Simultaneous Interpretation Service Market Size, Share, Growth, and Industry Analysis by Type (On-Site Simultaneous Interpretation, And, Remote Simultaneous Interpretation) By Application (International Summit, Large-Scale Seminar, Trade Show, Public Lecture, And, Others), Regional Forecast To 2031

Updated On: 01 April 2024

Simultaneous Interpretation Service Market REPORT OVERVIEW

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The global simultaneous interpretation service market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

Simultaneous interpretation services are used when real time translation of a language is required. As the name itself suggests these services are designed to translate a particular massage from the source language when it is delivered to required language. All of this happens in real time. These services are in high demand.

Due to digitalization, and industrialization many companies are aiming to expand their companies worldwide. This increases the necessity to adopt language translating services. This is considered as the latest trend in this particular market.

Data available on premise and on cloud is abundant. This has increased the demand for web content translation. The need to overcome language barrier in the business world is increasing the demand for the service. All of these factors have prominently contributed to the simultaneous interpretation service market growth.

COVID-19 impact: Imposition of Travel Bans During Pandemic Reduced Market Growth

The novel coronavirus became the biggest obstacle for all the markets to grow. Pandemic became the source of all unfavorable conditions. In order to bring the infectious coronavirus under control government organizations of all countries imposed lockdowns, protocols, social distancing norms, and mainly travel bans.

People were restricted from travelling within the country as well as outside the country. This reduced the number of people going to foreign countries. Simultaneous interpretation services are used when people go to other countries and are unaware of the language there. With the reduction in the number of people going to other countries during pandemic, the demand for the service also reduced.

LATEST TRENDS

"Expansion of Businesses Over Geographical Boundaries to Increase Market Growth"

With the rapid development of technology, all the companies are growing at a very fast pace. Most of the companies and business organizations have taken a step further to expand their activities in different countries to enlarge their network. This is very commonly seen in today’s situation.

When a company establishes its branch in another country, it is very important to know the language there. This factor has necessitated the adoption of simultaneous interpretation or language translating services. These services are very accurate in translating the source language into the target language. This is considered as the latest trend in the market.

Simultaneous Interpretation Service Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

On-site simultaneous interpretation, and, remote simultaneous interpretation. The On-site simultaneous interpretation segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

International summit, large-scale seminar, trade show, public lecture, and, others. The international summit segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Increasing Demand for Web Content Translation to Accelerate Market Growth"

After the pandemic of COVID-19, most of the companies adopted the digital mode of operation. All the services became digitalized. Digitalization of service gave rise to the need for web content translation. When the services of a company are accessible in different countries, it is also important to have the web content of those services in the language of the respective country. This has increased the demand for simultaneous translation services.

Many translation services are now capable of translating more than 200 languages. Key industry players are making efforts to develop softwares that are highly intricate and are capable of accurate, quick, and meaningful translation. All of these factors are propelling the market growth and development.

"Growing Requirement of Overcoming language barriers to Expand Business to Propel Market Growth "

One of the main barriers that can stop a company from growing can be language barriers. To overcome such language barriers, and expand the business simultaneous interpretation services are considered to be the most suitable solution. This has influenced many corporate companies to adopt these services.

Connecting and networking with stakeholders who are spread throughout the world becomes a crucial aspect of growing a business. This can be done with the help of an interpretation service. Translation of language in real time much more effective. These services are being used by many sectors like Information Technology (IT), heavy machineries, fashion, entertainment, pharmaceuticals, and many more. All of these factors are accelerating the simultaneous interpretation service market share.

RESTRAINING FACTOR

"Abundance of Raw Data Available Decrease Market Growth"

Simultaneous interpretation services are used by many companies to translate a particular language in real time situations. One factor that can pose a challenge for the market development is the abundance of raw data that is available both on cloud (Online) and on premise (offline).

Growing data traffic will decrease the speed of the language translation services. Therefore, it will become necessary for these services to increase their pace by increasing the number of words translated per minute. In order to accomplish the existing algorithms will have to undergo a change which may require some time. All of these factors are restraining the market growth.

Simultaneous Interpretation Service Market Regional Insights

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"Asia Pacific to Dominate Market Share in Upcoming Years"

Asia Pacific is a dominant market holder of this market. Many factors have favored the growth of the market in this region. They include the growing business activities in tis region, and rapid advancement of technology. Raw data that is available around us is abundant.  

Many industries such as healthcare, IT, finance and banking, and media are continuously flourishing and they make use of this service. Many new technologies like ML, AI, and IoT are combined with these services to increase the efficiency of simultaneous interpretation services. These factors are increasing the demand for the service in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Language Connections (U.S.)
• Elite Asia (Singapore)
• Shakespeare Language Service (China)
• Polyglot Translations (Hong Kong)
• Transistent (Turkey)
• Globibo (Hong Kong)
• TransPerfect (U.S.)
• CPSL (U.S.)
• InterStar Translations (U.S.)
• FG Connect (U.K.)
• JR Language Translation Services (U.K.)
• Morningside (U.S.)
• Itlocal (Netherlands)
• Dialogue (Canada)
• Halifax (U.K.)
• BCO Conférences (Ireland)
• Chang-Castillo and Associates (U.S.)
• Multilingual Connections (U.S.)
• EHLION (Italy)
• Lingrowth (U.S.)
• Eur Asia (U.S.)
• Conference Interpreters (U.S.)
• Language Link (U.S.)
• Andiamo (U.S.)
• Ubiqus (U.S.)
• Tilti Multilingual (Austria)
• ASTI (U.S.)
• CISOC (U.S.)
• Translations.com (U.S.)
• TTO (U.S.)
• IU (U.S.)
• UNIONTRAD (France)
• Acolad (U.S.)
• EGO Translating (Russia)
• ITC Translations (U.S.)
• ALTA Language Services (U.S.)
• 2M Communications (Australia)
• Verbatim Languages (U.S.)
• Certified Translation Services (India)
• Translationz (Australia)
• Universal Language Solutions (U.K.)
• Calliope (Italy)
• Today Translations (U.K.)
• AV Alliance (Canada)
• Asian Absolute (U.K.)
• Link-Up (U.S.)
• Infinity (Japan)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. Information regarding key players has also been provided to understand the market competition.