Dublin, April 04, 2023 (GLOBE NEWSWIRE) -- The "Global Language Translation Software Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Enterprise Size, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Language Translation Software Market size is expected to reach $26 billion by 2028, rising at a market growth of 17.0% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Google LLC (Alphabet Inc.)
- Acolad Group
- AppTek
- LanguageLine Solutions (Teleperformance SE)
- inRiver AB
- Babylon Software Ltd.
- Lingotek, Inc.
- SYSTRAN S.A.
Language translator software creates a setting that is consistent and risk-free that assists in the work of a translator, making it easier and more efficient. In addition, software designed specifically for translation offers a variety of tools, features, and resources that can be utilized to facilitate an overall streamlining of the process of translation and the rapid production of high-quality translations.
The ideal translation software will allow businesses to centralize not only the translation process but also data analysis, content distribution, reporting, and project management as well. In addition, brands may employ translation and localization technologies to empower translators by moving away from the time-consuming practice of translating blindly using a spreadsheet and towards an entirely automated and transparent process.
The expansion of the language translation software market is being driven by a rise in the adoption of smartphones around the world as well as an increase in the investments made by governments. In addition, growing company communication needs are projected to give several prospects for advancing language translation software. These alliances lead to the development, indigenous design, manufacturing, and implementation of cost-effective solutions and products.
In addition, government agencies use language translation software for various objectives, including providing immigration services, engaging in diplomatic relations, and doing international business. In addition, indigenous intellectual property(IP)will be bolstered owing to this endeavor, and it will open up new doors for the wider adoption of language translation products and solutions. In addition, the operations that the government engages in regarding the language translation software business have the overarching objective of encouraging the development of the technology, promoting its implementation, and improving the quality of services that are provided to locals.
Market Growth Factors
Rising government expenditure on the implementation of translation software
For the information on the government-run website is to be accessible to all citizens, it must be offered in 'local languages. 'The government's initiatives are anticipated to increase public awareness in many nations. The localization of websites can assist governments in achieving this objective.
Therefore, most government institutions are investing in LTS to improve communication with residents. As more governments worldwide adopt language translation software, it will further promote the growth of the market in the coming years.
An increase in the use of smartphones worldwide
Due to the increased use of mobile devices, businesses, and consumers highly value the mobile-first approach. As a result, many companies worldwide are creating solutions for mobile users. As a result, the demand for mobile-based languagetranslation software is rising among individual students and business groups.
This is driving the demand for language translation. The advanced technology needed to develop language translation software has yet to fully infiltrate the industry for smartphones as well as other smart devices. As a result, the use of language translation software has increased dramatically.
Market Restraining Factors
Increasing use of open-source translation platforms
Open-source suppliers offer reporting, analysis, translation, and data warehouse creation tools. Since the majority of small businesses in developing nations like China and India cannot afford to invest in pricey web-based or cloud-based language translation software, open-source translation software is growing in popularity. Thus, it is anticipated that the growing variety of open-source language translation software suppliers will restrain the growth of the language translation software market throughout the forecast period.
Scope of the Study
By Component
- Solution
- Rule-based Machine Translation
- Statistical Machine Translation
- Hybrid Machine Translation
- Services
By Vertical
- IT & Telecom
- Manufacturing
- Education
- Healthcare
- BFSI
- Travel & Tourism
- Others
By Enterprise Size
- Large Enterprises
- SMEs
For more information about this report visit https://www.researchandmarkets.com/r/npdvcq
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