The Global Language Translation Software Market size is expected to reach $26 billion by 2028, rising at a market growth of 17.0% CAGR during the forecast period.
Language translator software creates a setting that is consistent and risk-free that assists in the work of a translator, making it easier and more efficient. In addition, software designed specifically for translation offers a variety of tools, features, and resources that can be utilized to facilitate an overall streamlining of the process of translation and the rapid production of high-quality translations.
The ideal translation software will allow businesses to centralize not only the translation process but also data analysis, content distribution, reporting, and project management as well. In addition, brands may employ translation and localization technologies to empower translators by moving away from the time-consuming practice of translating blindly using a spreadsheet and towards an entirely automated and transparent process.
The expansion of the language translation software market is being driven by a rise in the adoption of smartphones around the world as well as an increase in the investments made by governments. In addition, growing company communication needs are projected to give several prospects for advancing language translation software. These alliances lead to the development, indigenous design, manufacturing, and implementation of cost-effective solutions and products.
In addition, government agencies use language translation software for various objectives, including providing immigration services, engaging in diplomatic relations, and doing international business. In addition, indigenous intellectual property(IP)will be bolstered owing to this endeavor, and it will open up new doors for the wider adoption of language translation products and solutions. In addition, the operations that the government engages in regarding the language translation software business have the overarching objective of encouraging the development of the technology, promoting its implementation, and improving the quality of services that are provided to locals.
COVID-19 Impact Analysis
While the pandemic had a moderate impact on work-from-home conditions, it had a negative impact on end users' business operations, particularly in the IT and automobile industries. Governments in the region were forced to enact emergency laws due to the rise in COVID-19 cases, which caused the closure of core businesses in the manufacturing, IT, transportation, and corporate sectors, as well as universities and schools. This led to lower adoption of the translation software. However, as most IT staff members worked from home during the current outbreak, cloud-based software suppliers benefited greatly. In order to use such solutions, businesses now need to collaborate with machine translation software companies. In light of all these factors, the pandemic initially impacted the market negatively, but the market recovered steadily after the initial months.
Market Growth Factors
Rising government expenditure on the implementation of translation software
For the information on the government-run website to be accessible to all citizens, it must be offered in 'local languages.'The government's initiatives are anticipated to increase public awareness in many nations. The localization of websites can assist governments in achieving this objective. Therefore, most government institutions are investing in LTS to improve communication with residents. As more governments worldwide adopt language translation software, it will further promote the growth of the market in the coming years.
An increase in the use of smartphones worldwide
Due to the increased use of mobile devices, businesses, and consumers highly value the mobile-first approach. As a result, many companies worldwide are creating solutions for mobile users. As a result, the demand for mobile-based language translation software is rising among individual students and business groups. This is driving the demand for language translation. The advanced technology needed to develop language translation software has yet to fully infiltrate the industry for smartphones as well as other smart devices. As a result, the use of language translation software has increased dramatically.
Market Restraining Factors
Increasing use of open-source translation platforms
Open-source suppliers offer reporting, analysis, translation, and data warehouse creation tools. Since the majority of small businesses in developing nations like China and India cannot afford to invest in pricey web-based or cloud-based language translation software, open-source translation software is growing in popularity. Thus, it is anticipated that the growing variety of open-source language translation software suppliers will restrain the growth of the language translation software market throughout the forecast period.
Component Outlook
Based on components, the language translation software market is categorized into solutions and services. The solution segment garnered the highest revenue share in the language translation software market in 2021. The increase in the production of publishable excellent translations for companies to fill the gap in external and internal multilingual communications is responsible for the segment's growth. Other factors that drive the usage of translation solutions include the rising trend of bring-your-own-device (BYOD), the ongoing rise in technological complexity, the increase in digital information and the necessity to secure it, adaptability to meet specific needs, and an ongoing rise in dependence on heterogeneous networks.
Enterprise Size Outlook
Based on enterprise size, the language translation software market is segmented into large enterprises and SMEs. The large enterprise segment witnessed the maximum revenue share in the language translation software market in 2021. Large businesses have historically invested in archaic translation for their content geared toward customers or are considered outbound. However, language translation software can now significantly contributes to developing the relatively new sidebound (customer-to-customer) and inbound (customer-to-enterprise) content types, so they are no longer the only options.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players in the market are adopting various strategies in order to cater to demand coming from different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Vertical Outlook
On the basis of vertical, the language translation software market is fragmented into IT & telecom, healthcare, manufacturing, BFSI, education, travel & tourism, and others. The BFSI segment acquired a substantial revenue share in the language translation software market in 2021. When planning to share their wealth, sincere investors mostly rely on the company's press releases, yearly reports, and presentations. They, therefore, expect accurate and clear information in their native tongue, so it is important to take into account translating financial documents at a fair price.
