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, increasing at an 18.2% CAGR from 2019 to 2029.
A growing number of computational translation tools, such as free online translation tools, are expected to pose a substantial threat to the global language translation software market. The wide availability, accessibility, and low cost of translation software provide a possible constraint for the global language 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 financial advantages of cloud services, the usage of cloud computing is fast rising around the world.
The rising popularity of online information searches may increase the demand for language translation software and services. Similarly, as a result of technological improvements and breakthroughs in the smartphone market, the global language translation software market is likely to grow dramatically in the coming years. For instance, the Samsung Galaxy S IV has multilingual capabilities. To maintain the fast-paced global market landscape, firms place a high value on efficient international networks and market penetration in local markets. This is projected to drive significant demand for the worldwide language translation software market as businesses seek to improve their efficiency. Furthermore, developing countries such as Brazil, India, and China are expected to experience strong expansion in their enterprise sectors, presenting huge potential opportunities in the global language translation software market. This scenario is designed to propel the language translation software industry forward.
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|Market Size in 2031||USD 24.66 billion|
|Segment Covered||Component, Industry, Regions|
|Component Covered||solution, service|
|Industry Covered||banking, financial services and insurance (BFSI), healthcare, manufacturing, government, IT & telecom, education, commercial, others|
|Covered Regions||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Lionbridge Incorporated, IBM, Microsoft, SDL/Trados, Google, Systran, Babylon Corporation, Bablefish, AlphaCRC, Bitext, CallMiner, Duolingo Corporation, inRiver, Cloudwords|
On the basis of Type, it is expected that the rule-based sector will continue to hold market share, while the demand for hybrid language translation software is expected to increase quickly. The approaches for parallel language machine translation, dictionary-based machine translation, and transfer-based machine translation are within the topic of rule-based machine translation. Most often, this kind of translation is employed in the development of grammar and dictionary software.
In terms of application, the legal segment accounted for the highest market share. While demand for language translation software in the tourism and travel sector is expected to rise rapidly during the forecast period as the legal sector reduces its investment in foreign language translators by using computer-based translation software.
Because of emigration from many countries and the presence of significant corporations, the North American region has the largest geographical market share in the language translation software sector. Additionally, the US and Canada are the nations in this region that provide the most market income. Furthermore, for the projected period of 2029, the Asia-Pacific area CAGR is planned to produce the greatest.
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By providing BPO services to several non-English speaking regions, the global Language Translation Software Market Trends are expanding the range of business chances for international manufacturers in this area. Additionally, the growing investments made by investors in technology and language translation software solutions are expanding the global language translation software market potential for the producers.
Over the projected period, mergers and acquisitions are planned to be the primary growth strategy in the global language translation market software & services. For instance, Lionbridge announced its Gold membership collaboration with Oracle Network in May 2015 in order to offer its clients bilingual content. Lionbridge also announced a relationship with inRiver in April 2015 to streamline its worldwide content on the platform.
Major Points from 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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