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 fueled the market for
global language translation software.
According to the report, the language translation software industry will witness a robust expansion
in the Europe region. Increasing I.T. landscape and perpetual increase in the population, the rise in
need for organizations to interact with their employees, and consumers who belong to a different
region is the driving factor. Language is the most crucial factor for the growth and expansion for the
enterprises. Moreover, the increased demand for smartphones is a significant factor that affects the
language translation industry growth. Organizations are investing considerable amounts in the
language translation equipment to improve business capabilities and its productivity. An enormous
amount of data generation from various organizations is another significant factor in driving the
market growth. The adoption of language translation software solutions by small and medium
enterprises is increasing faster in the field of I.T. and BFSI. The language translation software has
gained importance globally owing to the demands of enterprises seeking to improve their business
expansion by shifting from on-premise to cloud-based.
Segmentation:
The language translation software market is segmented on the basis of service, solution, function,
vertical, organization size and by geography.
By service, the language translation software market can be segmented into professional service,
managed service, integration service.
By solution, the language translation software market can be segmented into rule-based machine
translation, statistical-based machine translation, hybrid machine translation.
By function, the language translation-software market can be segmented into translation,
localization, interpretation, transcription, and others.
By vertical, the language translation-software market can be segmented into government, BFSI, I.T.
and telecommunication, healthcare, education, manufacturing, and others. The segment
By organization size, the language translation-software market can be segmented into the small and
medium organizations and large organizations.
By geography, the language translation-software market can be segmented into North America (U.S.
and Canada), Asia-Pacific (APAC: China and India)
Regional Analysis:
By region, the COVID-19 analysis of language translation software 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