Language industry research and advisory leader, Slator, has published its flagship Language Industry Market Report for 2024, covering the global translation, localization, and interpreting services and technology industry. The 140-page report provides a comprehensive view of the global language services and language technology industry — an estimated addressable market of USD 27.03bn in 2023.
ZURICH, Switzerland, May 17, 2024 /PRNewswire-PRWeb/ -- Language industry research and advisory leader, Slator, has published its flagship Language Industry Market Report for 2024, covering the global translation, localization, and interpreting services and technology industry. The 140-page report provides a comprehensive view of the global language services and language technology industry — an estimated addressable market of USD 27.03bn in 2023.
The language services and technology market saw both tailwinds and headwinds in 2023, contracting 3.07% from the prior year, in a landscape dominated by AI innovation, the pace of which has persisted through early 2024.
The report puts Language AI in focus, examining how language AI has been elevated to a C-level priority within enterprises, and exploring the unique opportunity that 2024 presents for language industry players to raise their visibility and expand their role.
The report draws on data from the Slator 2024 Language Service Provider Index, as well as proprietary surveys with buyers and language services and technology providers. This data-rich report shares key insights into the competitive position and strategy of industry players.
Focusing on language service providers, the report looks at how LSPs are responding to AI and this era of transition. The report analyzes growth and market share per segment, and explores how LSPs are expanding their AI service portfolios and strategically repositioning.
We present the latest data on the extent of AI adoption across the industry, and the language AI services currently in most demand. Multilingual AI content — a major growth vector for the industry — is explored in depth, as well as AI dubbing and real-time speech translation.
Crucially, the report considers the competitive position of emerging language AI startups, along with the normalization of "language-as-a-feature", and outlines the implications of these trends for the broader language industry.
Slator's Head of Research, Anna Wyndham, said:
"As the typically-robust language industry grapples with a challenging macroeconomic environment, the report opens up an important discussion on how language industry players are transforming and repositioning in response to new opportunities presented by Language AI."
In addition to these insights, the report shares the results of Slator's survey on pricing models, presenting insights into established and emerging approaches to pricing in the AI era.
The report concludes with a market outlook — with market size projections for 2025 and a five year period to 2028 — and we outline the segments of the industry best positioned to win in the midterm in this era of AI-driven change.
About Slator
Slator is the leading source of news and research for the global translation, localization, and language technology industry. Our Advisory practice is a trusted partner to clients looking for independent analysis. Headquartered in Zurich, Slator has a presence in Asia, Europe, and the US. For more information, visit www.slator.com or find us on social media: LinkedIn, Twitter, Facebook.
Contact
Anna Wyndham
Head of Research, Slator
Media Contact
Anna Wyndham, Slator, 41 44 215 35 37, [email protected], https://slator.com
SOURCE Slator
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