According to a market research study published by Contrive Datum Insights, Translation is the act of interpreting the meaning of a text and producing a text with equivalent meaning. The text to be translated is referred to as the source text, and the language into which it is desired to be translated is referred to as the target language. With the expansion of online communication and education, the demand for translation software is on the rise and is projected to increase substantially over the next few years. It is a common misconception that there is a word-for-word correspondence between all languages and that translation is a simple process. In addition, a word-for-word translation disregards context, grammar, and idioms.
| Source: Contrive Datum Insights Pvt Ltd
Farmington, May 12, 2023 (GLOBE NEWSWIRE) -- The GlobalTranslation Software Market Was Valued At $4.94 billion In 2022 And Is Expected To Expand $24.66 billion By 2030 at a CAGR Of 18.2% From 2022 To 2030. Key factors driving the growth of this market include the Integrating modern innovations with translation software, Growing acceptance of smart phones and tablets worldwide, The rising need for language translation software in cloud computing.
The expansion of technological advances in the translation industry is predicated on the constant development of technology. In addition, the majority of non-English speaking regions are gradually implementing smartphones with LTS integration. In order to attract consumers, numerous smartphone manufacturers are incorporating this software with modifications. This is expected to significantly boost market expansion.
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By Type, the market is divided into Rule-Based, Statistical-Based, and Hybrid segments. The Rule-Based segment is anticipated to maintain the largest market share, whereas demand for hybrid language translation software is anticipated to increase substantially. Rule-based machine translation includes transfer-based automatic translation, concurrent language machine translation, and dictionary-based machine translation. This method of translation is utilized predominantly for the creation of dictionaries and grammar software.
The market is segmented into Legal, Medical, Travel & Tourism, Financial & Banking, and Other Applications. The Legal application segment is expected to maintain the largest market share over the forecast period, while the demand for language translation software in the tourism & travel industry is projected to increase at a rapid rate. This is due to the fact that the Legal application segment can reduce its expenditures on foreign language translators by utilizing computer-based translation software.
The global market for language translation software is segmented by end use vertical into government, banking, financial services, and insurance (BFSI), information technology and telecommunications (IT&T), healthcare, manufacturing, and education. It is anticipated that the end-use vertical segment will expand rapidly due to the large number of businesses that require language translation software to expand into new regions.
The North America region is projected to grow significantly in the global Translation Software Market during the forecast period 2021 to 2026.
According to the report,It is essential to take into account the specific local factors when analysing the Translation Software Market in each region, as market conditions and trends can vary significantly from region to region and even from country to country.
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Scope of Report:
|Growth Rate||CAGR of 18.2% from 2023 to 2030.|
|Revenue Forecast by 2030||$24.66 billion|
|By Type|| |
|By Application|| |
|By Vertical|| |
|By Companies|| |
|Regions andCountries Covered|| |
|Historical Year||2017 to 2022|
|Forecast Year||2023 to 2030|
There are a number of challenges that could slow the expansion of the global Translation Software Market. Among the most important constraints are:
An expensive translation software the high costs associated with the design and development of translation software's numerous languages hinder future market expansion. Moreover, the complex structure of translation software hinders market growth.
Lack of translation software knowledge Lack of awareness regarding the benefits and advantages of translation software in various industries, such as government, education, finance, etc., is impeding market expansion. In addition, people are oblivious of the capabilities of translation software.
A number of promising new avenues for development and expansion exist in the international Translation Software Market. Consider a few of the most promising prospects:
Increasing demand for cloud-based language translation software Increasing demand for cloud-based language translation software is another factor contributing to language translation software's growing market share. Due to the scalability and cost savings associated with cloud services, the global adoption of cloud computing is accelerating. Globally, businesses are focusing on reducing their total capital expenditures (CAPEX) and pursuing the adoption of new technologies with reduced CAPEX. Utilizing cloud solutions allows small businesses and entrepreneurs to take advantage of the scalability of cloud providers' hardware and resources. As cloud-based software adoption has increased, vendors have begun to offer cloud-based language translation software. The demand for cloud-based language translation software among end-use industries, as a result of implied accessibility and scalability, is anticipated to further stimulate the global market in the coming years.
Key Segments Covered:
Top Market Players:
- Lionbridge Technologies.
- NetEase, Inc
- SYSTRAN S.A.
- IBM Corporation
- Babylon Ltd.
- Google Inc
- TransPerfect Translations International Inc
- Statistical Based
- Tourism & Travel
- Financial & Banking
- IT & Telecommunication
- Banking Financial Service And Insurance
Regions andCountries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific:(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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