Language Translation Software Market, By Component (Solution, Service) - Forecast 2023
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On the basis of regional analysis the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America region is generating highest market share in the language translation software market owing to better network infrastructure, digitization and higher technology implementation.
Digitization in North America is mainly due to the invention of advanced technology and economies benefitting from it. North America region is leading due to presence of major players from the region in the language translation software market.
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The implementation of Language Translation Software Market solution by both small and medium enterprises is increasing rapidly, especially one into IT & BFSI sector. The language translation software is gaining demand as organization seek to improve their business growth by shifting from on-premise to cloud based.
The language translation software market is expected to grow at approximately USD 25 Billion by 2023, at 14% of CAGR between 2017 and 2023.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Language Translation Software Market - Forecast to 2023”.
Major Key Players:
- Bigword Group Ltd. (England)
- Lionbridge Technologies, Inc. (U.S.)
- Languageline Solutions (U.S.)
- Global Linguist Solutions (U.S.)
- Babylon Corporation (Israel)
- Google Inc. (U.S.)
- IBM Corporation (U.S.)
- Microsoft Inc. (U.S.)
- Systran (South Korea)
- Cloudwords Inc. (U.S.)
Language Translation Software Market Segmentation:
The language translation software market has been segmented on the basis of component, function, organization size and vertical.
Language translation solutions that can easily translate any type of content to grow users business, increase efficiency and strengthen compliance. It also provides document translation services that improves language access in many industries.
Market Research Analysis:
The language translation software market in North America region is growing due to high adoption of cloud solutions by enterprise and need to improve information governance in organizations. According to the study, the language translation software market will show rapid growth in Europe region.
Asia-Pacific market is estimated to be one of the fastest growing market as it is continuously investing into research and development of language translation software market and growing oversea business attract more users and is driving language translation software market in the region. Increasing population, and growing IT landscape is boosting the market in the region.
The region is witnessing high adoption of language translation software tools by enterprises. Developing countries such as India and China are adopting language translation software tools at large scale owing to high amount of data generation from numerous industries and the need to designed streaming to store those data and for efficient management of business is one of the prime factor that is boosting the market in the region.
By vertical segment, education and IT & telecommunication sector is driving the language translation software market.
The region is witnessing high growth in language translation software market due to growing oversea business and rise in business purchase outsourcing services.
The regional analysis of language translation software market is being studied for regions such as Asia Pacific, Americas, Europe and Rest of the World. North America region accounts for highest market share in language translation software market owing to presence of major players in the region and migration of people from different countries is aiding the market in the region.
Countries such as US and Canada contributes large amount of revenue in the language translation software market in the region. Asia‐Pacific region is expected to be growing at the highest CAGR.
Enterprises in the region are investing huge in language translation tools to improve business efficiency and productivity, and the region is also provider of BPO services to numerous non-english spoken region is fuelling the market in the region.
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Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
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
List of Figures
Figure 1 Research Type
Figure 2 Language Translation Software Market: By Component (%)
Figure 3 Language Translation Software Market: By Function (%)
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