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 fuelled the market for global language translation software.
Lionbridge Technologies, Inc. is one of the prominent player in language translation software market. The company provides language translation and localization service. It offers ondemand translation service for accurate, socially relevant translations. The company has developed self-service, cloud-based delivery model and states that ondemand translation service saves the time and money of users without compromising quality or customer service. It also states that if user organization has the resources to oversee the translation and localization process directly, the company provides managed language services for a customized, active approach.
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Major key Players
- Global Linguist Solutions (U.S.),
- Lionbridge Technologies, Inc. (U.S.),
- IBM Corporation (U.S.),
- Microsoft Inc. (U.S.)
- Bigword Group Ltd. (England).
- Lionbridge Technologies,
According to MRFR, The Language Translation Software market is expected to grow at approximately USD 25 Billion by 2023, at 16% of CAGR between 2017 and 2023.
Latest Industry News
Known for creating the first and only Cloud-based project-management-and-controls software for the construction and other industries, Built On Vision has upgraded its software with the capability of automatically translating schedules from any language in the world into any other language. 29
Google has unveiled a real-life Babel fish system for translating foreign languages. This system is an “interpreter mode” for its voice-controlled speakers that allow two people to speak different languages while holding conversations in real time.
The global language translation software market has been segmented on the basis of component, function, organization size, vertical, and lastly, region. The component-based segmentation segments this market into services and solution. The services segment has been sub-segmented into integration service, managed service, and professional service. Managed Services are defined as proactive management of information technology (IT) asset or object, by a third party typically known as a managed service provider (MSP), on behalf of the end-user. The key factors driving the market for managed services include the rise in digital information, the need to secure it, the continuous upsurge independency over heterogeneous networks, flexibility to match customer requirements, increasing trend of bringing your own devices (BYOD), and persistent rise in the complexity of technological solutions. The solution segment has been sub-segmented into hybrid machine translation, rule-based machine translation, and statistical-based machine translation.
Based on function, the market can get segmented into interpretation, localization, transcription, translation, and others. As per organization size, the market has been segmented into the small & medium organization and large organization. On the basis of vertical, the market segmentation covers banking, financial services & insurance (BFSI), education, government, healthcare, IT & telecommunication, manufacturing, and others. The global expansion of the IT sector globally has encouraged skilled engineers from all over the world to work together due to which, the demand for demand for language translation software is growing.
The regional segmentation of the global language translation software market segments the market into the regional markets known as Asia Pacific, North America, Europe, and rest of the world (RoW). North America is the greatest regional market due to the presence of many key market players in this region. Maximum revenue originates from the USA and Canada. Due to technological advancement, man softwares are developed in the USA, strengthening the North American market. Migrants from different countries also create a demand for language translation softwares. Mexico is another important country-specific market in this region because most people speak Spanish as their mother tongue.
During the forecast period, the Asia Pacific region has been estimated to emerge as the fastest growing regional market because enterprises in this region are investing hugely in language translation tools in order to improve business efficiency and productivity. The Asia Pacific region is also the provider of business process outsourcing (BPO) services to numerous non-English spoken region, leading to market growth. The maximum revenue generating country-specific markets in this region are China, Japan, India, and South Korea, followed by the remaining countries of the Asia Pacific region.
In Europe, all countries have different languages. Therefore, language translation softwares are necessary when business organizations from different countries communicate with each other. The key country-specific markets in this region are France, Germany, Italy, and the UK, followed by remaining countries of Europe.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Educational Institutes
LIST OF TABLES
TABLE 1 LANGUAGE TRANSLATION SOFTWARE MARKET, BY COMPONENT
TABLE 2 LANGUAGE TRANSLATION SOFTWARE MARKET, BY FUNCTION
TABLE 3 LANGUAGE TRANSLATION SOFTWARE MARKET, BY ORAGANIZATION SIZE
TABLE 4 LANGUAGE TRANSLATION SOFTWARE MARKET, BY VERTICAL
TABLE 5 LANGUAGE TRANSLATION SOFTWARE MARKET, BY REGION
LIST OF FIGURES
Figure 1 Research Type
Figure 2 Language Translation Software Market: By Component (%)
Figure 3 Language Translation Software Market: By Function (%)
Figure 4 Language Translation Software Market: By Organization Size (%)
Figure 5 Language Translation Software Market: By Vertical (%)
Figure 6 North America Language Translation Software Market, By Component (%)
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