Language Translation Software Market Analysis and Forecast by 2031

MARKET INTRODUCTION

Language translation fosters global interaction; it allows interactive relationships in various fields such as commerce, education, technology, finance, etc. Communicating in any language becomes very easy because of the development of the language-translation software. Software for language translation helps to interact with consumers in different localities. Companies use language translation software to derive information and opinions from social media about their products, which can then be used in decision making. Software for language translation is used in small, medium, and large organizations. Implementation of this software proliferates in the IT & BFSI industry. This is due to a large number of IT sector employees and their migration to various regions.

MARKET DYNAMICS

The driving factor for the global market of language translation software is increasing the need for businesses to interact with employees and consumers in various regions. Language is a crucial driver for an organization's growth. Also, the increase in smartphone use is a significant factor that is considered to be an essential global factor and is projected to drive the market during the estimated period. Samsung Galaxy, for example, is capable of operating in different languages. To interact with customers in different regions, each organization has to provide different websites for different languages. Enterprises are investing heavily in language translation tools to improve productivity and business efficiency. One of the major factors driving the growth of this market is a large amount of data generation from several industries. The high cost and complicated structure, however, are impeding the market growth.

MARKET SCOPE

The "Global Language Translation Software Market Analysis To 2031" is a specialized and in-depth study of the technology, media and telecommunication industry with a special focus on the global market trend analysis. The language translation software market report aims to provide an overview of the language translation software market with detailed market segmentation by component, industry vertical, and geography. The global language translation software market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading language translation software market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global language translation software market is segmented on the basis of component, and industry vertical. Based on component, the language translation software market is segmented into: solution (Rule-Based Machine Translation, Statistical-Based Machine Translation, and Hybrid Machine Translation), and services (Translation, Localization, Interpretation, Transcription, and Others). On the basis of industry vertical, the language translation software market is segmented into: BFSI, Healthcare, Manufacturing, Government, IT and Telecom, Education, and Others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global language translation software market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The language translation software market by each region is later sub-segmented by respective countries and segments. The language translation software market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the language translation software market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South& Central America after evaluating political, economic, social and technological factors affecting the language translation software market in these regions.

MARKET PLAYERS

The reports cover key developments in the language translation software market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from language translation software market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the language translation software market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the language translation software market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•  Babylon Ltd.
  
•  Cloudwords Inc.
  
•  Global Linguist Solutions, LLC.
  
•  Google LLC
  
•  IBM Corporation
  
•  LanguageLine Solutions
  
•  Lionbridge Technologies, Inc.
  
•  Microsoft
  
•  SYSTRAN
  
•  thebigword
  
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Language Translation Software Report Scope