Market Highlights
Market Research Future (MRFR), in its latest report on the Language Translation Software Market Size report 2020, reveals different factors that can promote the expansion of the market across the study period 2017 to 2023. A thorough analysis on the influence of COVID 19 on the language translation software market in the years ahead. As per MRFR study, the expansion of the language translation software market is likely to thrive at 14% of CAGR in the analysis period 2017 and 2023. The language translation software market can value at about USD 25 Billion by 2023, stated MRFR analysis. The expansion of the language translation software market can be attributed to the rise of application of language translation software across multiple organizations and the presence of effective network infrastructure. In addition, the increase in digital solution adoption by reputed players can impel the expansion of the language translation software market in the study period.
Language Translation Software Market Segmentation
The segment analysis of the language translation software market is done by component, organization size, function, and vertical.
The component based segments of the Language translation software market are solution and services. The solution segments are statistical-based machine translation, hybrid machine translation, and rule-based machine translation. The service segments are managed services, and integration services, following professional service. The function based segments of the Language translation software market are localization, transcription, and interpretation. The organization size based segments of the language translation software are large enterprise and small & medium enterprise. By vertical based segments of the language translation software market are IT & telecommunication, education, manufacturing, BFSI, government, and healthcare among others. The rise in the demand for solutions that offer easy and quick translation of any type of content with high degree of efficacy aid in business to gain high efficiency and also strengthen compliance. Thus the gradual rise in the adoption of language translation software across different enterprises can promote the market rise in the study period. Moreover, the high adoption of document translation services can support the expansion of the language translation software market in the analysis period.
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Detailed Market Research Analysis
In North America, the implementation of higher technologies and the high penetration of Digitization can support the rise of North America language translation software. The increase in immigrants in the region can also impel the expansion of North America language translation software market in the analysis period. In addition, continuous is mainly due to the invention of advanced technology and economies benefitting from it. North America bolster the language translation software market growth in the region. In APAC, the implementation of language translation software solution across SMEs and expanding large enterprises can boost the rise of the market through the analysis period. The continuous implementation of language translation software in IT & BFSI sector can prompt the growth of the language translation software through the review period. The presence of language diversity can propel the growth of the language translation software market growth in the APAC region. In Europe, the increase in inflow of different business can support the surge of EU language translation software market in the years to come, reveals MRFR study.
Key Players
Babylon Corporation (Israel), Lionbridge Technologies, Inc. (U.S.), Bigword Group Ltd. (England), Global Linguist Solutions (U.S.), Languageline Solutions (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), Microsoft Inc. (U.S.), Cloudwords Inc. (U.S.), and Systran (South Korea) among others are some reputed names in the language translation software market as profiled by MRFR.
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