The global Language Translation Software market is projected to reach USD 22.64 Billion by 2027, growing at a CAGR of 16.2%
The necessity to translate website content and the globalization of corporate markets are both anticipated to drive growth in the market for language translation software & services. Due to the increased frequency of integrated businesses internationally, it has become crucial to create websites that are simple to use and understand in various marketplaces, which might help the market flourish
Covid-19 Impact and Market Status
The covid-19 impact the global language translation software market forever. Covid-19 has led to rapid digitalisation of every sector. Customers, consumers, and other entities are preferring language translation software for contributing to ICT competencies, contribute to constancy and quality, and as a pedagogical tool. Also, the software is been is used to enhance the quality, efficiency, and translation speed. Globalisation and need for swift information transmission has improved the reliance on and necessitated language translation software furthering the development of global language translation software market.
The Software Services Segment Poised for Rapid Market Progress
Additionally, technologies including rule-based machine translation, statistical machine translation, and hybrid machine translation are included in language translation services. According to estimates, hybrid machine translation will have a sizeable market share due to its significant characteristics, which combine statistical and rule-based machine translation to attain a high level of accuracy. Due to its advantage over rule-based machine translation, statistical-based machine translation may also experience considerable market growth. This is because it uses statistical methodology and number-specific technology
Commercial Sector Will Experience Rapid Growth
The global language translation software market is classified into banking, financial services and insurance (BFSI), healthcare, manufacturing, government, IT & telecom, education, commercial, others on the basis of industry. Many businesses need language translation software to grow internationally; the commercial sector might experience rapid growth. Due to the widespread adoption of translation technology in these industries, the education and banking sectors may also experience rapid development.
North America And Europe Will Witness Rapid Growth In Language Translation Software
Due to the high interest in language translation technology in North America and Europe, the market for language translation software is anticipated to expand significantly in these continents. Furthermore, the demand for regional language translation software may be boosted by the growing use of this technology in portable devices like smartphones and tablets.
Over the following years, global language translation software market growth is also fuelled demand for language translation software due to increasing desire to conduct information searches online. Over the next several years, language translation software will likely experience significant growth due to technological innovations in the smartphone industry.
A wide range of linguistic services includes translation, localization, interpreting, transcription, and others. A growing need for locally relevant material has arisen due to rising urbanization. The need for translation software is rising due to enterprises' increasing demand to connect with clients, staff members, and government representatives in the target market.
The global language translation software market is estimated to reach close to USD 24,440 Mn by 2029 with an annualized growth rate of 1700 % through the forecast period 2022-2029.
The mobile-first strategy is in high demand from both organizations and consumers due to the rising use of mobile devices. Solutions for mobile users are being developed by several businesses worldwide. As a result, both private learners and business organizations have an expanding need for mobile-based translation software. This is driving the global language translation market.
The market for smartphones and other smart devices has not yet been thoroughly penetrated by the sophisticated technology used to create language translation software. The system's intricacy makes it challenging to integrate several regional languages into the language translation system, which might hinder global language translation software market expansion. Additionally, a lack of knowledge about the features of language translation systems may impede global language translation software market expansion.
Also, global language translation software market expansion is hampered by elements including the threat posed by producers of the open-source language translation software. Numerous open-source businesses provide a variety of language translation software and apps. Nearly all of the features offered by web-based or cloud language translation software companies are covered by products from different open-source vendors. Since most small businesses in developing nations like China and India cannot afford to invest in pricey web-based and cloud-based language translation software, open-source translation software is growing in popularity impeding the growth of global language translation software market.
Nevertheless, the emergence of developed web-based and cloud-based language translation software, emergence of artificial intelligence translators, rapidly advancing technology, growing popularity of home voice recognition systems are key forces anticipated to be a growth opportunity to the global language translation software market.
Lionbridge Incorporated, IBM, Microsoft, SDL/Trados, Google, Systran, Babylon Corporation, Bablefish, AlphaCRC, Bitext, CallMiner, Duolingo Corporation, inRiver, Cloudwords, and Language Engineering are a few of the Global Language Translation Software Market leading companies.
The Global Language Translation Software Market for language translation software of these companies have become more popular among smartphone users. These companies place a strong emphasis on creating mobile applications that are uniquely designed and include capabilities for language translation via buttons, cameras, and location-specific features.
Latest Developments In Global Language Translation Software Market: A Snapshot
- In July 2021, Rocket Sound joined Lionbridge, a rapidly expanding branch of Lionbridge. Lionbridge Games offers a comprehensive range of end-to-end testing, audio, localization, and crowd services.
- In October 2021, Bablefish announced opensource for PostegreSQL.
Language Translation Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 24,440 Mn|
|Growth Rate||CAGR of 17.0% during 2021-2028|
|Segment Covered||Component, Industry, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Lionbridge Incorporated, IBM, Microsoft, SDL/Trados, Google, Systran, Babylon Corporation, Bablefish, AlphaCRC, Bitext, CallMiner, Duolingo Corporation, inRiver, Cloudwords|
Key Segments In The Global Language Translation Software Market
Component Overview, 2019-2029 (USD Million)
Industry Overview, 2019-2029 (USD Million)
- Financial Services and Insurance (BFSI)
- IT & telecom
Regional Overview, 2019-2029 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle-East and South Africa