Language Translation Software Market- Overview:
Language Translation Software, as the name suggests; facilitates simplified international business communication. Increasing globalization coupled with growing industrialization is allowing businesses to expand all over the world, increasing their reach & profitability despite languages barriers & regional differences.
Increasing development in digital communication, increasing trend of bring your own devices (BYOD), flexibility to match custom requirements, continuous upsurge in dependency over heterogeneous networks, and persistent rise in the complexity of technological solutions are some major factors driving the growth of Language Translation Software market globally. However, complex structure, and high initial cost are the factors expected to hamper the market growth in coming years.
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Major key Players
Google Inc. (U.S.),
IBM Corporation (U.S.),
Microsoft Inc. (U.S.),
Systran (South Korea),
Cloudwords Inc. (U.S.),
Bigword Group Ltd. (England),
Lionbridge Technologies, Inc. (U.S.),
Languageline Solutions (U.S.),
Global Linguist Solutions (U.S.),
Babylon Corporation (Israel),
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.
March 2018 – Lingmo International, an emerging start-up of Australia, introduced voice message translation software named as “Talk2you”. The “Talk2you” software will be available after integrating it on their smartwatch.
Language Translation Software Global Market- Competitive Analysis
The market position analysis is derived by considering various factors such as financial position, segmental R&D investment, brand value, product portfolio, strategy analysis, and key innovations in Language Translation Software market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between on the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Language Translation Software Global Market- Segmentation
The Language Translation Software Market can be classified into five key segments as follows:
Segmentation by Component: Solution (rule-based machine translation, statistical- based machine translation, and hybrid machine translation) and Service (professional, managed services, integration services).
Segmentation by Function: translation, localization, interpretation, transcription and others.
Segmentation by Organization Size: Small & medium enterprises, and large enterprises.
Segmentation by Vertical: BFSI, Healthcare, Government, IT & Telecommunication, Manufacturing, Education and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and, Rest of the World.
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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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