Market Scenario:
Market Research Future (MRFR), in its latest report on the Language Translation Software Market report 2022, reveals different factors that can promote the expansion of the market across the study period 2022 to 2030. A thorough analysis on the influence of COVID 19 on the market in the years ahead. As per MRFR study, the expansion of the language translation software market is likely to thrive at 16.80% of CAGR in the analysis period 2022 and 2030.
The language translation software market can value at about USD 24.87 Billion by 2030, 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.
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 market as profiled by MRFR.
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Segmentation:
The segment analysis of the language translation software market is done by component, organization size, function, and vertical.
The component-based segments of the Language translation software 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 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 market in the analysis period.
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COVID-19 Analysis:
The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels. Companies in the technology sector that supply services for verticals like travel, retail, hospitality, and entertainment have noted a dramatic decrease in sales, while the firms that provide services related to remote worker solutions have observed the opposite. Language Translation Software Market Size fate post pandemic has been relatively less grim compared to Education Services (ES) and Professional Services (PS) that are mostly dependent on components that are generally on-site. Novel coronavirus has Language Translation Software Market Size to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business. The Language Translation Software Market Size is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.
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