Market Insight
Market Research Future said even though difficulty suppressing the
new coronavirus will result in substantial economic rise for the global language translation
software market 2020, including a possible double-dip in economic activity. As
per the analysis done on COVID-19 impact analysis, the market has immense
possibility to illustrate enormous growth at a rate of 16% CAGR. With this, the
market shows the capability of reaching a soaring valuation of USD 25 Billion
by 2023. The growth period has been approximate from the years 2017 to 2023.
Top Impacting Factors
Language translation software interprets a particular text in a
specific language. It includes an extensive range of language services such as
localization, translation, transcription, interpretation, and more. The market
for language translation software is rising rapidly on the occasion of
increasing urbanization. This has resulted in surged need to provide content
that is relevant to the local market. Global Linguist Solutions, LLC, Language
Line Solutions, and Babylon Corporation, are some of the prime players in the
language translation software market.
MRFR also finds that the mounting need for businesses to
communicate with various customers, employees, and officials from different
regions in the target market surges the demand for translation software in
order to overcome language barriers. Apart from this, with the growing scope of
online mode of communication and education, the demands for translation
software is growing. This factor is expected to grow significantly over the
forecast period.
On the other hand, with emerging offerings proposed by the
companies through the internet, the translation of websites and web content
need has also developed. Businesses also seek translation software in order to
serve their customers and keep up with their demands. Apart from this,
individuals also use this service as more people are migrating to various
countries as they find themselves in an environment with an unfamiliar
language. As a result, they may need this language translation software for
better understanding of the local language. All these factors have motivated
the market to own its position and still encouraging to gain more revenue in
the forecast period.
One of the trends observed in the translation industry includes
the integration of higher technologies with translation software. The modernism
in the translation industry is expanding on continuous technological evolution
every day. New technologies such as Steps, a translation app designed for
smartphones, allows the users to use the translation software on the go
whenever required. Such technological inventions are also driving the rising
need for the global language translation software market.
Despite these factors, the factor of occurrence of free language
translators is likely to restrict the market growth for the forecast period.
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Leading Segments
The language translation software market is studied among the
segments of components, function organization size and vertical.
The component segment has included solution and service. Among
these, solution segment includes rule-based machine translation, hybrid machine
translation and statistical-based machine translation. The service segment
includes managed service, professional service, and integration service.
Managed Services are defined as practical management of an information
technology asset or object through a third party, usually known as an MSP, on
behalf of the end-user.
Language translation software market by function segment has included
transcription, localization, translation, interpretation and others.
Language translation software market by organization size segment
has included small and medium organization and large organization.
Language translation software market by vertical segment has
included BFSI, government, IT and telecommunication, education, healthcare,
manufacturing and others.
Regional Outlook
The regional analysis of language translation software market is
being studied for regions such as the Americas, Asia Pacific, Europe and Rest
of the World.
North America region grabbed the highest market share in language
translation software market in support of incidence of prime players in the
region and migration of people from diverse countries is aiding the market in
the region. The countries like the US and Canada contributes a tremendous
amount of revenue in the language translation software market in the
region.
Asia‐Pacific region will also be growing at the highest CAGR.
Enterprises in the region are investing massively in language translation tools
to improve business efficiency and productivity, and the region is also a
provider of BPO services to numerous non-English spoken regions, which is
fuelling the market in the region.
Market Players
The well-known players in the language translation software market
are Lionbridge Technologies, Inc. (U.S.), Bigword Group Ltd. (England), Global
Linguist Solutions (U.S.), Languageline Solutions (U.S.), Google Inc. (U.S.),
Babylon Corporation (Israel), Microsoft Inc. (U.S.), IBM Corporation (U.S.),
Cloudwords Inc. (U.S.) and Systran (South Korea).
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