Global Interpreting Market Size, Share and Industry Analysis by Regions, Countries, Types, and Applications, Forecast to 2028

SKU ID : Maia-23908074

No. of pages : 111

Publishing Date : 02-Jun-2023

The global Interpreting market size was valued at USD 10139.62 Million in 2022 and will reach USD 19673.18 Million in 2028, with a CAGR of 11.68% during 2022-2028.

Interpretation is an activity that involves establishing oral or manual communication between two or more people who speak different languages. The role of an interpreter is to help establish direct communication between professionals (for example, social workers, healthcare professionals, lawyers) and people with limited English proficiency (LEP).

Influence of COVID-19 Outbreak on Interpreting Industry Development
The emergence of the new crown epidemic has greatly promoted the online office market. Many companies have adopted the form of working from home to carry out operations, so a large number of video software will be used to meet and exchange. In addition, the new crown epidemic has greatly restricted people's outing activities, and many companies that originally went to other countries for economic activities have turned their activities into online communication, so the demand for remote interpreting has greatly increased.
The COVID-19 outbreak has disrupted business and economic activities globally. It is expected to have a short-term impact on the Interpreting market to a certain extent. With several countries across the globe announcing nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Stopping production not only aggravates the shortage of funds for small and medium-sized enterprises, but also reduces the solvency of enterprises, which may affect production and sales. Some enterprises have difficulties in operation and even go bankrupt. The epidemic situation has seriously affected the logistics and transportation, and the transportation of raw materials is difficult. The industrial chain of small and medium-sized enterprises is imperfect and fragile. Trade barriers have further impacted the demand-supply gap. Companies operating in the Interpreting market have suspended non-essential visits/activities until the COVID-19 outbreak is resolved.

With the gradual control of the epidemic, some factories began to resume operation. However, enterprises need to protect the life and health of employees while operating production, such as purchasing masks, disinfectants and other epidemic prevention materials, disinfecting the working environment before and after production, and testing the body temperature of employees every day to ensure their health. These measures will increase production costs and affect the development of enterprises.

Market Driver Analysis
Due to globalization and foreign investment policies in many developed countries, this situation is driving the demand for interpretation services. In these underdeveloped countries, more and more manufacturers and multinational companies are pouring in, which will play a huge role in creating demand for translation services.
In addition, today's most influential events, the Sino-US trade war also has this huge demand for the interpretation market. The protracted trade war between China and the United States is a modern example of the possible impact of cultural differences (and economic self-interest and political conceit). Therefore, suitable translators play an important role in the communication between two parties with major cultural differences.

Market Restraints Analysis
In recent years, the technology of translation machines has gradually matured. The reinvention of computer-aided translation tools and the growth of adaptive machine translation have greatly broadened the scope of the machine translation market, which can replace manual translation to a certain extent. The rapid development of the translation machine market has squeezed The market for human interpreting.

Specifically, key players are paying more and more attention to the development of advanced MT systems to meet the growing consumer demand. For example, Lilt Inc. has launched an adaptive neural machine translation system to use real-time feedback loops and artificial intelligence (AI) to improve the efficiency of manual translation. In addition, it is expected that the technology will provide people with opportunities to communicate and access information in a specific language.

Region Overview:
Europe had the highest growth rate of all regions.

Company Overview:
LanguageLine Solutions is one of the major players operating in the Interpreting market, holding a share of 7.04% in 2021.

LanguageLine Solutions Inc. provides language translation services. The Company offers over-the-phone interpreting translation and localization, document translation, video, and face-to-face interpretation services.

CyraCom International Inc. provides language interpreting services. The Company provides over the phone interpretation translations solution and multiple centers to healthcare institutions.

Segmentation Overview:
By type, Remote Simultaneous Interpreting segment accounted for the largest share of market in 2021.

Application Overview:
By application, the Enterprise segment occupied the biggest share from 2017 to 2022.

The Interpreting market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.

Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.

In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.

Key Companies in the global Interpreting market covered in Chapter 4:
ONCALL Interpreters & Translators
LanguageLine Solutions
Welocalize
ASIST TRANSLATION SERVICES, INC.
RWS Holdings plc
Thebigword
INGCO International
Lionbridge Technologies
Språkservice Sverige AB
Semantix
TransPerfect
ULG
Global Talk
Amplexor International
Global Interpreting Network Inc
The MCS Group, Inc.
AMN LANGUAGE SERVICES
American Language Services
Cyracom

In Chapter 12 and Chapter 14.1, on the basis of types, the Interpreting market from 2018 to 2028 is primarily split into:
Remote Simultaneous Interpreting
Over-The-Phone Interpretation Services
On-site/Face-to-Face Interpreting Services
Document Translation Services
Others

In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the Interpreting market from 2018 to 2028 covers:
Enterprise
Institution
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)

Outline:
Chapter 1 begins with the Interpreting market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the Interpreting market and its likely evolution in the short to mid-term and long term.

Chapter 2 provides Interpreting industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.

Chapter 3 depicts Interpreting industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.

Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the Interpreting market ranking, benchmarks, and company business portfolio.

Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.

Chapters 6-10 highlight Interpreting market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.

Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.

Chapters 12-13 evaluate the Interpreting market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.

Chapters 14-15 elaborate on the Interpreting market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.

Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Years considered for this report:


Historical Years:

2018-2022

Base Year:

2022

Estimated Year:

2023

Forecast Period:

2023-2028

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