Language Translation Software (LTS) Market 2019 Global Size, Share, Development, Opportunities, Future Growth, Key Expansion Strategies and Regional Forecast by 2023
Mar 5, 2019
The report on the global Language Translation Software (LTS) market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, key player's market share analysis, competitive landscape and supply chain analysis.
Pune, India - March 5, 2019 /MarketersMedia/ —
Market Highlights:
The latest report by Market Research Future (MRFR) reveals that the global language translation software market will grow at 16% CAGR and the market valuation will reach USD ~25 Bn. The world is becoming a global village with the advent of globalization; but, one of the hindrances to the economic reformation of world trade is the dominant prevalence of semantic barrier. This has led to difficulty in learning and understanding different languages which have fuelled the market for global language translation software.
Today with digital world blurring the borders in the world, sometimes, language barriers can result in loss of business for an organization. Therefore, there is a huge demand for language translation software among business organizations around the world. Market Research Future (MRFR) has published a research report about the global language translation software market that estimates massive expansion for this market at 16% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023. By value, the market has been figured to be worth the US $ 25 bn by the end of the forecast period.
The key factors that drive the global language translation software market growth are an expansion of international information media, migration of people across borders, innovation of other nations, regional consistency by opening up access to natural resources, and free movement of currency, spreading trade & commerce, etc.
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Major key Players
Global Linguist Solutions (U.S.),
Lionbridge Technologies, Inc. (U.S.),
IBM Corporation (U.S.),
Microsoft Inc. (U.S.)
Bigword Group Ltd. (England).
Lionbridge Technologies,
According to MRFR, The Language Translation Software market is expected to grow at approximately USD 25 Billion by 2023, at 16% of CAGR between 2017 and 2023.
Latest Industry News
Known for creating the first and only Cloud-based project-management-and-controls software for the construction and other industries, Built On Vision has upgraded its software with the capability of automatically translating schedules from any language in the world into any other language. 29
Google has unveiled a real-life Babel fish system for translating foreign languages. This system is an interpreter mode for its voice-controlled speakers that allow two people to speak different languages while holding conversations in real time.
Segmentation:
The global language translation software market has been segmented on the basis of component, function, organization size, vertical, and lastly, region. The component-based segmentation segments this market into services and solution. The services segment has been sub-segmented into integration service, managed service, and professional service. Managed Services are defined as proactive management of information technology (IT) asset or object, by a third party typically known as a managed service provider (MSP), on behalf of the end-user. The key factors driving the market for managed services include the rise in digital information, the need to secure it, the continuous upsurge independency over heterogeneous networks, flexibility to match customer requirements, increasing trend of bringing your own devices (BYOD), and persistent rise in the complexity of technological solutions. The solution segment has been sub-segmented into hybrid machine translation, rule-based machine translation, and statistical-based machine translation.
Based on function, the market can get segmented into interpretation, localization, transcription, translation, and others. As per organization size, the market has been segmented into the small & medium organization and large organization. On the basis of vertical, the market segmentation covers banking, financial services & insurance (BFSI), education, government, healthcare, IT & telecommunication, manufacturing, and others. The global expansion of the IT sector globally has encouraged skilled engineers from all over the world to work together due to which, the demand for demand for language translation software is growing.
Regional Analysis:
The regional segmentation of the global language translation software market segments the market into the regional markets known as Asia Pacific, North America, Europe, and rest of the world (RoW). North America is the greatest regional market due to the presence of many key market players in this region. Maximum revenue originates from the USA and Canada. Due to technological advancement, man softwares are developed in the USA, strengthening the North American market. Migrants from different countries also create a demand for language translation softwares. Mexico is another important country-specific market in this region because most people speak Spanish as their mother tongue.
During the forecast period, the Asia Pacific region has been estimated to emerge as the fastest growing regional market because enterprises in this region are investing hugely in language translation tools in order to improve business efficiency and productivity. The Asia Pacific region is also the provider of business process outsourcing (BPO) services to numerous non-English spoken region, leading to market growth. The maximum revenue generating country-specific markets in this region are China, Japan, India, and South Korea, followed by the remaining countries of the Asia Pacific region.
In Europe, all countries have different languages. Therefore, language translation softwares are necessary when business organizations from different countries communicate with each other. The key country-specific markets in this region are France, Germany, Italy, and the UK, followed by remaining countries of Europe.
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Intended Audience
Investors and consultants
System Integrators
Government Organizations
Research/Consultancy firms
Technology solution providers
IT Solution Providers
Educational Institutes
LIST OF TABLES
TABLE 1 LANGUAGE TRANSLATION SOFTWARE MARKET, BY COMPONENT
TABLE 2 LANGUAGE TRANSLATION SOFTWARE MARKET, BY FUNCTION
TABLE 3 LANGUAGE TRANSLATION SOFTWARE MARKET, BY ORAGANIZATION SIZE
TABLE 4 LANGUAGE TRANSLATION SOFTWARE MARKET, BY VERTICAL
TABLE 5 LANGUAGE TRANSLATION SOFTWARE MARKET, BY REGION
Continued .
LIST OF FIGURES
Figure 1 Research Type
Figure 2 Language Translation Software Market: By Component (%)
Figure 3 Language Translation Software Market: By Function (%)
Figure 4 Language Translation Software Market: By Organization Size (%)
Figure 5 Language Translation Software Market: By Vertical (%)
Figure 6 North America Language Translation Software Market, By Component (%)
Continued .
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact Info:
Name: abhishek Sawant
Organization: Market Research Future
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/language-translation-software-market-4452
Source: MarketersMedia
Release ID: 488704
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