Global Language Translation Software and Service Strategic Business Report 2023: AI to Drive Down Translation Costs Driving Growth


Dublin, June 08, 2023 (GLOBE NEWSWIRE) -- The "Language Translation Software and Services: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Language Translation Software and Services estimated at US$57 Billion in the year 2022, is projected to reach a revised size of US$84.2 Billion by 2030, growing at a CAGR of 5% over the analysis period 2022-2030.

Solutions, one of the segments analyzed in the report, is projected to record 4.5% CAGR and reach US$48.6 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Services segment is readjusted to a revised 5.7% CAGR for the next 8-year period.

The U.S. Market is Estimated at $16.8 Billion, While China is Forecast to Grow at 7.5% CAGR

The Language Translation Software and Services market in the U.S. is estimated at US$16.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$6.7 Billion by the year 2030 trailing a CAGR of 7.5% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.

Select Competitors (Total 270 Featured) -

  • AMPLEXOR International S.A.
  • AppTek
  • Babylon Ltd.
  • Global Linguist Solutions LLC
  • Google Inc.
  • IBM Corp.
  • LanguageLine Solutions
  • Lionbridge Technologies Inc.
  • Moravia IT a.s
  • RWS Group
  • SDL plc
  • SYSTRAN S.A.
  • thebigword Group Plc
  • TransPerfect Translations International Inc
  • Welocalize Inc.
  • Xerox Corporation

Key Attributes:

Report AttributeDetails
No. of Pages776
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$57 Billion
Forecasted Market Value (USD) by 2030$84.2 Billion
Compound Annual Growth Rate5.0%
Regions CoveredGlobal

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • Language Translation Market Surges Ahead
  • Translation Technology Continues to Evolve
  • Key Trends Summarized
  • Globalization Drives Demand
  • US - The Single Largest Market
  • Developing Economies to Drive Growth
  • Language Translation Software and Services - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competition
  • Recent market Activity
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Rising Data Volumes to Catalyze Growth
  • Global Big Data and Business Analytics Revenues in US$ Billion: 2014 to 2022
  • Global Datsphere Volume in Zettabytes: 2014 to 2022
  • Language Translation Industry Efforts to Deal with Big Data
  • Cloud-based Translation Tools Tap Big Data
  • Big Data Extends Scope of Language Translation
  • Big Data to Drive Language Translation Industry
  • Rise in Popularity of Non-English Languages in eCommerce and other Business Areas Drives the Market for Language Translation Services
  • Leading Languages Used on the Internet in Terms of % of Internet Users: 2019
  • Global E-Commerce Market as a % of Retail Sales for the Period 2017-2023
  • Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
  • Technological Advances to Fuel Growth in Language Technology
  • Language Translation Opportunities Enabled by AI
  • AI to Drive Down Translation Costs
  • Adaptive and Neural Machine Translations Gain Momentum
  • Machine Translation for Domain/ Industry Specific Machine Translation
  • Voice Search Gains Traction
  • Percentage of Internet Users Using Voice Interfaces Each Month: 2020
  • Growth in Demand for Video Translation Solutions and Services
  • Transcreation Services to Witness Rising Demand
  • Unsupervised Machine Translation: An Advanced Approach for Translating in More Languages
  • Iterative Process Holds Promise in Achieving High-Quality Translations
  • Artificial Speech Translation: An Emerging Domain
  • Growing Emphasis on Web Localization
  • Hybrid Machine Translation Blends Statistics and Rules
  • Cloud Based Services on the Rise
  • Translation Apps Gain Interest
  • Rise of Internet-based Business Operations Lends Traction to Market
  • Number of Internet Users (in Million) and Percentage Penetration Rate (%) by Region for 2019
  • Rise in Global Tourism to Increase Demand for Voice Translation Solutions and Services
  • International Tourist Arrivals by Region: 2018
  • Social Media Marketing to Lend Traction for Translation
  • Global Number of Active Social Media Users (in Million): 2015-2020
  • World's Most Accessible Social Platforms: 2019
  • Mobile Technology Promotes Machine Translation
  • Significance of Smartphones in Language Translation Industry
  • Top Ten Countries by Number of Smartphone Users in Millions (2019)
  • Human Translators - Still in Demand
  • Burgeoning Demand for Financial Translations Services
  • Localization in Medical Sector
  • Translation Services Witness Broader Adoption across Organizations and Businesses
  • eLearning Drives Opportunities
  • World eLearning Market in US$ Billion: 2016-2024
  • Crowdsourcing Grows Stronger
  • Social Media Marketing to Lend Traction for Translation
  • Companies Focus on Making Translation Services More Cost-Effective
  • Industry Faces Copyright Issues
  • AN INSIGHT INTO LANGUAGE TRANSLATION INDUSTRY
  • Translation Service: An Introduction
  • Evolution of Language Translation Industry
  • Automated Translations - A Historic Preview
  • Industry Structure
  • An Overview of Language Industry Services
  • Recent Advancements in Machine Translation

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/18gfrw

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Global Market for Language Translation Software and Services

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