The 2023 Language Industry Market Report by Slator provides a comprehensive overview of the global market for language services and language technology (LSP & LMT).

Key findings:

• The global LSP & LMT market is estimated to be worth USD 27.9 billion in 2022, growing at a CAGR of 4.77% from 2021 to 2022.

• The top three verticals by revenue in 2022 are:

  • Technology: USD 7.7 billion

  • Healthcare: USD 5.9 billion

  • Media & Entertainment: USD 3.9 billion

• The fastest-growing verticals by revenue in 2022 are:

  • Education: 10.4%

  • Retail: 10.2%

  • Legal: 9.7%

• The top three regions by market share in 2022 are:

  • North America: 35%

  • Europe: 31%

  • Asia Pacific: 28%

• The top five fastest-growing regions by market share in 2022 are:

  • Asia Pacific: 7.1%

  • Middle East & Africa: 6.5%

  • Latin America: 6.0%

• The top three buyer intentions by revenue in 2022 are:

  • Improving customer experience: USD 7.1 billion

  • Expanding global reach: USD 5.5 billion

  • Enhancing product localization: USD 4.4 billion

• The top five fastest-growing buyer intentions by revenue in 2022 are:

  • Automating content localization: 11.1%

  • Leveraging AI for translation: 9.0%

  • Utilizing machine translation for back-end processes: 8.3%

Overall, the LSP & LMT market is expected to continue to grow in the coming years, driven by factors such as globalization, digital transformation, and the increasing demand for multilingual content.

Here are some of the key trends in the LSP & LMT market:

• The rise of AI and machine translation (MT): MT is becoming increasingly sophisticated and is being used to automate many tasks that were previously done by human translators.

• The growth of cloud-based language services: Cloud-based language services are making it easier and more affordable for businesses to access LSP services.

• The increasing demand for localization: As businesses expand into new markets, they need to localize their content to ensure that it is relevant and understandable to their target audience.

The 2023 Language Industry Market Report is a valuable resource for anyone who wants to learn more about the LSP & LMT market.