Portland, OR -- (SBWIRE) -- 10/27/2017 -- Language translation software interprets the source text in a specific language. It includes a wide range of language services such as translation, localization, interpretation, transcription, and others. Increasing urbanization has resulted in an increased need to provide content that is relevant to the local market. Language Line Solutions, Global Linguist Solutions, LLC, and Babylon Corporation are some of the key players in the language translation software market.

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The growing need for businesses to communicate with customers, employees, and officials in the target market increases the demand for translation software in order to overcome language barriers. The presence of free language translators is expected to restrict the market growth. However, increasing proliferation of the Internet in non-English speaking countries such as South America, Spain, Russia, and Brazil provides ample growth opportunities owing to the need for localized websites.

The report segments the language translation software market on the basis of component, industry verticals, and geography. On the basis of component, it is divided into solution and services. Solution is divided into rule-based machine translation, statistical-based machine translation, and hybrid machine translation.

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The major players of the language translation software market are the bigword Group Ltd., Lionbridge, LanguageLine Solutions, Global Linguist Solutions, LLC, Babylon Corporation, Google Inc., IBM Corporation, Microsoft Inc., Systran, and Cloudwords Inc.

Language Translation Software Market Key Segments:

By Component

Solution
Services

By Industry Verticals

Banking Financial Services and Insurance
Healthcare
Manufacturing
Government
IT & Telecom
Education
By Geography