Key Trends as a Decision Maker You Absolutely Need to Know about the “Language Translation Software and Services” Market
The global market for Language Translation Software and Services is projected to reach US$65.6billion by 2025, driven by rising globalization and economic interdependence among countries in a world where over 7,000 languages are spoken.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Language Translation Software and Services market. Report segmentation includes Component (Solutions, Services); Organization Size (SMEs, Large Enterprises); End-Use (Healthcare, ICT, BFSI, Government, Other End-Uses).
10 June 10:09 A.M., California/Marketwire/ - According to the new market research report, the global market for Language Translation Software and Services is projected to reach US$65.6billion by 2025, driven by rising globalization and economic interdependence among countries in a world where over 7,000 languages are spoken. This makes translation important for businesses to connect with their target audiences. The global Language Translation Software and Services market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned.
Few of the noteworthy trends in the market include rise in travel and tourism and the ensuing demand for language translation services; gaining prominence of translation of educational materials as globalization converges with education; emergence of neural machine translation (NMT) to revolutionize the role of artificial intelligence in human Language translation. Not all businesses are continuing to depend on human translators and interpreters. Machines are picking up most of the share in the language translation and interpretation market. In the coming few years, machines will emerge as primary convertors. It is estimated that by the 2025, over 50% of business translations will be performed by NMT. The emergence of Artificial Intelligence (AI) and cloud-based machine translation (MT) technologies will create significant opportunity for language services providers (LSPs), extending advanced capabilities and considerable reduction in costs of enterprise translation. Video translation is expected to be one of the major trends in the translation industry in the coming years, particularly considering that over 80% of the content provided over the internet is presented through videos. Furthermore, the growing market for e-learning presents untapped potential in translation of e-learning content. The emergence of machine translation led to the creation of custom translation engines with customized vocabulary, domain specific dictionaries, and preferences.
Key Competitors Covered in the Report
AMPLEXOR International S.A.
Global Linguist Solutions LLC
Lionbridge Technologies Inc.
Moravia IT a.s
thebigword Group Plc
TransPerfect Translations International Inc
Geographies Analyzed in the Report
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 42968. Among this pool, 3437 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 859 unique participations, a total of 387 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.