Language translation is the interpretation of meaningful text, and the production of an equivalent text. This text is known as the source text or language. Increase in prevalence of integrated organization markets and rise in user friendly website designing will drive the market growth over the forecast period. Language translation software is divided into various types such as localization, interpretation, translation, transcription, and others.
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Increase in penetration of smartphones and internet facility in non- English speaking countries such as Spain, Russia, Mexico, and Brazil is the key driving factor which is expected to boost the global language translation software market growth. Furthermore, increase in globalization as well as increase in demand to search information over internet will have the positive impact on global language translation software market growth. Moreover technological advancements and innovations will fuel market growth during this forecast period.
However, availability of alternatives and free language translators is the major restraining factor which is expected to hamper the global language translation software market growth. Also, lack of awareness will affect the market growth.
Global Language Translation Software Market is segmented into component such as Software( Hybrid Machine Translation, Statistical-Based Machine Translation, and Rule-based Machine Translation) and Solution (Transcription, Interpretation, Localization, Translation, and Others).Further, market is segmented into by industrial vertical such as Education, IT & Telecommunication, Government, Manufacturing, Healthcare, and Banking Financial Services and Insurance (BFSI).
Also, Global Language Translation Software Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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- Hybrid Machine Translation
- Statistical-Based Machine Translation
- Rule-based Machine Translation
By Industrial Vertical
- IT & Telecommunication
- Banking Financial Services and Insurance (BFSI)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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