Translation Services Market Overview

• According to a report by IbisWorld, the translation services market revenue reached approximately $37 billion dollars in 2018 and is expected to keep growing.
• However, an increasing number of computerized translation tools may threaten to reduce the market share of translation companies and freelance translators.
• The United States represents the largest single market for translation services, and Europe is a close second. Asia is the largest growth region for the translation services market.

• According to the U.S. Bureau of Statistics, the translation services industry is expected to grow by 42% between 2010 – 2020. The most important driver for continued growth is globalization.
• The technical translation services segment is expected to grow as a result of manufacturing changes, higher exports and higher availability of more devices, from more sophisticated automobiles to electronic gadgets.
• The medical and pharma industry is experiencing rapid growth in Latin America, Canada, and Europe, with the Asia-Pacific having the fastest growth of all. Medical and pharma industry growth in these regions with also have a positive impact on the growth of the medical translation services segment.
• There are ten other types of segment specializations in the translation services market: literary, script, software localization, commercial, legal, judicial, administrative, financial documents, website, and multimedia localization.