U.S. Interpretation Services Market Size By Application (Legal, Financial & Banking, Hospital Providers, Media & Entertainment), And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationU.S. Interpretation Services Market Size By Application (Legal, Financial & Banking, Hospital Providers, Media & Entertainment), And Forecast
U.S. Interpretation Services Market Size And Forecast
U.S. Interpretation Services Market size was valued at USD 2,900.71 Million in 2021 and is projected to reach USD 3,779.44 Million by 2030, growing at a CAGR of 3.08% from 2023 to 2030.
The advent of VRI has broadened the scope for interpretation services both in terms of demographic as well as in application. This is driving the growth of the overall interpretation services market. The U.S. report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
U.S. Interpretation Services Executive Summary
Language Services have been around for a long time, and the companies that provide them (Language Service Providers (LSP)) are businesses that offer varying levels of service. Language services include translation, interpretation, dubbing, language courses, language assessment, language technologies, and other services. Within language services, interpretation services are defined as the facilitation of communication between users of different languages, including both spoken and signed communication. Interpretation is a service that occurs in the present. It is usually delivered live, either on-site, via video, or by phone, immediately following the original speech. An interpreter is someone who repeats spoken words in another language and deals with live conversations, which can include translating meetings, conferences, appointments, live TV, and other things. Because interpretation is done in real-time, someone who can work under pressure and has excellent communication skills is required.
Legal accounted for the largest market share with the growing demand for interpretation services in the legal and judicial professions, courts are required by law to provide language services to those who require them. Legal interpretation is becoming more reliant on interpretation services as the number of highly skilled teams of legal, court, and immigration interpreters in the U.S. grow. Furthermore, Financial & banking was the second largest market Due to the rapid development of communication technologies, world links are becoming even closer, especially in business. Banks and other financial institutions must now negotiate and deal with clients from all over the world as a result of the global economy. Interpreters can help facilitate communication in the client’s or business colleague’s native language, whether the conversation is in person, over teleconference, or via video. The complexity and uniqueness of financial interpretation stem from the need to pay close attention to business phrases and clichés. Financial negotiations can be interpreted by any company that has international partners or works in two or more countries. As a result, the financial sector has a high demand for interpretation. However, the high cost of translation services and a lack of awareness about interpretation technologies are significant factors limiting the market growth.
U.S. Interpretation Services Market Attractiveness Analysis
Interpretation Services Market is experiencing a scaled level of attractiveness in Legal Applications. This application area has a prominent presence and will account for a significant market share by 2030. The demand for legal interpreters is increasing as the number of non-English speaking clients in the United States grows due to immigration. A professional legal interpreter is well-versed in the law, culture, and language of the region to which the client belongs. When the client is summoned for a discussion, negotiation, or interview, an interpreter plays an important role. A legal interpreter is made available to the individual during a hearing or trial in court for a better exchange of information. Immigration attorneys require interpreters when dealing with foreign citizens for documentation and application
U.S. Interpretation Services Market Overview
There is seen to be a growing number of industries with the need for interpretation services. In order to not allow language barriers in inhibiting the possibility of a big scale opportunity, interpretation service providers are sought out to help businesses overcome such obstacles. Some of the main industries that are providing an opportunity for growth in the interpretation services market include Healthcare, Law, Entertainment, Business, Finance, Banking and Travel. The Healthcare Industry has been witnessed to be coming under increasing pressure to provide translation and interpreting services for limited English proficiency (LEP) patients (especially ones that are more cost-effective). With regulations for insurance companies and healthcare providers being updated, all patient-facing materials must be updated as well and distributed to patients in a language they can understand. It is widely acknowledged that inadequate access to information in regards to healthcare services can adversely affect the quality of healthcare and have serious, even life threatening, consequences. With the United States itself witnessing a large number of its population speaking a language other than English at home. Therefore, more than ever, insurance companies and hospitals are trying to provide information pertaining to their health and insurance coverage in various languages.
