Language Translation Software Market Developments by 2031
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.
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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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Language Translation Software Market - By Component
1.3.2 Language Translation Software Market - By Industrial Vertical
1.3.3 Language Translation Software Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. LANGUAGE TRANSLATION SOFTWARE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. LANGUAGE TRANSLATION SOFTWARE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. LANGUAGE TRANSLATION SOFTWARE MARKET - GLOBAL MARKET ANALYSIS
6.1. LANGUAGE TRANSLATION SOFTWARE - GLOBAL MARKET OVERVIEW
6.2. LANGUAGE TRANSLATION SOFTWARE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. LANGUAGE TRANSLATION SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOLUTION
7.3.1. Overview
7.3.2. Solution Market Forecast and Analysis
7.3.3. Rule-Based Machine Translation Market
7.3.3.1. Overview
7.3.3.2. Rule-Based Machine Translation Market Forecast and Analysis
7.3.4. Statistical-Based Machine Translation Market
7.3.4.1. Overview
7.3.4.2. Statistical-Based Machine Translation Market Forecast and Analysis
7.3.5. Hybrid Machine Translation Market
7.3.5.1. Overview
7.3.5.2. Hybrid Machine Translation Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
7.4.3. Translation Market
7.4.3.1. Overview
7.4.3.2. Translation Market Forecast and Analysis
7.4.4. Localization Market
7.4.4.1. Overview
7.4.4.2. Localization Market Forecast and Analysis
7.4.5. Interpretation Market
7.4.5.1. Overview
7.4.5.2. Interpretation Market Forecast and Analysis
7.4.6. Transcription Market
7.4.6.1. Overview
7.4.6.2. Transcription Market Forecast and Analysis
7.4.7. Others Market
7.4.7.1. Overview
7.4.7.2. Others Market Forecast and Analysis
8. LANGUAGE TRANSLATION SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRIAL VERTICAL
8.1. OVERVIEW
8.2. INDUSTRIAL VERTICAL MARKET FORECASTS AND ANALYSIS
8.3. BFSI
8.3.1. Overview
8.3.2. BFSI Market Forecast and Analysis
8.4. HEALTHCARE
8.4.1. Overview
8.4.2. Healthcare Market Forecast and Analysis
8.5. MANUFACTURING
8.5.1. Overview
8.5.2. Manufacturing Market Forecast and Analysis
8.6. GOVERNMENT
8.6.1. Overview
8.6.2. Government Market Forecast and Analysis
8.7. IT AND TELECOM
8.7.1. Overview
8.7.2. IT and Telecom Market Forecast and Analysis
8.8. EDUCATION
8.8.1. Overview
8.8.2. Education Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. LANGUAGE TRANSLATION SOFTWARE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Language Translation Software Market Overview
9.1.2 North America Language Translation Software Market Forecasts and Analysis
9.1.3 North America Language Translation Software Market Forecasts and Analysis - By Component
9.1.4 North America Language Translation Software Market Forecasts and Analysis - By Industrial Vertical
9.1.5 North America Language Translation Software Market Forecasts and Analysis - By Countries
9.1.5.1 United States Language Translation Software Market
9.1.5.1.1 United States Language Translation Software Market by Component
9.1.5.1.2 United States Language Translation Software Market by Industrial Vertical
9.1.5.2 Canada Language Translation Software Market
9.1.5.2.1 Canada Language Translation Software Market by Component
9.1.5.2.2 Canada Language Translation Software Market by Industrial Vertical
9.1.5.3 Mexico Language Translation Software Market
9.1.5.3.1 Mexico Language Translation Software Market by Component
9.1.5.3.2 Mexico Language Translation Software Market by Industrial Vertical
9.2. EUROPE
9.2.1 Europe Language Translation Software Market Overview
9.2.2 Europe Language Translation Software Market Forecasts and Analysis
9.2.3 Europe Language Translation Software Market Forecasts and Analysis - By Component
9.2.4 Europe Language Translation Software Market Forecasts and Analysis - By Industrial Vertical
9.2.5 Europe Language Translation Software Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Language Translation Software Market
9.2.5.1.1 Germany Language Translation Software Market by Component
9.2.5.1.2 Germany Language Translation Software Market by Industrial Vertical
9.2.5.2 France Language Translation Software Market
9.2.5.2.1 France Language Translation Software Market by Component
9.2.5.2.2 France Language Translation Software Market by Industrial Vertical
9.2.5.3 Italy Language Translation Software Market
9.2.5.3.1 Italy Language Translation Software Market by Component
9.2.5.3.2 Italy Language Translation Software Market by Industrial Vertical
9.2.5.4 United Kingdom Language Translation Software Market
9.2.5.4.1 United Kingdom Language Translation Software Market by Component
9.2.5.4.2 United Kingdom Language Translation Software Market by Industrial Vertical
9.2.5.5 Russia Language Translation Software Market
9.2.5.5.1 Russia Language Translation Software Market by Component
9.2.5.5.2 Russia Language Translation Software Market by Industrial Vertical
9.2.5.6 Rest of Europe Language Translation Software Market
9.2.5.6.1 Rest of Europe Language Translation Software Market by Component
9.2.5.6.2 Rest of Europe Language Translation Software Market by Industrial Vertical
