LANGUAGE SERVICES MARKET Challenges and Opportunities

The language services market faces a major challenge due to the shortage of language expertise or resources. With globalization, the demand for language services is growing exponentially as companies look to expand into new international markets. However, there is a lack of language professionals who are properly trained and can provide translation and interpretation services across different languages. Moreover, for some niche language combinations, it is very difficult to even find freelancers with expertise. This poses significant problems for companies who want their marketing campaigns, documentation or websites to reach global audiences but do not have access to language resources.

Market Opportunity: Expanding Use of AI/ML in Language Services to Drive Ample Opportunities

The growing use of artificial intelligence and machine learning technologies present a big opportunity for the language services market to overcome some of the challenges around shortage of language resources. Basic translation of common texts can be handled by AI-powered translation tools with acceptable accuracy for many language pairs. Moreover, advanced machine translation systems are constantly being developed that can translate complex domain-specific content between technical documentation and legal contracts across multiple target languages. Many language service providers have also started integrating AI and automation into their workflows to increase translation productivity while maintaining quality. As ML techniques become more sophisticated, they can potentially disrupt the language services industry by resolving issues related to lack of human translators or interpreters and helping the market reach new levels of scale.