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Language Translation Software Market to Grow at Approximately USD 25 Billion by 2023 | Key Market Vendors are Bigword Group Ltd. (England), Lionbridge Technologies, Inc. (U.S.), Languageline Solutions (U.S.), Babylon Corporation (Israel) and Google Inc. (
Language Translation Software Market
Market Highlights
The global language translation software market’s shares are preparing for new strategies that could help the market to regain its position post novel coronavirus. Market Research Future digs information and comes up with a prediction that the global language translation software market 2020 expects a steady growth at a 16% CAGR. The growth pace will be happening in the years from 2018 to 2022 (forecast period), and in this period, the market expects a valuation of USD 25 Billion.
Top Impacting Factors
The forceful factor liable for the growth of the global language translation software market is the mount in need for business to interact with employees and consumers in various regions. Language is a crucial driver for the development of an organization. Moreover, the rise in usage of smartphones is a noteworthy factor, which is considered as an essential factor globally which is projected to drive the market during the estimated period. For case in point, Samsung Galaxy can operate in diverse languages.
Enterprises are investing massively in language translation tools to develop business efficiency and productivity. Massive data generation from several industries is one of the foremost factors driving the growth of this market. High prevalence of integrated enterprises may also lead with the need of designing websites that are user-friendly and easy to understand across all markets, which may constructively impact market expansion.
Furthermore, the increasing need to afford content relevant to the local market may also fuel market growth over the next few years. Besides, mounting need to search for information over the internet may also stimulate the language translation software & services market demand. Technological advancements have also led to developments and innovations across the Smartphone segment is also likely to be prime growth drivers in the language translation software and services market over the next few years.
On the contrary, the factor of high cost and complicated structure is hampering the growth of the global language translation software market.
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Segmentation:
The language translation software market has been segmented among the segments of components, function, organization size and vertical.
The component segment includes solution and service. Among these, the solution segment includes statistical-based machine translation, rule-based machine translation, and hybrid machine translation. The service segment includes managed service and integration service and professional service.
Language translation software market by function segment has included translation, interpretation, localization, transcription and others.
The segment of organization size has included small and medium organization and large organization.
The segment of vertical has included government, IT and telecommunication, BFSI, healthcare, manufacturing, education and others.
Leading Regions
Geographically, the global language translation software market is divided into North America, Europe, Asia Pacific, Middle East &Africa, and South America.
Among these regions, North America and Europe occupy the largest share of this market. This is owing to awareness about language translation in this region. Additionally, countries in the Asia Pacific such as China and India witness substantial growth in the global language translation software market. This is owing to surged investment in research and development of the language-translation software market.
Increasing usage of technology in mobile devices such as smartphones and tablets may perhaps boost the regional language translation software and services market in the Europe region to a great extent.
Top Market Players
The industry is observing fierce competition owing to rising demand for language translation software. The crown players in the language translation software market are Google Inc., IBM Corporation, Lionbridge Technologies, Inc., Microsoft Inc., Duolingo Corporation, Babelfish Analytics, Inc., Callminer, Cloudwords Inc., Bigword Group limited and Language line Solutions.
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Language Translation Software Market, By Component (Solution, Service), By Function (Translation, Localization, Interpretation), By Organization Size (Large Enterprises), By Vertical (Healthcare, Government, IT & Telecommunication) - Forecast 2023
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