Language Translation Software Market Size, Emerging Trends, Qualitative Outlook Analysis, Business Growth, End Users and Opportunities Demand, Covid-19 Target Segmentation Demand 2027
Market
Scenario:
Market Research Future (MRFR), in its
latest report on the Language Translation Software Market Size report
2020, reveals different factors that can promote the expansion of the market
across the study period 2017 to 2023.
A
thorough analysis on the influence of COVID 19 on the language translation
software market in the years ahead. As per MRFR study, the expansion of the
language translation software market is likely to thrive at 14% of CAGR in the
analysis period 2017 and 2023. The language translation software market can
value at about USD 25 Billion by 2023, stated MRFR analysis. The expansion of
the language translation software market can be attributed to the rise of
application of language translation software across multiple organizations and
the presence of effective network infrastructure. In addition, the increase in
digital solution adoption by reputed players can impel the expansion of the language
translation software market in the study period.
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Competitive Outlook:
Babylon Corporation
(Israel), Lionbridge Technologies, Inc. (U.S.), Big word Group Ltd. (England),
Global Linguist Solutions (U.S.), Language line Solutions (U.S.), IBM
Corporation (U.S.), Google Inc. (U.S.), Microsoft Inc. (U.S.), Cloudwords Inc.
(U.S.), and Systran (South Korea) among others are some reputed names in the
language translation software market as profiled by MRFR.
Segmentation:
The component-based
segments of the Language translation software market are solution and services.
The solution segments are
statistical-based machine translation, hybrid machine translation, and
rule-based machine translation. The service segments are managed services, and
integration services, following professional service. The function-based
segments of the Language translation software market are localization,
transcription, and interpretation. The organization size-based segments of the
language translation software are large enterprise and small & medium
enterprise. By vertical based segments of the language translation software
market are IT & telecommunication, education, manufacturing, BFSI,
government, and healthcare, among others. The rise in the demand for solutions
that offer easy and quick translation of any type of content with high degree
of efficacy aid in business to gain high efficiency and also strengthen
compliance. Thus, the gradual rise in the adoption of language translation
software across different enterprises can promote the market rise in the study
period. Moreover, the high adoption of document translation services can
support the expansion of the language translation software market in the
analysis period.
Regional
Analysis:
In APAC, the
implementation of language translation software solution across SMEs and
expanding large enterprises can boost the rise of the market through the
analysis period. The continuous implementation of language translation software
in IT & BFSI sector can prompt the growth of the language translation
software through the review period. The presence of language diversity can
propel the growth of the language translation software market growth in the
APAC region. In Europe, the increase in inflow of different business can
support the surge of EU language translation software market in the years to
come, reveals MRFR study.
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Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market
Definition
2.2 Scope
of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets
Structure
Continued….
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