The global LTS Market witnesses rapid traction. The market growth attributes to the increased demand and adoption of translation solutions & services in major end-user industries. Besides, the growing demand for language translation solutions from healthcare, travel & transport, media & entertainment, and the education industry boosts market size.
With substantial investments in developing translation platforms and improve services, the market is likely to witness significant growth in the years to come. According to Market Research Future (MRFR), the global language translation software market is poised to create substantial valuation by 2027, pervasively growing at a phenomenal CAGR during the review period (2020-2027).
Translation and interpretation solutions enable businesses to succeed in a new culture, helping them to focus on local content adaptations with all relatable content that appropriately fits into the local culture. Moreover, these help increase social media outreach and targeted email marketing campaigns and make e-commerce easier to navigate.
In advertising & marketing, translation solutions help to use many figurative languages, which need a high level of cultural understanding to translate. In the eCommerce sector, translation services are necessary to increase the market reach to customers who speak different languages.
Rise in online marketing & SEO and the e-commerce sector substantiate the market valuation. Furthermore, increasing government initiatives and funding in developing multilingual translation technology impact the language translation software market growth positively.
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Global Language Translation Software Market - Segments
The market is segmented into components, functions, organization size, verticals, and regions. The component segment is sub-segmented into solution and service. The sub-segment service comprises managed service, professional service, and integration service. The sub-segment solution comprises statistical-based machine translation, hybrid machine translation, and rule-based machine translation.
The function segment is sub-segmented into translation, localization, interpretation, and others. The organization size segment is sub-segmented into small & medium-size enterprises and large enterprises. The vertical segment is sub-segmented into healthcare, media & entertainment, government, IT & telecommunication, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the rest-of-the-world.
Global Language Translation Software Market - Regional Analysis
North America leads the global language translation software market, mainly due to technological advances. Besides, the largest market share attributes to the presence of a large number of LTS providers in the region.
Rising adoption of advanced translation and interpretation solutions in various industry verticals in the region drives the regional market growth. Moreover, the rising penetration of natural language processing, machine learning, and multilingual translation technology substantiates the market growth in the region.
Global Language Translation Software Market - Competitive Landscape
The language translation software market appears to be competitive due to the presence of several well-established players. Players initiate strategic approaches such as mergers & acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share. The market would witness intensified competition with innovations and an increase in R&D investments and M&A.
Major Players:
Players active in the LTS market are Lionbridge Technologies, Inc. (US), Bigword Group Ltd. (England), Languageline Solutions (US), Google Inc. (US), IBM Corporation (US), Global Linguist Solutions (US), Babylon Corporation (Israel), Microsoft Inc. (US), Systran (South Korea), and Cloudwords Inc. (US), among others.
Industry/Innovation/Related News:
Aug. 16, 2021 --- Toppan Digital Language announced the acquisition of GlobaLexicon, a London-based language service provider (LSP). Toppan Digital Languages has a very clear and long-term strategy to become the leading language solutions provider for regulated and business-critical content.
The gap in language solutions for the market research sector is a key factor that encouraged the acquisition. And it plans to get there through a combination of high-quality acquisitions and organic investment. Toppan Digital Languages plans to expand its coverage of the research and analytics market.
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