
LanguageLine Solutions
,
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,
and United Language Group. Each of the mentioned players provides document translation as well.
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