Regional Outlook
Based on region, the language translation software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North American segment witnessed the largest revenue share in the language translation software market in 2021. High demand for professional translation services, the presence of a sizable industrial sector in the US, legislative measures to foster innovation, and a sizable consumer base are some factors propelling the region's growth. The need for language translation is also growing due to emigration from numerous nations and the presence of large enterprises. The countries in this region that contribute the greatest market revenue are the US and Canada.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Google LLC (Alphabet Inc.), Acolad Group, AppTek, LanguageLine Solutions (Teleperformance SE), inRiver AB, Babylon Software Ltd., Lingotek, Inc., and SYSTRAN S.A.
Scope of the Study
By Component
- Solution
- Rule-based Machine Translation
- Statistical Machine Translation
- Hybrid Machine Translation
- Services
By Vertical
- IT & Telecom
- Manufacturing
- Education
- Healthcare
- BFSI
- Travel & Tourism
- Others
By Enterprise Size
- Large Enterprises
- SMEs
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Google LLC (Alphabet Inc.)
- Acolad Group
- AppTek
- LanguageLine Solutions (Teleperformance SE)
- inRiver AB
- Babylon Software Ltd.
- Lingotek, Inc.
- SYSTRAN S.A.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Language Translation Software Market, by Component
1.4.2 Global Language Translation Software Market, by Vertical
1.4.3 Global Language Translation Software Market, by Enterprise Size
1.4.4 Global Language Translation Software Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Market Share Analysis, 2021
Chapter 4. Global Language Translation Software Market by Component
4.1 Global Solution Market by Region
4.2 Global Language Translation Software Market by Solution Type
4.2.1 Global Rule-based Machine Translation Market by Region
4.2.2 Global Statistical Machine Translation Market by Region
4.2.3 Global Hybrid Machine Translation Market by Region
4.3 Global Services Market by Region
Chapter 5. Global Language Translation Software Market by Vertical
5.1 Global IT & Telecom Market by Region
5.2 Global Manufacturing Market by Region
5.3 Global Education Market by Region
5.4 Global Healthcare Market by Region
5.5 Global BFSI Market by Region
5.6 Global Travel & Tourism Market by Region
5.7 Global Other Vertical Market by Region
Chapter 6. Global Language Translation Software Market by Enterprise Size
6.1 Global Large Enterprises Market by Region
6.2 Global SMEs Market by Region
Chapter 7. Global Language Translation Software Market by Region
7.1 North America Language Translation Software Market
7.1.1 North America Language Translation Software Market by Component
7.1.1.1 North America Solution Market by Country
7.1.1.2 North America Language Translation Software Market by Solution Type
7.1.1.2.1 North America Rule-based Machine Translation Market by Country
7.1.1.2.2 North America Statistical Machine Translation Market by Country
7.1.1.2.3 North America Hybrid Machine Translation Market by Country
7.1.1.3 North America Services Market by Country
7.1.2 North America Language Translation Software Market by Vertical
7.1.2.1 North America IT & Telecom Market by Country
7.1.2.2 North America Manufacturing Market by Country
7.1.2.3 North America Education Market by Country
7.1.2.4 North America Healthcare Market by Country
7.1.2.5 North America BFSI Market by Country
7.1.2.6 North America Travel & Tourism Market by Country
7.1.2.7 North America Other Vertical Market by Country
7.1.3 North America Language Translation Software Market by Enterprise Size
7.1.3.1 North America Large Enterprises Market by Country
7.1.3.2 North America SMEs Market by Country
7.1.4 North America Language Translation Software Market by Country
7.1.4.1 US Language Translation Software Market
7.1.4.1.1 US Language Translation Software Market by Component
7.1.4.1.1.1 US Language Translation Software Market by Solution Type
7.1.4.1.2 US Language Translation Software Market by Vertical
7.1.4.1.3 US Language Translation Software Market by Enterprise Size
