Language translation software & services market is predicted to increase the market share at approximately USD 25 Billion for the forecast period of 2023.
Language translation software & services market is expected to be spurred by the globalization of enterprise markets and the need to translate website content over the forecast period. The high prevalence of integrated enterprises worldwide may lead to the need for designing websites that are user-friendly and easy to comprehend across all markets, which may favorably impact market growth. Further, the growing need to provide content relevant to the local market may also fuel market growth over the next few years.
The worldwide implementation of language translation software & services technology may lead to the emergence of several comprehensive solutions in the market. These solutions integrate the attributes of rule-based machine translation along with the features of statistical-based machine translation in order to provide a complete solution for language translation, which may also spur market demand. The IT sector provides avenues for language translation software & services market growth. This may be attributed to the need to implement language translation software technology. Furthermore, the technology has gained popularity among smartphone users owing to its ability to fulfill their requirements for language translation on mobile devices. Cloud providers emphasize on developing customized mobile applications that consist of tools for language translation using buttons, cameras, and geo-specific features.
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Key players:
Microsoft
Global Linguist Solutions
TransPerfect
Google
On the basis of types:
Rules-based Machine Translation
Statistical-based Machine Translation
Hybrid Machine Translation
On the basis of applications:
BFSI
Healthcare
Manufacturing
Government
IT and Telecom
Education
Others
This is expected to witness substantial growth in North America and Europe owing to widespread awareness about the language translation technology in these regions. Further, increasing usage of this technology in mobile devices such as smartphones and tablets may also propel the regional language translation software and services market demand.
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Language translation software & services incorporate technologies such as rule-based machine translation, statistical-based machine translation, and hybrid machine translation. Hybrid machine translation is estimated to account for significant market share pertaining to its features including key attributes of rule-based machine translation as well as statistical-based machine translation to achieve a high degree of accuracy. Statistical-based machine translation may also witness significant market growth as it utilizes statistical technique and number-specific technology giving it an edge over rule-based machine translation.
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