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.
More and more countries are opening their borders for global trade which has multiplied the need to communicate with customers from all across the world to satiate their demands. Some of the factors that are driving the growth of the market are migration of people across borders, regional consistency by opening up access to natural resources and innovation of other nations, expansion of international information media, free movement of currency, spreading trade and commerce, etc.
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Major 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.
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.
Industry News and Development
March 2018 – The ministry of home affairs (MHA) announced to launch a language translator software named as “Memory Adharith Anuvadh Software (MAAS) by August. The memory based software would translate “world knowledge and literature” into Hindi language in order to increase the web content on the internet.
March 2018 – Researchers of Microsoft Corporation developed an artificial intelligence system which is able to translate Chinese language into English. The new AI system is capable of translating language with the same quality and accuracy as of the human.
By Component, the market has been segmented into solution, and, service.
Solution segment is further segmented into rule-based machine translation, statistical-based machine translation, and, hybrid machine translation.
Service segment in further bifurcated into professional service, managed service, and, integration service. The operative distinction that sets apart a managed service program is the proactive delivery of their service, as compared to reactive IT services, which have been around for decades. The key drivers of managed service segment are digitalization, cybersecurity, dependency on divergent networks, complex technological solutions, etc.
By function, the market is segmented into translation, localization, interpretation, transcription, and, others.
By organization size, the market has been segmented into small and medium organization, and, large organization.
By verticals, the market is segmented into government, BFSI, IT and telecommunication, healthcare, education, manufacturing, and, others. The IT and BFSI segments have huge potential during the forecast period. Expansion of IT sector globally has encouraged skilled engineers from all across the globe to work together which has augmented the demand for language translation software.
The global Language Translation Software market is estimated to grow at a promising rate over the forecast period. North America is the leading region followed by Europe, Asia-Pacific and Rest of the world. North America is a technically advanced economy and possess high adoption rate of digital technologies which is one of the major driving force for large market of Language Translation Software in the region. U.S. is leading the North America Language Translation Software market in 2017, followed by Canada. Whereas, Asia-Pacific is the fastest growing region which is estimated to show high growth over the forecast period. Increasing technological advancements, and increasing investment by companies to communicate with customers of different continent to improve efficiency of their business are some major factors expected to drive the growth of Language Translation Software market in the region during forecast period 2017-2023.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Educational Institutes
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