Language Translation Software Market Demand, Growth, Application, Analysis and Forecast to 2023

Market Highlights

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.

Segmentation:

The language translation software market growth 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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