The interpretation services industry is a constant growing market, and new technologies have been hitting the market in a flourish over the past few years. As we continue to look ahead, we’re here today to provide some perspective to this evolving field and interpretation trends for 2019.
Interpretation services are constantly evolving and technology is moving the field forward at a rapid pace. As such, client expectations are constantly changing in the market for greater accuracy and efficiency. One particular area is that the market is increasingly demanding Video Remote Interpreting (VRI) in all sectors.
The market size includes all of the companies in the U.S. ranging in size from small businesses to market leaders. This information is helpful for investors, banks and businesses when understanding the market outlook and opportunity.
What’s on the Forecast
Below is a look of future growth trends in the industry. By 2024 the market expects to surpass the million mark and grow into the billions. The market growth is projected by both internal and external factors. Internal factors include structure and competition within the industry, market demand, and innovative and disruptive factors. External factors include the state of the economy and cyclical patterns.
Growth of the overall global language service market has been forecasted for the years 2019-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The language industry has been a high point of interest for investors for a few years now, and only more money is expected to arrive. As we’ve mentioned, technology has had a tremendous impact on the translation industry over the past few years. The trends reflect what is to come in the years ahead.