Globalization, eCommerce, and Social Media to Drive the Language Translation Software and Services Market

Increasing globalization of businesses, expansion of eCommerce, and the rise of social media are poised to drive the global Language Translation Software and Services market to exceed US$78 billion by 2024.

Language translation refers to the process of converting and communicating the meaning of content in a specific language by using an equivalent text of the target language. Globalization, increasing proliferation of Internet and mobile devices and the increasing preference for content in native languages drive the global market for language translation software and services. Global businesses are increasingly required to communicate regionally across numerous locations as part of interaction with customers and employees. With businesses expanding across the non-English speaking emerging economies in Asia-Pacific, Latin America and Africa, effective communication with customers has become vital to sustain business and market growth. Some of the sectors requiring language translation services due to globalization of operations include software publishing, printing & publishing, pharmaceuticals, ICT equipment, financial services, engineering & electronics, business services, automotive, and aerospace. Innovative processes, technologies, applications, and usage of complex products are other factors driving growth in the language translation industry.

After witnessing incremental improvements over the last two decades, Machine Translation (MT) is anticipated to see the launch of innovative software solutions. Neural Machine Translation (NMT) enables enhanced access to translation solutions such as automatic translation software for better access to information as well as increases awareness about globalization and translation tools for new opportunities in the field of language services. Moreover, improved machine translations are expected to allow employees to focus more on customization to deliver quality products to consumers. The use of machines for repetitive translation tasks is expected to free humans to offer value added service to clients. The trend is driving the demand for content creation and establishing continuous delivery of localization, translation and interpretation services as an appealing niche for LSPs. While these trends in the field of digital marketing are anticipated to benefit LSPs, they are unlikely to affect social media or enable the new media to dominate. Video translation and editing services, including dubbing and voice-overs account for a notable share of the global market for language translation, with video translation services heading for major gains in the coming years. The increasing popularity of over the top (OTT) platforms such as Netflix has led to substantial volumes of online video content that needs to be translated into various languages. Video translation is expected to benefit consumers who search for videos to find solutions for specific problems, gather data for research projects, find tutorials for specific tasks, and review user experiences for better decision making.

As stated by the new market research report on Language Translation Software and Services, Europe represents the largest market followed by the US, driven by the presence of large businesses with global operations, as well as the population diversity. Asia-Pacific region, driven by China, is forecast to witness the fastest growth among all regions, with a CAGR of 16.6% over the analysis period, owing to increasing usage of translation services, driven by rising eCommerce and expansion of businesses in the region.

Major players in the market include AMPLEXOR International S.A., AppTek, Babylon Ltd., Google Inc., Global Linguist Solutions LLC, International Business Machines Corporation (IBM), LanguageLine Solutions, Lionbridge Technologies Inc., Manpower Group Solutions, RWS Group, Moravia IT a.s, SDL plc, STAR Group, SYSTRAN S.A., thebigword Group Plc, TransPerfect Translations International Inc, Translations.com, Welocalize Inc., and Xerox Corporation among others.

The research report titled "Language Translation Software and Services: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, innovations and launches, and strategic industry activities various players. The report provides market estimates and projections in US$ million for Language Translation Software and Services for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America, and Rest of World.

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