Language Translation Software Market Global Trends, Size, Segments, Competitors Strategy, Regional Analysis, Review, Key Players Profile, Statistics and Growth to 2023
(firmenpresse) - Market Highlights
As per the Market Research Future Reports (MRFR), the language translation software market 2020 is likely to expand at a CAGR of 14% during the forecast period from 2017-2023. The language translation market size is expected to reach almost USD 25 billion by 2023. The language translation software market is expanding due to the increased adoption of cloud solutions by organizations and the requirement to amend the governance in organizations.
Top Impacting Factors
Language translation software interprets a particular text in a specific language. It includes an extensive range of language services such as localization, translation, transcription, interpretation, and more. The market for language translation software is rising rapidly on the occasion of increasing urbanization. This has resulted in surged need to provide content that is relevant to the local market. Global Linguist Solutions, LLC, Language Line Solutions, and Babylon Corporation, are some of the prime players in the language translation software market.
MRFR also finds that the mounting need for businesses to communicate with various customers, employees, and officials from different regions in the target market surges the demand for translation software in order to overcome language barriers. Apart from this, with the growing scope of online mode of communication and education, the demands for translation software is growing. This factor is expected to grow significantly over the forecast period.
On the other hand, with emerging offerings proposed by the companies through the internet, the translation of websites and web content need has also developed. Businesses also seek translation software in order to serve their customers and keep up with their demands. Apart from this, individuals also use this service as more people are migrating to various countries as they find themselves in an environment with an unfamiliar language. As a result, they may need this language translation software for better understanding of the local language. All these factors have motivated the market to own its position and still encouraging to gain more revenue in the forecast period.
One of the trends observed in the translation industry includes the integration of higher technologies with translation software. The modernism in the translation industry is expanding on continuous technological evolution every day. New technologies such as Steps, a translation app designed for smartphones, allows the users to use the translation software on the go whenever required. Such technological inventions are also driving the rising need for the global language translation software market.
Despite these factors, the factor of occurrence of free language translators is likely to restrict the market growth for the forecast period.
Segmentation:
The language translation software market growth 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 Outlook
The regional analysis of language translation software market is being studied for regions such as the Americas, Asia Pacific, Europe and Rest of the World.
North America region grabbed the highest market share in language translation software market in support of incidence of prime players in the region and migration of people from diverse countries is aiding the market in the region. The countries like the US and Canada contributes a tremendous amount of revenue in the language translation software market in the region.
Asia‐Pacific region will also be growing at the highest CAGR. Enterprises in the region are investing massively in language translation tools to improve business efficiency and productivity, and the region is also a provider of BPO services to numerous non-English spoken regions, which is fuelling the market in the region.
Market Players
The well-known players in the language translation software market are Lionbridge Technologies, Inc. (U.S.), Bigword Group Ltd. (England), Global Linguist Solutions (U.S.), Languageline Solutions (U.S.), Google Inc. (U.S.), Babylon Corporation (Israel), Microsoft Inc. (U.S.), IBM Corporation (U.S.), Cloudwords Inc. (U.S.) and Systran (South Korea).
Browse Complete Report (at) https://www.marketresearchfuture.com/reports/language-translation-software-market-4452
Unternehmensinformation / Kurzprofil:
Datum: 21.08.2020 - 13:54 Uhr
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