Language industry research and advisory leader, Slator, publishes its flagship Language Industry Market Report on translation, language AI, localization, and interpreting.
ZURICH, May 15, 2023 /PRNewswire-PRWeb/ -- Language industry news, research, and advisory leader, Slator, has published its flagship Language Industry Market Report for 2023, 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 27.9bn in 2022.
The language services and technology market remained resilient in 2022, despite macroeconomic and global uncertainties, growing 4.77% from the prior year, with the first half of the year accounting for the majority of growth.
The report examines the competitive landscape of LSPs by segment, drawing on data from the Slator 2023 Language Service Provider Index, and includes an analysis of growth and market share in 2022, in addition to five-year market growth estimates under conservative, neutral, and optimistic scenarios.
- Game localization, media localization, and travel and retail were among the fastest-growing verticals in 2022, while North America, Europe, and Asia accounted for more than 90% of the market
- Generative AI including LLMs rapidly emerged as transformational technologies in 2022, and are beginning to be explored by the industry and integrated alongside the core technologies of MT and TMS
The report outlines the state-of-play in the core translation technologies of machine translation (MT) and translation management systems, including a review of expert-in-the-loop workflows.
Crucially, in a 25-page chapter, the rapidly emerging and evolving role of large language models (LLMs) is unpacked to examine how generative AI is beginning to impact and shape the language industry ecosystem. We take a look at the industry's first movers — those that are already performing pilots and implementing LLMs' powerful capabilities.
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 the capabilities that generative AI and providers of large language models — such as OpenAI (ChatGPT), Google AI, Meta AI, DeepMind, Hugging Face, etc. — are starting to bring to the language industry."
In addition to providing actionable insights for LSPs on how to compete in language industry-adjacent markets such as game testing, data services, and linguistic validation, the report also features analyzes on the topical and growth areas of AI dubbing, transcription and captioning (including speech-to-text or STT), and game localization.
Media Contact
Andrew Smart, Slator, 66 0803953124, [email protected]
SOURCE Slator
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