7.1.4.2 Canada Language Translation Software Market
7.1.4.2.1 Canada Language Translation Software Market by Component
7.1.4.2.1.1 Canada Language Translation Software Market by Solution Type
7.1.4.2.2 Canada Language Translation Software Market by Vertical
7.1.4.2.3 Canada Language Translation Software Market by Enterprise Size
7.1.4.3 Mexico Language Translation Software Market
7.1.4.3.1 Mexico Language Translation Software Market by Component
7.1.4.3.1.1 Mexico Language Translation Software Market by Solution Type
7.1.4.3.2 Mexico Language Translation Software Market by Vertical
7.1.4.3.3 Mexico Language Translation Software Market by Enterprise Size
7.1.4.4 Rest of North America Language Translation Software Market
7.1.4.4.1 Rest of North America Language Translation Software Market by Component
7.1.4.4.1.1 Rest of North America Language Translation Software Market by Solution Type
7.1.4.4.2 Rest of North America Language Translation Software Market by Vertical
7.1.4.4.3 Rest of North America Language Translation Software Market by Enterprise Size
7.2 Europe Language Translation Software Market
7.2.1 Europe Language Translation Software Market by Component
7.2.1.1 Europe Solution Market by Country
7.2.1.2 Europe Language Translation Software Market by Solution Type
7.2.1.2.1 Europe Rule-based Machine Translation Market by Country
7.2.1.2.2 Europe Statistical Machine Translation Market by Country
7.2.1.2.3 Europe Hybrid Machine Translation Market by Country
7.2.1.3 Europe Services Market by Country
7.2.2 Europe Language Translation Software Market by Vertical
7.2.2.1 Europe IT & Telecom Market by Country
7.2.2.2 Europe Manufacturing Market by Country
7.2.2.3 Europe Education Market by Country
7.2.2.4 Europe Healthcare Market by Country
7.2.2.5 Europe BFSI Market by Country
7.2.2.6 Europe Travel & Tourism Market by Country
7.2.2.7 Europe Other Vertical Market by Country
7.2.3 Europe Language Translation Software Market by Enterprise Size
7.2.3.1 Europe Large Enterprises Market by Country
7.2.3.2 Europe SMEs Market by Country
7.2.4 Europe Language Translation Software Market by Country
7.2.4.1 Germany Language Translation Software Market
7.2.4.1.1 Germany Language Translation Software Market by Component
7.2.4.1.1.1 Germany Language Translation Software Market by Solution Type
7.2.4.1.2 Germany Language Translation Software Market by Vertical
7.2.4.1.3 Germany Language Translation Software Market by Enterprise Size
7.2.4.2 UK Language Translation Software Market
7.2.4.2.1 UK Language Translation Software Market by Component
7.2.4.2.1.1 UK Language Translation Software Market by Solution Type
7.2.4.2.2 UK Language Translation Software Market by Vertical
7.2.4.2.3 UK Language Translation Software Market by Enterprise Size
7.2.4.3 France Language Translation Software Market
7.2.4.3.1 France Language Translation Software Market by Component
7.2.4.3.1.1 France Language Translation Software Market by Solution Type
7.2.4.3.2 France Language Translation Software Market by Vertical
7.2.4.3.3 France Language Translation Software Market by Enterprise Size
7.2.4.4 Russia Language Translation Software Market
7.2.4.4.1 Russia Language Translation Software Market by Component
7.2.4.4.1.1 Russia Language Translation Software Market by Solution Type
7.2.4.4.2 Russia Language Translation Software Market by Vertical
7.2.4.4.3 Russia Language Translation Software Market by Enterprise Size
7.2.4.5 Spain Language Translation Software Market
7.2.4.5.1 Spain Language Translation Software Market by Component
7.2.4.5.1.1 Spain Language Translation Software Market by Solution Type
7.2.4.5.2 Spain Language Translation Software Market by Vertical
7.2.4.5.3 Spain Language Translation Software Market by Enterprise Size
7.2.4.6 Italy Language Translation Software Market
7.2.4.6.1 Italy Language Translation Software Market by Component
7.2.4.6.1.1 Italy Language Translation Software Market by Solution Type
7.2.4.6.2 Italy Language Translation Software Market by Vertical
7.2.4.6.3 Italy Language Translation Software Market by Enterprise Size
7.2.4.7 Rest of Europe Language Translation Software Market
7.2.4.7.1 Rest of Europe Language Translation Software Market by Component
