Language Translation Software Market Research Report- Forecast till 2023
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.
According to the report, the language translation software industry will witness a robust expansion in the Europe region. Increasing I.T. landscape and perpetual increase in the population, the rise in need for organizations to interact with their employees, and consumers who belong to a different region is the driving factor. Language is the most crucial factor for the growth and expansion for the enterprises. Moreover, the increased demand for smartphones is a significant factor that affects the language translation industry growth. Organizations are investing considerable amounts in the language translation equipment to improve business capabilities and its productivity. An enormous amount of data generation from various organizations is another significant factor in driving the market growth. The adoption of language translation software solutions by small and medium enterprises is increasing faster in the field of I.T. and BFSI. The language translation software has gained importance globally owing to the demands of enterprises seeking to improve their business expansion by shifting from on-premise to cloud-based.
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Segmentation:
The language translation software market 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 Analysis:
According to the research, the language translation software market is expected to show robust growth in the European region. North America market accounts for the highest language translation software market share in the language translation software market due to the existence of key players in the region and also due to the migration of people from different countries to helping their market to expand at greater heights. Another reason for the expansion of the market in the region is due to the higher level of adoption of cloud solution by enterprise and the requirement to improve information governance in the enterprises. Countries like the U.S. and Canada contribute an extensive amount of revenue in the language translation software market in the region.
APAC market is likely to be the most developing and fastest-growing market since there is a continuous investment in research and development of the language-translation software market. The growing oversea business increases the userbase and drives the market in the region. Developing countries like India and China are endorsing language translation software in their daily business operations, which expands the market in the region.
Key Players
The eminent players in the language translation software market are Cloudwords Inc. (U.S.), Bigword Group Ltd. (England), Systran (South Korea), Lionbridge Technologies, Inc. (U.S.), Microsoft Inc. (U.S.), Languageline Solutions (U.S.), IBM Corporation (U.S.), Global Linguist Solutions (U.S.), Babylon Corporation (Israel), Google Inc. (U.S.), among others.
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Global 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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