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Language Translation Software and Services - Global Strategic Business Report

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    Report

  • 776 Pages
  • December 2023
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 2228040

Quick Summary:

In an increasingly connected and globalized market scenario, the demand for language translation software and services is expected to surge in the forthcoming years. The market, currently valued at US$57 Billion, is projected to reach a staggering US$84.2 Billion by 2030. As you navigate through an environment characterized by cross-cultural integrations and international expansions, our comprehensive market research report provides an unmatched in-depth analysis that can guide your strategic decision-making.

Our unique report not only explores market trends. It provides a thorough analysis of the competitive landscape involving 270 featured competitors, including giants like Google Inc. and IBM Corp. A definite highlight is its special coverage of hot topics- from market shares, the dissemination across multiple geographies, to interactive peer-to-peer bespoke updates, and even access to our digital archives. Leveraging this report, you will be equipped to competently navigate the flux of the Language Translation Software and Services market, and strategically position your business for optimal growth.

Global Language Translation Software and Services Market to Reach $84.2 Billion by 2030

The global market for Language Translation Software and Services estimated at US$57 Billion in the year 2022, is projected to reach a revised size of US$84.2 Billion by 2030, growing at a CAGR of 5% over the analysis period 2022-2030. Solutions, one of the segments analyzed in the report, is projected to record 4.5% CAGR and reach US$48.6 Billion by the end of the analysis period. Growth in the Services segment is estimated at 5.7% CAGR for the next 8-year period.

The U.S. Market is Estimated at $16.8 Billion, While China is Forecast to Grow at 7.5% CAGR

The Language Translation Software and Services market in the U.S. is estimated at US$16.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$6.7 Billion by the year 2030 trailing a CAGR of 7.5% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.

Select Competitors (Total 270 Featured)

  • IBM Corporation
  • Microsoft Corporation
  • Google LLC
  • Adobe Inc.
  • Amazon Web Services, Inc.
  • Lionbridge Technologies, LLC.
  • SDL PLC
  • ECTACO, Inc.
  • TransPerfect
  • Cloudwords, Inc.
  • LanguageLine Solutions
  • Lingotek
  • Lighthouse IP
  • Stratus Video
  • DXC Technology Company

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Language Translation Software and Services Market

What is the estimated value of the Language Translation Software and Services Market?

The Language Translation Software and Services Market was estimated to be valued at $57 Billion in 2022.

What is the growth rate of the Language Translation Software and Services Market?

The growth rate of the Language Translation Software and Services Market is 5.0%, with an estimated value of $84.2 Billion by 2030.

What is the forecasted size of the Language Translation Software and Services Market?

The Language Translation Software and Services Market is estimated to be worth $84.2 Billion by 2030.

Who are the key companies in the Language Translation Software and Services Market?

Key companies in the Language Translation Software and Services Market include IBM Corporation, Microsoft Corporation, Google LLC, Adobe Inc., Amazon Web Services, Inc., Lionbridge Technologies, LLC., SDL PLC, ECTACO, Inc., TransPerfect and Cloudwords, Inc..

Table of Contents

I. METHODOLOGYII. 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
  • AMPLEXOR International S.A. (Luxembourg)
  • AppTek (USA)
  • Google Inc. (USA)
  • Global Linguist Solutions LLC (USA)
  • International Business Machines Corporation (IBM) (USA)
  • Keywords Studios Plc (Ireland)
  • LanguageLine Solutions (USA)
  • Lionbridge Technologies Inc. (USA)
  • Manpower Group Solutions (USA)
  • Microsoft Corporation (USA)
  • RWS Group (UK)
  • SDL plc (UK)
  • STAR Group (Switzerland)
  • SYSTRAN S.A. (France)
  • thebigword Group Plc (UK)
  • TransPerfect Translations International Inc (USA)
  • Welocalize Inc. (USA)
  • Xerox Corporation (USA)
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
  • TABLE 1: World Recent Past, Current & Future Analysis for Language Translation Software and Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Language Translation Software and Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 3: World 16-Year Perspective for Language Translation Software and Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
  • TABLE 4: World Recent Past, Current & Future Analysis for Solutions by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 5: World Historic Review for Solutions by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 6: World 16-Year Perspective for Solutions by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 7: World Recent Past, Current & Future Analysis for Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 8: World Historic Review for Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 9: World 16-Year Perspective for Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for SMEs by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 11: World Historic Review for SMEs by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 12: World 16-Year Perspective for SMEs by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 13: World Recent Past, Current & Future Analysis for Large Enterprises by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 14: World Historic Review for Large Enterprises by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 15: World 16-Year Perspective for Large Enterprises by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Healthcare by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 17: World Historic Review for Healthcare by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 18: World 16-Year Perspective for Healthcare by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 19: World Recent Past, Current & Future Analysis for ICT by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 20: World Historic Review for ICT by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 21: World 16-Year Perspective for ICT by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 22: World Recent Past, Current & Future Analysis for BFSI by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 23: World Historic Review for BFSI by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 24: World 16-Year Perspective for BFSI by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 25: World Recent Past, Current & Future Analysis for Government by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 26: World Historic Review for Government by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 27: World 16-Year Perspective for Government by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 28: World Recent Past, Current & Future Analysis for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 29: World Historic Review for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 30: World 16-Year Perspective for Other End-Uses by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 31: World Language Translation Software and Services Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
III. MARKET ANALYSIS
  • UNITED STATES
  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (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 2023 (E)
  • Market Overview
  • CHINA
  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Market Overview
  • EUROPE
  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Cultural Diversity Drives Market Growth
  • FRANCE
  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (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 2023 (E)
  • ITALY
  • UNITED KINGDOM
  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (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 2023 (E)
  • AUSTRALIA
  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
  • INDIA
  • Language Translation Software and Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (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 2023 (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 2023 (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 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • IBM Corporation
  • Microsoft Corporation
  • Google LLC
  • Adobe Inc.
  • Amazon Web Services, Inc.
  • Lionbridge Technologies, LLC.
  • SDL PLC
  • ECTACO, Inc.
  • TransPerfect
  • Cloudwords, Inc.
  • LanguageLine Solutions
  • Lingotek
  • Lighthouse IP
  • Stratus Video
  • DXC Technology Company