Market Research Future (MRFR), in its latest report on the Language Translation Software Market Analysis 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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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.
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.
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.
The global Language Translation Software Market Size has been affected due to the lockdown across the regions. This pandemic situation has hampered the Language Translation Software Market Size as well as its productivity, supply chain, and others.
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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
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