The article examines the essence, features, current state and prospects of the language industry. The role of language services in the information society is displayed. Language industry is characterized as an important area of knowledge economy. In addition, key segments of the language industry are classified, their characteristic features are interpreted. The importance of linguistic communication formed on the basis of the language industry in the economy is analyzed. The perspectives of the application of information and communication technologies in the language industry are demonstrated. The role of language factor in the science innovation economy is determined. The economy of foreign language teaching, one of the leading segments of the language industry is interpreted. Future prospects of the global communication language and its impact on the development of the language industry are researched. Also, the current state of the language industry in Azerbaijan is studied and suggestions on the development of this sphere are put forward (pp.3-25).