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Language Translation Software Market Overview
9.3.2 Asia-Pacific Language Translation Software Market Forecasts and Analysis
9.3.3 Asia-Pacific Language Translation Software Market Forecasts and Analysis - By Component
9.3.4 Asia-Pacific Language Translation Software Market Forecasts and Analysis - By Industrial Vertical
9.3.5 Asia-Pacific Language Translation Software Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Language Translation Software Market
9.3.5.1.1 Australia Language Translation Software Market by Component
9.3.5.1.2 Australia Language Translation Software Market by Industrial Vertical
9.3.5.2 China Language Translation Software Market
9.3.5.2.1 China Language Translation Software Market by Component
9.3.5.2.2 China Language Translation Software Market by Industrial Vertical
9.3.5.3 India Language Translation Software Market
9.3.5.3.1 India Language Translation Software Market by Component
9.3.5.3.2 India Language Translation Software Market by Industrial Vertical
9.3.5.4 Japan Language Translation Software Market
9.3.5.4.1 Japan Language Translation Software Market by Component
9.3.5.4.2 Japan Language Translation Software Market by Industrial Vertical
9.3.5.5 South Korea Language Translation Software Market
9.3.5.5.1 South Korea Language Translation Software Market by Component
9.3.5.5.2 South Korea Language Translation Software Market by Industrial Vertical
9.3.5.6 Rest of Asia-Pacific Language Translation Software Market
9.3.5.6.1 Rest of Asia-Pacific Language Translation Software Market by Component
9.3.5.6.2 Rest of Asia-Pacific Language Translation Software Market by Industrial Vertical
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Language Translation Software Market Overview
9.4.2 Middle East and Africa Language Translation Software Market Forecasts and Analysis
9.4.3 Middle East and Africa Language Translation Software Market Forecasts and Analysis - By Component
9.4.4 Middle East and Africa Language Translation Software Market Forecasts and Analysis - By Industrial Vertical
9.4.5 Middle East and Africa Language Translation Software Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Language Translation Software Market
9.4.5.1.1 South Africa Language Translation Software Market by Component
9.4.5.1.2 South Africa Language Translation Software Market by Industrial Vertical
9.4.5.2 Saudi Arabia Language Translation Software Market
9.4.5.2.1 Saudi Arabia Language Translation Software Market by Component
9.4.5.2.2 Saudi Arabia Language Translation Software Market by Industrial Vertical
9.4.5.3 U.A.E Language Translation Software Market
9.4.5.3.1 U.A.E Language Translation Software Market by Component
9.4.5.3.2 U.A.E Language Translation Software Market by Industrial Vertical
9.4.5.4 Rest of Middle East and Africa Language Translation Software Market
9.4.5.4.1 Rest of Middle East and Africa Language Translation Software Market by Component
9.4.5.4.2 Rest of Middle East and Africa Language Translation Software Market by Industrial Vertical
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Language Translation Software Market Overview
9.5.2 South and Central America Language Translation Software Market Forecasts and Analysis
9.5.3 South and Central America Language Translation Software Market Forecasts and Analysis - By Component
9.5.4 South and Central America Language Translation Software Market Forecasts and Analysis - By Industrial Vertical
9.5.5 South and Central America Language Translation Software Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Language Translation Software Market
9.5.5.1.1 Brazil Language Translation Software Market by Component
9.5.5.1.2 Brazil Language Translation Software Market by Industrial Vertical
9.5.5.2 Argentina Language Translation Software Market
9.5.5.2.1 Argentina Language Translation Software Market by Component
9.5.5.2.2 Argentina Language Translation Software Market by Industrial Vertical
9.5.5.3 Rest of South and Central America Language Translation Software Market
9.5.5.3.1 Rest of South and Central America Language Translation Software Market by Component
9.5.5.3.2 Rest of South and Central America Language Translation Software Market by Industrial Vertical
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. LANGUAGE TRANSLATION SOFTWARE MARKET, KEY COMPANY PROFILES
11.1. BABYLON LTD.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. CLOUDWORDS INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. GLOBAL LINGUIST SOLUTIONS, LLC .
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GOOGLE LLC
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. IBM CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. LANGUAGELINE SOLUTIONS
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. LIONBRIDGE TECHNOLOGIES, INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. MICROSOFT
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SYSTRAN
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. THEBIGWORD
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Babylon Ltd.
2. Cloudwords Inc.
3. Global Linguist Solutions, LLC .
4. Google LLC
5. IBM Corporation
6. LanguageLine Solutions
7. Lionbridge Technologies, Inc.
8. Microsoft
9. SYSTRAN
10. thebigword
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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