Pune, India -- (SBWire) -- 04/18/2018 --Language Translation Software Market- Overview:
Language Translation Software, as the name suggests; facilitates simplified international business communication. Increasing globalization coupled with growing industrialization is allowing businesses to expand all over the world, increasing their reach & profitability despite languages barriers & regional differences.
Such multinational companies having offices in non-English speaking economies demand this software to smoothly run operations at many levels. Such as to translate, read & comprehend various agreements, deeds & deals correctly. In such a scenario, a little negligence towards incorrectly translated data could cost a fortune to the company proving to be a pacesetter mistake. Therefore, Language Translation Software has become one of the important aspects for the companies doing businesses globally.
Rising trend of BPOs (Business Process Outsourcing) & KPOs (Knowledge Process Outsourcing) has provided developing countries with more opportunities & growth prospects. Resultantly, augmenting the demand for this software pervasively, increasing its uptake all over the world. Further, escalating its market to greater heights on the global platform.
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According to a recent study report published by the Market Research Future, the market is booming and expected to garner a fabulous accruals of USD 25 Billion by 2023, growing at 14% of CAGR over the forecast period (2017 and 2023). The market growth is predominantly driven by the increasing globalization, urbanization & industrialization.
Industry/ Innovation/Related News:
February 21, 2018 – Microsoft Corporation (US) announced support for e-mail addresses in 15 Indian languages across its apps and services, including Outlook 2016, Office 365, Outlook.com, Exchange Online & EOP (Exchange Online Protection).
December 01, 2017 – Scientists from two different universities - Universidad del País Vasco (UPV - Spain) in Spain & Carnegie Mellon University (CMU - Australia), presented their respective new artificial intelligence systems simultaneously at different locations. These systems, allow AI to teach itself any language on earth.
The Language Translation Software market is expected to grow at approximately USD 25 Billion by 2023, at 16% of CAGR between 2017 and 2023.
Major Key Players
Bigword Group Ltd. (England), Babylon Corporation (Israel), Lionbridge Technologies, Inc. (U.S.), Languageline Solutions (U.S.), Systran (South Korea), Global Linguist Solutions (U.S.), Google Inc. (U.S.), Microsoft Inc. (U.S.), Cloudwords Inc. (U.S.) and IBM Corporation (U.S.) are some of the leaders driving the Global Language Translation Software Market. Profiling those in its analysis MRFR finds out their strategies placing them at the forefront of completion.
Regional Analysis
North America is the dominating market of Language Translation Software from the geographical perspective. The largest market share that the region hold attributes to the presence of numerous matured & small key players accounting for a substantial market share.US and Canada majorly contributing countries to the regional market growth
Likewise, Asia?Pacific market is projected to be growing at the highest CAGR. The regional growth mainly attributes to the increasing number of businesses, adopting the software to improve business productivity and efficiency. Besides APAC is home for BPO services, catering to many non-English spoken economies/regions as well. This resultantly fosters the regional market growth for Language Translation Software.
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Language Translation Software Market Size, Share, Market Intelligence, Company Profiles and Trends Forecast to 2023
Language Translation Software Market, By Component (Solution, Service), By Function (Translation, Localization, Interpretation), By Organization Size (Large Enterprises), By Vertical (Healthcare, Government, IT & Telecommunication) - Forecast 2023