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 fueled the market for global language translation software.
More and more countries are opening their borders for global trade which has multiplied the need to communicate with customers from all across the world to satiate their demands. Some of the factors that are driving the growth of the market are migration of people across borders, regional consistency by opening up access to natural resources and innovation of other nations, expansion of international information media, free movement of currency, spreading trade and commerce, etc.
By Component, the language translation market has been segmented into solution, and, service.
Solution segment is further segmented into rule-based machine translation, statistical-based machine translation, and, hybrid machine translation.
Service segment in further bifurcated into professional service, managed service, and, integration service. The operative distinction that sets apart a managed service program is the proactive delivery of their service, as compared to reactive IT services, which have been around for decades. The key drivers of managed service segment are digitalization, cybersecurity, dependency on divergent networks, complex technological solutions, etc.
By function, the market is segmented into translation, localization, interpretation, transcription, and, others.
By organization size, the market has been segmented into small and medium organization, and, large organization.
By verticals, the market is segmented into government, BFSI, IT and telecommunication, healthcare, education, manufacturing, and, others. The IT and BFSI segments have huge potential during the forecast period. Expansion of IT sector globally has encouraged skilled engineers from all across the globe to work together which has augmented the demand for language translation software.
By region, the market has been segmented into Asia Pacific, North America, Europe and Rest of the World (RoW). The North America segment accounts for the highest share in the market owing to the visible presence of countries such as the U.S. and Canada which are the major revenue contributors in this region. Another factor that will affect the growth of the market in this region positively is the inhabitance of significant market players and migrants from different countries. The Asia Pacific segment has emerging economies that are thriving on imports and exports, and the business houses are making considerable amount of investments in language translation tools to obtain optimum efficiency of operations and amplify productivity. Asia Pacific region is expected to exhibit highest CAGR among other regional segments and is the outsourcing hub of BPO services for language translation, mostly to regions with non-native English-speaking population.
Some of the prominent players in the market profiled by MRFR are Global Linguist Solutions (U.S.), Lionbridge Technologies, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Inc. (U.S.), and, Bigword Group Ltd. (England). Lionbridge Technologies, Inc has expanded its product portfolio to become one of the key players in the market by developing a cloud-based delivery model to deliver on-demand translation services. The new service not only saves money and time but also assures quality. It provides the user organization with options such as managed language services if they have resources to look after translation and localization process.