Language Translation Software, as the name suggests; facilitates simplified international business communication. Increasing globalization coupled with growing industrialization is allowing businesses to expand all over the world, increasing their reach & profitability despite languages barriers & regional differences.
Increasing development in digital communication, increasing trend of bring your own devices (BYOD), flexibility to match custom requirements, continuous upsurge in dependency over heterogeneous networks, and persistent rise in the complexity of technological solutions are some major factors driving the growth of Language Translation Software market globally. However, complex structure, and high initial cost are the factors expected to hamper the market growth in coming years.
Lionbridge Technologies, Inc. is one of the prominent player in language translation software market. The company provides language translation and localization service. It offers ondemand translation service for accurate, socially relevant translations. The company has developed self-service, cloud-based delivery model and states that ondemand translation service saves the time and money of users without compromising quality or customer service. It also states that if user organization has the resources to oversee the translation and localization process directly, the company provides managed language services for a customized, active approach.
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Major key Players
Google Inc. (U.S.),
IBM Corporation (U.S.),
Microsoft Inc. (U.S.),
Systran (South Korea),
Cloudwords Inc. (U.S.),
Bigword Group Ltd. (England),
Lionbridge Technologies, Inc. (U.S.),
Languageline Solutions (U.S.),
Global Linguist Solutions (U.S.),
Babylon Corporation (Israel),
The market position analysis is derived by considering various factors such as financial position, segmental R&D investment, brand value, product portfolio, strategy analysis, and key innovations in Language Translation Software market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between on the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
The Language Translation Software Market can be classified into five key segments as follows:
Segmentation by Component: Solution (rule-based machine translation, statistical- based machine translation, and hybrid machine translation) and Service (professional, managed services, integration services).
Segmentation by Function: translation, localization, interpretation, transcription and others.
Segmentation by Organization Size: Small & medium enterprises, and large enterprises.
Segmentation by Vertical: BFSI, Healthcare, Government, IT & Telecommunication, Manufacturing, Education and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and, Rest of the World.
The regional analysis of language translation software market is being studied for regions such as Asia Pacific, Americas, Europe and Rest of the World. North America region accounts for highest market share in language translation software market owing to presence of major players in the region and migration of people from different countries is aiding the market in the region. Countries such as US and Canada contributes large amount of revenue in the language translation software market in the region. Asia‐Pacific region is expected to be growing at the highest CAGR. Enterprises in the region are investing huge in language translation tools to improve business efficiency and productivity, and the region is also provider of BPO services to numerous non-english spoken region is fuelling the market in the region.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Educational Institutes