7.2.4.7.1.1 Rest of Europe Language Translation Software Market by Solution Type
7.2.4.7.2 Rest of Europe Language Translation Software Market by Vertical
7.2.4.7.3 Rest of Europe Language Translation Software Market by Enterprise Size
7.3 Asia Pacific Language Translation Software Market
7.3.1 Asia Pacific Language Translation Software Market by Component
7.3.1.1 Asia Pacific Solution Market by Country
7.3.1.2 Asia Pacific Language Translation Software Market by Solution Type
7.3.1.2.1 Asia Pacific Rule-based Machine Translation Market by Country
7.3.1.2.2 Asia Pacific Statistical Machine Translation Market by Country
7.3.1.2.3 Asia Pacific Hybrid Machine Translation Market by Country
7.3.1.3 Asia Pacific Services Market by Country
7.3.2 Asia Pacific Language Translation Software Market by Vertical
7.3.2.1 Asia Pacific IT & Telecom Market by Country
7.3.2.2 Asia Pacific Manufacturing Market by Country
7.3.2.3 Asia Pacific Education Market by Country
7.3.2.4 Asia Pacific Healthcare Market by Country
7.3.2.5 Asia Pacific BFSI Market by Country
7.3.2.6 Asia Pacific Travel & Tourism Market by Country
7.3.2.7 Asia Pacific Other Vertical Market by Country
7.3.3 Asia Pacific Language Translation Software Market by Enterprise Size
7.3.3.1 Asia Pacific Large Enterprises Market by Country
7.3.3.2 Asia Pacific SMEs Market by Country
7.3.4 Asia Pacific Language Translation Software Market by Country
7.3.4.1 China Language Translation Software Market
7.3.4.1.1 China Language Translation Software Market by Component
7.3.4.1.1.1 China Language Translation Software Market by Solution Type
7.3.4.1.2 China Language Translation Software Market by Vertical
7.3.4.1.3 China Language Translation Software Market by Enterprise Size
7.3.4.2 Japan Language Translation Software Market
7.3.4.2.1 Japan Language Translation Software Market by Component
7.3.4.2.1.1 Japan Language Translation Software Market by Solution Type
7.3.4.2.2 Japan Language Translation Software Market by Vertical
7.3.4.2.3 Japan Language Translation Software Market by Enterprise Size
7.3.4.3 India Language Translation Software Market
7.3.4.3.1 India Language Translation Software Market by Component
7.3.4.3.1.1 India Language Translation Software Market by Solution Type
7.3.4.3.2 India Language Translation Software Market by Vertical
7.3.4.3.3 India Language Translation Software Market by Enterprise Size
7.3.4.4 South Korea Language Translation Software Market
7.3.4.4.1 South Korea Language Translation Software Market by Component
7.3.4.4.1.1 South Korea Language Translation Software Market by Solution Type
7.3.4.4.2 South Korea Language Translation Software Market by Vertical
7.3.4.4.3 South Korea Language Translation Software Market by Enterprise Size
7.3.4.5 Singapore Language Translation Software Market
7.3.4.5.1 Singapore Language Translation Software Market by Component
7.3.4.5.1.1 Singapore Language Translation Software Market by Solution Type
7.3.4.5.2 Singapore Language Translation Software Market by Vertical
7.3.4.5.3 Singapore Language Translation Software Market by Enterprise Size
7.3.4.6 Malaysia Language Translation Software Market
7.3.4.6.1 Malaysia Language Translation Software Market by Component
7.3.4.6.1.1 Malaysia Language Translation Software Market by Solution Type
7.3.4.6.2 Malaysia Language Translation Software Market by Vertical
7.3.4.6.3 Malaysia Language Translation Software Market by Enterprise Size
7.3.4.7 Rest of Asia Pacific Language Translation Software Market
7.3.4.7.1 Rest of Asia Pacific Language Translation Software Market by Component
7.3.4.7.1.1 Rest of Asia Pacific Language Translation Software Market by Solution Type
7.3.4.7.2 Rest of Asia Pacific Language Translation Software Market by Vertical
7.3.4.7.3 Rest of Asia Pacific Language Translation Software Market by Enterprise Size
7.4 LAMEA Language Translation Software Market
7.4.1 LAMEA Language Translation Software Market by Component
7.4.1.1 LAMEA Solution Market by Country
7.4.1.2 LAMEA Language Translation Software Market by Solution Type
7.4.1.2.1 LAMEA Rule-based Machine Translation Market by Country
7.4.1.2.2 LAMEA Statistical Machine Translation Market by Country
7.4.1.2.3 LAMEA Hybrid Machine Translation Market by Country
7.4.1.3 LAMEA Services Market by Country
