Market Highlights
The latest report by Market Research Future (MRFR) reveals that the global language translation software market will grow at 16% CAGR and the market valuation will reach USD ~25 Bn. The world is becoming a global village with the advent of globalization; but, one of the hindrances to the economic reformation of world trade is the dominant prevalence of semantic barrier. This has led to difficulty in learning and understanding different languages which have fueled the market for global language translation software.
According to the report, the language translation software industry will witness a robust expansion in the Europe region. Increasing I.T. landscape and perpetual increase in the population, the rise in need for organizations to interact with their employees, and consumers who belong to a different region is the driving factor. Language is the most crucial factor for the growth and expansion for the enterprises. Moreover, the increased demand for smartphones is a significant factor that affects the language translation industry growth. Organizations are investing considerable amounts in the language translation equipment to improve business capabilities and its productivity. An enormous amount of data generation from various organizations is another significant factor in driving the market growth. The adoption of language translation software solutions by small and medium enterprises is increasing faster in the field of I.T. and BFSI. The language translation software has gained importance globally owing to the demands of enterprises seeking to improve their business expansion by shifting from on-premise to cloud-based.
Segmentation:
The language translation software market size is segmented on the basis of service, solution, function, vertical, organization size and by geography.
By service, the language translation software market can be segmented into professional service, managed service, integration service.
By solution, the language translation software market can be segmented into rule-based machine translation, statistical-based machine translation, hybrid machine translation.
By function, the language translation-software market can be segmented into translation, localization, interpretation, transcription, and others.
By vertical, the language translation-software market can be segmented into government, BFSI, I.T. and telecommunication, healthcare, education, manufacturing, and others. The segment
By organization size, the language translation-software market can be segmented into the small and medium organizations and large organizations.
By geography, the language translation-software market can be segmented into North America (U.S. and Canada), Asia-Pacific (APAC: China and India)
Regional Analysis:
By region, the market has been segmented into Asia Pacific, North America, Europe and Rest of the World (RoW). The North America segment accounts for the highest share in the market owing to the visible presence of countries such as the U.S. and Canada which are the major revenue contributors in this region. Another factor that will affect the growth of the market in this region positively is the inhabitance of significant market players and migrants from different countries. The Asia Pacific segment has emerging economies that are thriving on imports and exports, and the business houses are making considerable amount of investments in language translation tools to obtain optimum efficiency of operations and amplify productivity. Asia Pacific region is expected to exhibit highest CAGR among other regional segments and is the outsourcing hub of BPO services for language translation, mostly to regions with non-native English-speaking population.
Key Players:
Some of the prominent players in the market profiled by MRFR are Global Linguist Solutions (U.S.), Lionbridge Technologies, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Inc. (U.S.), and, Bigword Group Ltd. (England). Lionbridge Technologies, Inc has expanded its product portfolio to become one of the key players in the market by developing a cloud-based delivery model to deliver on-demand translation services. The new service not only saves money and time but also assures quality. It provides the user organization with options such as managed language services if they have resources to look after translation and localization process.
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