Language Translation Software & Services Market Share [2031]

Report Description

The global language translation software & services market size was USD 10.91 Billion in 2022 and is likely to reach USD 45.87 Billion by 2031, expanding at a CAGR of 17.3% during 2023–2031. The growth of the market is attributed to the requirement for website content translation.

Language translation software and services involve a process of converting a given programming language into a functionally equivalent program in a target computer language while preserving the original code's functional and logical structure. For instance, the Samsung Galaxy S IV can provide translation for many languages. However, the sophisticated technology that are required to create language translation software has yet to permeate the market for smartphones and other smart devices. Moreover, due to the system intricacy, it is difficult to integrate several regional languages in the language translation system. In order to provide a full solution for language translation, some technologies combine the properties of rule-based machine translation with the features of statistical-based machine translation. Cloud providers place a premium on creating customized mobile apps with language translation capabilities such as buttons, cameras, and geo-specific features.

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The COVID-19 pandemic has swept the globe, wreaking havoc on a variety of businesses. However, since most translators have started working from home and used digital documents, the pandemic lockdowns have had only a little impact on the translation services market. Experts are constantly looking forward to collaborate to stop the spread of COVID-19 outbreak with the use of relevant material that has been appropriately translated, transcribed, and disseminated globally.

Language Translation Software & Services Market Trends, Drivers, Restraints, and Opportunities

• Rising prevalence of integrated organizations worldwide need the development of user-friendly and simple-to-understand websites for all products and services available. This is expected to boost the market in the coming years.

• Having capacity to meet consumers' needs for language translation on mobile devices, the technology is widely popular among smartphone users. This factor drives the market.

• Increasing desire to seek for information on the Internet for various business applications among different industries is anticipated to fuel the market during the forecast period.

• Lack of knowledge about the features of language translation systems among several gadget users and among small organizations is a major challenges that can hinder the market expansion.

• Technological breakthroughs have resulted in smartphone developments and innovations, which are estimated to create lucrative opportunities for the market expansion.

Scope of Language Translation Software & Services Market Report

The report on the global language translation software & services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Language Translation Software & Services Market Segment Insights

Hybrid machine translation segment to expand at a considerable CAGR

On the basis of technology, the language translation software & services market is segmented into hybrid machine translation, statistical-based machine translation, and rule-based machine translation. The hybrid machine translation segment is projected to expand at a considerable CAGR during the forecast period due to its certain advantages and characteristics for some business applications. , One of the major essential characteristics of rule-based machine translation as well as statistical-based machine translation is attaining a high level of accuracy in language translation.  On the other hand, the statistical-based machine translation segment is anticipated to account for a major market share during the forecast period as it has an advantage over rule-based machine translation since it employs statistical techniques and number-specific technologies.

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Education segment to hold significant share of the market

In terms of end-users, the market is divided into manufacturing, government, IT & telecom, education, BFSI, healthcare, and others. The education segment is expected to hold significant share of the market owing to the widespread use of translation technology in these industries. However, the others segment is projected to account for a key market share due to rising demand for language translation software by a huge number of businesses worldwide.

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North America is anticipated to constitute a key market share

In terms of regions, the language translation software & services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to the growing use of this technology in mobile devices such as smartphones and tablets for efficient translation system in companies based in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period as a result of wide investments in language translation technologies to enhance company efficiency and deliver BPO services to non-English speaking regions.

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