7.4.2 LAMEA Language Translation Software Market by Vertical
7.4.2.1 LAMEA IT & Telecom Market by Country
7.4.2.2 LAMEA Manufacturing Market by Country
7.4.2.3 LAMEA Education Market by Country
7.4.2.4 LAMEA Healthcare Market by Country
7.4.2.5 LAMEA BFSI Market by Country
7.4.2.6 LAMEA Travel & Tourism Market by Country
7.4.2.7 LAMEA Other Vertical Market by Country
7.4.3 LAMEA Language Translation Software Market by Enterprise Size
7.4.3.1 LAMEA Large Enterprises Market by Country
7.4.3.2 LAMEA SMEs Market by Country
7.4.4 LAMEA Language Translation Software Market by Country
7.4.4.1 Brazil Language Translation Software Market
7.4.4.1.1 Brazil Language Translation Software Market by Component
7.4.4.1.1.1 Brazil Language Translation Software Market by Solution Type
7.4.4.1.2 Brazil Language Translation Software Market by Vertical
7.4.4.1.3 Brazil Language Translation Software Market by Enterprise Size
7.4.4.2 Argentina Language Translation Software Market
7.4.4.2.1 Argentina Language Translation Software Market by Component
7.4.4.2.1.1 Argentina Language Translation Software Market by Solution Type
7.4.4.2.2 Argentina Language Translation Software Market by Vertical
7.4.4.2.3 Argentina Language Translation Software Market by Enterprise Size
7.4.4.3 UAE Language Translation Software Market
7.4.4.3.1 UAE Language Translation Software Market by Component
7.4.4.3.1.1 UAE Language Translation Software Market by Solution Type
7.4.4.3.2 UAE Language Translation Software Market by Vertical
7.4.4.3.3 UAE Language Translation Software Market by Enterprise Size
7.4.4.4 Saudi Arabia Language Translation Software Market
7.4.4.4.1 Saudi Arabia Language Translation Software Market by Component
7.4.4.4.1.1 Saudi Arabia Language Translation Software Market by Solution Type
7.4.4.4.2 Saudi Arabia Language Translation Software Market by Vertical
7.4.4.4.3 Saudi Arabia Language Translation Software Market by Enterprise Size
7.4.4.5 South Africa Language Translation Software Market
7.4.4.5.1 South Africa Language Translation Software Market by Component
7.4.4.5.1.1 South Africa Language Translation Software Market by Solution Type
7.4.4.5.2 South Africa Language Translation Software Market by Vertical
7.4.4.5.3 South Africa Language Translation Software Market by Enterprise Size
7.4.4.6 Nigeria Language Translation Software Market
7.4.4.6.1 Nigeria Language Translation Software Market by Component
7.4.4.6.1.1 Nigeria Language Translation Software Market by Solution Type
7.4.4.6.2 Nigeria Language Translation Software Market by Vertical
7.4.4.6.3 Nigeria Language Translation Software Market by Enterprise Size
7.4.4.7 Rest of LAMEA Language Translation Software Market
7.4.4.7.1 Rest of LAMEA Language Translation Software Market by Component
7.4.4.7.1.1 Rest of LAMEA Language Translation Software Market by Solution Type
7.4.4.7.2 Rest of LAMEA Language Translation Software Market by Vertical
7.4.4.7.3 Rest of LAMEA Language Translation Software Market by Enterprise Size
Chapter 8. Company Profiles
8.1 Microsoft Corporation
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
8.1.5.1 Product Launches and Product Expansions:
8.1.6 SWOT Analysis
8.2 IBM Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional & Segmental Analysis
8.2.4 Research & Development Expenses
8.2.5 SWOT Analysis
8.3 Google LLC (Alphabet Inc.)
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 SWOT Analysis
8.4 Acolad Group
8.4.1 Company Overview
8.4.2 Recent strategies and developments:
8.4.2.1 Acquisition and Mergers:
8.5 AppTek
8.5.1 Company Overview
8.5.2 Recent strategies and developments:
8.5.2.1 Partnerships, Collaborations, and Agreements:
8.6 LanguageLine Solutions (Teleperformance SE)
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental Analysis
8.7 inRiver AB
8.7.1 Company Overview
8.8 Babylon Software Ltd.
8.8.1 Company Overview
8.9 Lingotek, Inc.
8.9.1 Company Overview
8.10. SYSTRAN S.A.
8.10.1 Company Overview
Companies Mentioned
- IBM Corporation
- Google LLC (Alphabet Inc.)
- Acolad Group
- AppTek
- LanguageLine Solutions (Teleperformance SE)
- inRiver AB
- Babylon Software Ltd.
- Lingotek, Inc.
- SYSTRAN S.A.
Methodology
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