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Language Translation Software and Services - Global Market Trajectory & Analytics

  • ID: 2228040
  • Report
  • February 2022
  • Region: Global
  • 776 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • AppTek
  • Google Inc.
  • LanguageLine Solutions
  • RWS Group
  • SYSTRAN S.A.
  • Welocalize Inc.

Global Language Translation Software and Services Market to Reach $62.7 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. Effective communication can be attained either by selecting a common language to communicate, or engaging language intermediaries. For practical reasons, global businesses opt for language translation intermediaries. Services of translation companies are in high demand from organizations - government and private, in view of the increasing significance of effective communication with customers, employees, partners, and officials in the target market. Despite the fact that the industry has considerably lower number of professional translators, the market continues to witness strong growth driven by the rising demand for translation and localization services.

Amid the COVID-19 crisis, Global Language Translation Software and Services market is projected to reach US$62.7 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.2% over the analysis period. Europe represents the largest regional market for Language Translation Software and Services, accounting for an estimated 47.2% share of the global total. The market is projected to reach US$30.9 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 7.8% over the analysis period.

Video translation is expected to be one of the major trends in the translation industry in the coming years, particularly considering that over 80% of the content provided over the internet is presented through videos. The use of a language services provider for localizing videos would provide businesses the confidence that their message is being conveyed authentically. In recent years, video localization is becoming extremely vital for companies wanting to successfully expand their reach in emerging global markets. Some of the primary uses of localizing videos would include providing important information to customers regarding new products and updates; conveying additional information to new customers through follow-up messages; and generating training videos for employees working in different geographies. Furthermore, the growing market for e-learning presents untapped potential in translation of e-learning content. The emergence of machine translation led to the creation of custom translation engines with customized vocabulary, domain specific dictionaries, and preferences. Neural machine translation and Big Data are applied in several applications including e-learning, customer services, publishing, email, mobile apps, eDiscovery, and compliance among others. Neural machine translation leverages artificial neural network and large amounts of data to predict a sequence of words which are used to construct entire sentences. The cost-effectiveness and speed of machine translation is further enhanced by PEMT. Despite the drawbacks of translations produced by machines, advances in technology are anticipated to spur reliance on machine and human combination rather than human translation alone. A notable of neural machine translation, Pure Neural Machine Translation (PNMT) developed by Systran, is an innovative technology that runs complex algorithms to deliver properly contextualized translation with fluency.

Select Competitors (Total 270 Featured) -

  • AMPLEXOR International S.A.
  • AppTek
  • Babylon Ltd.
  • Global Linguist Solutions LLC
  • Google Inc.
  • IBM Corp.
  • LanguageLine Solutions
  • Lionbridge Technologies Inc.
  • Moravia IT a.s
  • RWS Group
  • SDL plc
  • SYSTRAN S.A.
  • thebigword Group Plc
  • TransPerfect Translations International Inc
  • Welocalize Inc.
  • Xerox Corporation
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • AppTek
  • Google Inc.
  • LanguageLine Solutions
  • RWS Group
  • SYSTRAN S.A.
  • Welocalize Inc.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • Language Translation Market Surges Ahead
  • Translation Technology Continues to Evolve
  • Key Trends Summarized
  • Globalization Drives Demand
  • US - The Single Largest Market
  • Developing Economies to Drive Growth
  • Language Translation Software and Services - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competition
  • Recent market Activity
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Rising Data Volumes to Catalyze Growth
  • Global Big Data and Business Analytics Revenues in US$ Billion: 2014 to 2022
  • Global Datsphere Volume in Zettabytes: 2014 to 2022
  • Language Translation Industry Efforts to Deal with Big Data
  • Cloud-based Translation Tools Tap Big Data
  • Big Data Extends Scope of Language Translation
  • Big Data to Drive Language Translation Industry
  • Rise in Popularity of Non-English Languages in eCommerce and other Business Areas Drives the Market for Language Translation Services
  • Leading Languages Used on the Internet in Terms of % of Internet Users: 2019
  • Global E-Commerce Market as a % of Retail Sales for the Period 2017-2023
  • Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
  • Technological Advances to Fuel Growth in Language Technology
  • Language Translation Opportunities Enabled by AI
  • AI to Drive Down Translation Costs
  • Adaptive and Neural Machine Translations Gain Momentum
  • Machine Translation for Domain/ Industry Specific Machine Translation
  • Voice Search Gains Traction
  • Percentage of Internet Users Using Voice Interfaces Each Month: 2020
  • Growth in Demand for Video Translation Solutions and Services
  • Transcreation Services to Witness Rising Demand
  • Unsupervised Machine Translation: An Advanced Approach for Translating in More Languages
  • Iterative Process Holds Promise in Achieving High-Quality Translations
  • Artificial Speech Translation: An Emerging Domain
  • Growing Emphasis on Web Localization
  • Hybrid Machine Translation Blends Statistics and Rules
  • Cloud Based Services on the Rise
  • Translation Apps Gain Interest
  • Rise of Internet-based Business Operations Lends Traction to Market
  • Number of Internet Users (in Million) and Percentage Penetration Rate (%) by Region for 2019
  • Rise in Global Tourism to Increase Demand for Voice Translation Solutions and Services
  • International Tourist Arrivals by Region: 2018
  • Social Media Marketing to Lend Traction for Translation
  • Global Number of Active Social Media Users (in Million): 2015-2020
  • World's Most Accessible Social Platforms: 2019
  • Mobile Technology Promotes Machine Translation
  • Significance of Smartphones in Language Translation Industry
  • Top Ten Countries by Number of Smartphone Users in Millions (2019)
  • Human Translators - Still in Demand
  • Burgeoning Demand for Financial Translations Services
  • Localization in Medical Sector
  • Translation Services Witness Broader Adoption across Organizations and Businesses
  • eLearning Drives Opportunities
  • World eLearning Market in US$ Billion: 2016-2024
  • Crowdsourcing Grows Stronger
  • Social Media Marketing to Lend Traction for Translation
  • Companies Focus on Making Translation Services More Cost-Effective
  • Industry Faces Copyright Issues
  • AN INSIGHT INTO LANGUAGE TRANSLATION INDUSTRY
  • Translation Service: An Introduction
  • Evolution of Language Translation Industry
  • Automated Translations - A Historic Preview
  • Industry Structure
  • An Overview of Language Industry Services
  • Recent Advancements in Machine Translation

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Demand on Rise for Translation Services from Medical Device Sector

CANADA

  • Market Overview

JAPAN

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Overview

CHINA

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview

EUROPE

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Cultural Diversity Drives Market Growth

FRANCE

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
  • High Demand for French Language Translation Service Providers

GERMANY

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
  • Rise in Demand for Welsh Translation Services

SPAIN

  • Market Overview

RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Language Translation Sector Gains Impetus
  • Outlook

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
  • Steady Growth Ahead

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

IRAN


ISRAEL

SAUDI ARABIA

  • Translation Industry Witnesses Rapid Growth

UNITED ARAB EMIRATES


REST OF MIDDLE EAST

AFRICA

  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 270
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • AMPLEXOR International S.A.
  • AppTek
  • Babylon Ltd.
  • Global Linguist Solutions LLC
  • Google Inc.
  • IBM Corp.
  • LanguageLine Solutions
  • Lionbridge Technologies Inc.
  • Moravia IT a.s
  • RWS Group
  • SDL plc
  • SYSTRAN S.A.
  • thebigword Group Plc
  • TransPerfect Translations International Inc
  • Welocalize Inc.
  • Xerox Corporation
Note: Product cover images may vary from those shown