Language Translation Software and Services
The global market for Language Translation Software and Services is projected to reach US$77.8 billion by 2024, driven by globalization that enables businesses to transcend geographic borders and the ensuing need for translation technologies that can help break the language barrier. For multinational companies, gaps in communication can end customer relationships, significantly impacting business prospects in overseas markets. Few of the broad factors influencing baseline growth in the market include penetration of information technology (IT) across all sectors and regions, emergence of English as the default standard language for all computer-based software and written communication, rise of cloud computing and software-as-a-service (SaaS) and the resulting delivery of software anywhere across the globe, rise of e-commerce wherein the world becomes a single, converged targetable market, emergence of global IT help desks and the need for synchronous multilingual product support such as text-based chat for optimizing acceptance of IT-enabled services. All of these factors drive the need for software localization. For instance, a successful SaaS platform needs to support multilingual software applications. As IT tools move to the cloud, multiple language support has become a necessity. A key trend poised to make a big impact is the urgent need to localize SaaS applications. A growing number of public cloud service providers are focusing on the ability to display their cloud solutions in localized versions. The ability to allow the customer to deploy the software applications in any language they choose to is a major competitive differentiator for service providers. The scenario will help drive demand for human translation, machine translation and computer assisted translation solutions and services. Benefits of language translation software, services and technologies include saves time, cost and ensures consistency in case of machine translation; allows customers to quickly view websites and content in native languages which is especially important for e-commerce portals; improved B2B and B2C communications and better sales leads and conversion, among others. Europe represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 16.6% over the analysis period supported by huge linguistic diversity and increased trade, business and interregional exchange across Asia.
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Company and Industry News & Stories
- AMPLEXOR Bags Contract from Region 4 Education Service Center in a Move to Offer Participants Advanced Translation Solutions at Competitive Prices
- AppTek Bags Machine Translation Contract Valued at US$1.5 Million from the US Army
- Made-in-China.com Selects SDL ETS for Translation Services in a Move to Connect More Buyers with Chinese Suppliers
- SDL Acquires Donnelley Language Solutions in a Move to Establish Itself as a Leading Player in Content and Language Solutions
- The Hut Group Acquires Language Connect, a Leading Language Translation & Localization Services Company
Product Definition & Scope
- Translation refers to the process of communicating the meaning of a source text in a specific language by using an equivalent type of target language text. Translation services typically include translation, localization, interpretation, internationalization, and supporting technologies. Translation services are offered by professional translation companies as well as individual translators (or freelance translators), commonly referred to as Language Service Providers (LSPs). Translation industry can be structured into three types, namely Human Translation; Machine Translation; and Computer Assisted Translation.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- 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
- AMPLEXOR International S.A.
- Babylon Ltd.
- Global Linguist Solutions LLC
- IBM Corp.
- LanguageLine Solutions
- RWS Group
- SYSTRAN S.A.
- Welocalize Inc.
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This research project broadly covers analysis of all market trends, drivers, challenges and other macro market scenarios you need to know to improve your strategic planning and remain informed and competitive. The study also provides reliable ready facts and exclusive statistical data insights in addition to expert and highly accurate market size forecasts and projections to help you identify new markets and opportunities for revenue growth and sustainability. The extensive reportage of industry, company and product news and stories together with coverage of all major and niche players provided in the report helps you build a 360 degree perspective on your markets and gain unsurpassed insights needed to devise plans and strategies to maximize business growth.