Dallas, Texas, Sept. 11, 2022 (GLOBE NEWSWIRE) — The Language Translation Software Market was worth USD 8.39 billion in 2019 and is expected to be worth USD 24.66 billion by 2029, growing at a CAGR of 18.2% from 2019 to 2029.
An increasing number of computer translation tools, such as free online translation tools, are expected to pose a significant threat to the global translation software market. Wide availability, accessibility and low cost of translation software is a possible restraint for the global translation software market. Some of the major market drivers include the growing popularity of mobile translation and the globalization of commerce. Due to the flexibility and cost advantages of cloud services, the use of cloud computing is rapidly increasing around the world.
The growing popularity of online information searches may increase the demand for translation software and services. Likewise, owing to technological improvements and breakthroughs in the smartphone market, the global language translation software market is expected to witness spectacular growth in the coming years. For example, the Samsung Galaxy S IV has multilingual capabilities. To keep up with the rapidly changing global market landscape, companies place high value on effective international networks and market penetration in local markets. This is expected to result in significant demand in the global language translation software market as companies seek to improve their efficiency. In addition, developing countries such as Brazil, India, and China are expected to witness strong expansion in their industries, presenting huge potential opportunities in the global translation software market. This scenario is expected to propel the translation software industry forward.
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|Market size in 2031||$24.66 billion|
|Segment covered||Component, Industry, Regions|
|Covered component||solutions, services|
|Industry covered||banking, financial services and insurance (BFSI), healthcare, manufacturing, government, IT and telecommunications, education, commerce, other|
|Regions covered||North America, Europe, Asia-Pacific, Middle East and Africa, South America|
|Profiled Key Players||Lionbridge Incorporated, IBM, Microsoft, SDL/Trados, Google, Systran, Babylon Corporation, Bablefish, AlphaCRC, Bitext, CallMiner, Duolingo Corporation, inRiver, Cloudwords|
Based on type, the rules-based sector is expected to continue to hold the largest market share, while the demand for hybrid translation software is expected to increase rapidly. The approaches of parallel language machine translation, dictionary-based machine translation and transfer-based machine translation fall under the topic of rule-based machine translation. Most often, this type of translation is used in the development of grammar and dictionary software.
In terms of application, the legal segment accounted for the highest market share. While the demand for language translation software in the tourism and travel industry is expected to increase rapidly over the forecast period as the legal industry reduces its investment in foreign language translators using computerized translation software.
Due to emigration from many countries and the presence of major corporations, the North American region holds the largest geographic market share in the language translation software industry. Moreover, the United States and Canada are the countries in this region that provide the most market revenue. Moreover, for the projected period of 2029, the Asia-Pacific region is expected to produce the largest CAGR.
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By providing BPO services to several non-English speaking regions, the global translation software market trends are expanding the range of business opportunities for international manufacturers in this field. Additionally, growing investments made by investors in language translation technology and software solutions are expanding the potential of the global language translation software market for producers.
During the projected period, mergers and acquisitions are expected to be the major growth strategy in the global language translation software market for language translation software and services. For example, Lionbridge announced its collaboration as a Gold member with Oracle Network in May 2015 in order to offer its customers bilingual content. Lionbridge also announced a relationship with inRiver in April 2015 to streamline its global content on the platform.
Main points of the table of contents:
2. Research methodology
3. Market Outlook
4. Component Overview, 2019-2029 (USD Million)
5. Industry Overview, 2019-2029 (USD Million)
6. Regional Overview, 2019-2029 (USD Million)
7. Competitive landscape
8. Company Profiles
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