Global Language Translation Software & Services Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz delivers in-depth insights on the global language translation software & services market in its upcoming report titled, “Global Language Translation Software & Services Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027”. The global language translation software & services market is estimated to register a CAGR of XX% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the global language translation software & services market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the global language translation software & services market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global language translation software & services market report has been segmented on the basis of component, industrial vertical, and region.
Language translation software is a computer program that performs the translation of a given programming language into a functionally equivalent program in target computer language, without losing the functional or logical structure of the original code. Language translation software and services include various services such as, translation, localization, interpretation, transcription, etc. Various companies use language translation software & services to get feedback, information and opinions regarding company’s products and services from social media which can be useful for decision-making. This software enables worldwide communication with partner’s customers and employees in a variety of languages.
Globalization of enterprise markets and the need to translate website content, and increasing demand to search information over internet are key factors driving growth of the global language translation software & services market. In addition, increasing preference of language translation software & services for businesses to communicate with customers, employees, and officials overseas, to overcome language barriers is another factor expected to fuel growth of the global language translation software & services market over the forecast period.
However, availability of free language translators is a key factor restraining growth of the global language translation software & services market. In addition, due to complex nature of the system it is difficult to include various regional languages into language translation system, which may hamper growth of the global language translation software & services market. Moreover, lack of awareness regarding the features of language translation system is another factor hampering growth of the global language translation software & services market in the near future.
Increasing adoption of internet in non-English speaking countries such as Mexico, Spain, Russia, and Brazil pose as untapped market and in turn provide ample growth opportunities to market players to increase their customer base by fulfilling need for localized websites
The market in North America accounted for highest market share in terms of revenue in the global language translation software & services market, followed by the market in Europe, owing to factors such as increasing awareness of language translation technology, advance network infrastructure, digitization, presence of major players, and relocation of people from different countries in the region. The market in Asia Pacific is projected to have highest CAGR, owing to investment in language translation tools to improve business efficiency and provide BPO services to non-English spoken region is expected to fuel growth of the target market in countries in this region.
Global language translation software & services market segmentation by component:
- Rule-Based Machine Translation
- Statistical-Based Machine Translation
- Hybrid Machine Translation
Global language translation software & services market segmentation by industrial vertical:
- Banking Financial Services and Insurance (BFSI)
- IT & Telecom
Global language translation software & services market segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Thebigword Group Plc
- Lionbridge Technologies, Inc.
- LanguageLine Solutions, Inc.
- Global Linguist Solutions, LLC.
- Babylon Software Ltd.
- Google Inc.
- IBM Corporation
- Microsoft Inc.
- SYSTRAN S.A
- Cloudwords, Inc.
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