The Interpretation services are generally cost a higher price due to rising demand. The companies having businesses in various countries, generally take interpretation services so as to do business with client in client’s language. Within North America, the total number of translators and interpreters have been increased more than a doubled due to rising global content access and the demand for these services is expected to grow faster in coming future. The growing diversity of the U.S. population and the increasing need of foreign language skills in business due to growing international trade, among other factors, will contribute to the growing demand. With the rising demand many translators and interpreters have increased their cost of providing services. The high cost of these service providers restricts many small and medium level companies to take these interpretation services. There are many interpreters who provides competitive pricing, however there are many other factors that need to be considered while opting for these services such as communication, knowledge in that area, readiness to adapt, usage of advance technologies and others.
U.S. Interpretation Services MarketSegmentation Analysis
The U.S. Interpretation Services Market is segmented based on Application.
U.S. Interpretation Services Market, By Application
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On the basis of Applications, the U.S. Interpretation Services Market has been segmented into Legal, Financial & Banking, Hospital Providers, Media & Entertainment, Higher Education, Life Sciences, Government, Healthcare Insurers, Others. Legal accounted for the largest market share of 30-40% in 2021 and it is expected to increase during the forecast period. Legal interpreters provide interpretation services to their foreign clients via phone or video remote interpretation. They also offer simultaneous, consecutive, and escorted interpretation services. With the growing demand for interpretation services in the legal and judicial professions, courts are required by law to provide language services to those who require them, similar to the healthcare field. Legal interpretation is becoming more reliant on interpretation services as the number of highly skilled teams of legal, court, and immigration interpreters in United States grow. However, the high cost of translation services and a lack of awareness about interpretation technologies are significant factors limiting the market growth.
Key Players
The U.S. Interpretation Services Market is highly fragmented with the presence of a large number of players. Some of the major companies include TransPerfect, Lionbridge Technologies, Teleperformance (LanguageLine Solutions), RWS, Telelanguage Inc., CETRA Language Solutions, Logos Group, Lingotek, Day Translations Inc., Language Services Associates and amongst others. This section provides company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.
Company Market Ranking Analysis
The company ranking analysis provides a deeper understanding of the top 3 players operating Interpretation Services market. takes into consideration several factors before providing a company ranking. The top three players for the Interpretation Services market are TransPerfect Lionbridge Technologies, Teleperformance (LanguageLine Solutions). The factors considered for evaluating these players include company’s brand value, product portfolio (including product variations, specifications, features and price), company presence across major regions, product related sales obtained by the company in recent years and its share in the total revenue. further study the company’s product portfolio based on the technologies adopted or new strategies undertaken by the company to enhance their market presence United States. We also consider the distribution network (online as well as offline) of the company that helps us to understand the company’s presence and foothold in various Interpretation Services markets.
Company Regional/Industry Footprint
The company’s regional section provides geographical presence, regional level reach, or the respective company’s sales network presence. For instance, TransPerfect has its presence globally i.e. in North America, Europe, Asia Pacific and RoW. Similarly, Lionbridge Technologies has its presence in North America, Europe and APAC.
Apart from this, the industrial footprint section provides a cross-analysis of industry verticals and market players that gives a clear picture of the company landscape concerning the industries they serve their products. For Interpretation Services market, two industries have been considered, i.e., Written Translation Services and Interpretation Services. For instance, TransPerfect has its presence in Written Translation Services and Interpretation Services. On the other hand, Lionbridge Technologies has its presence in all mentioned industry. All the companies considered for profiling are reviewed similarly under this section. These sections help us to understand the overall Interpretation Services market presence on a Global level.
Ace Matrix
This section of the report provides an overview of the company evaluation scenario in the Interpretation Services market. The company evaluation has been carried out based on the outcomes of the qualitative and quantitative analyses of various factors such as the product portfolios, technological innovations, market presence, revenues of companies, and the opinions of primary respondents.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | TransPerfect, Lionbridge Technologies, Teleperformance (LanguageLine Solutions), RWS, Telelanguage Inc., CETRA Language Solutions, Logos Group, Lingotek, Day Translations Inc., & Others |
| SEGMENTS COVERED | By Application |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
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