Dallas, Texas, September 11, 2022 (GLOBE NEWSWIRE) – The Language translation software market was worth $ 8.39 billion in 2019 and is expected to be worth $ 24.66 billion by 2029, increasing to a CAGR of 18.2% from 2019 to 2029.
An increasing 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 are a potential 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. Thanks to the flexibility and financial benefits of cloud services, the use of cloud computing is rapidly increasing around the world.
The growing popularity of online information searches can increase the demand for language translation software and services. Likewise, as a result of technological improvements and breakthroughs in the smartphone market, the global language translation software market is likely to grow significantly in the coming years. For example, the Samsung Galaxy S IV has multilingual capabilities. To maintain the fast-paced global market landscape, companies place high value on efficient international networks and market penetration in local markets. This is expected to fuel significant demand for 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 experience strong expansion in their business sectors, presenting huge potential opportunities in the global language translation software market. This scenario is expected to advance the language translation software industry.
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|Market size in 2031||24.66 billion dollars|
|Covered segment||Component, Industry, Regions|
|Covered component||solution, service|
|Covered by the sector||banking, financial and insurance (BFSI), healthcare, manufacturing, government, IT and telecommunications, education, commercial and other services|
|Regions covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key profiled 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 industry is expected to continue to hold the largest market share, while demand for hybrid language translation software is expected to grow rapidly. The approaches for 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 enforcement, the legal segment represented the highest market share. While the demand for language translation software in the tourism and travel industry is expected to increase rapidly during the forecast period, as the legal sector will reduce its investment in foreign language translators using computer-based translation software.
Due to emigration from many countries and the presence of major companies, the North America region has the largest geographic market share in the language translation software industry. Furthermore, the United States and Canada are the nations in this region that provide the largest market income. In addition, for the projected period of 2029, the Asia-Pacific region is expected to produce the highest CAGR.
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By providing BPO services to several non-English speaking regions, global language translation software market trends are broadening the range of business opportunities for international manufacturers in this area. In addition, the increasing investments made by investors in language translation technology and software solutions are expanding the potential of the global language translation software market for manufacturers.
Over the projected period, mergers and acquisitions are expected to be the main growth strategy in the global language translation software market for language translation software and services. For example, in May 2015 Lionbridge announced its Gold membership partnership with Oracle Network 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 from the summary:
2. Research methodology
3. Market prospects
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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