SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Language Translation Software and Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: May 2021
Executive Pool: 42968
Companies: 270 - Players covered include AMPLEXOR International S.A.; AppTek; Babylon Ltd.; Global Linguist Solutions LLC; Google Inc.; IBM Corp.; LanguageLine Solutions; Lionbridge Technologies Inc.; Moravia IT a.s; RWS Group; SDL plc; SYSTRAN S.A.; thebigword Group Plc; TransPerfect Translations International Inc; Welocalize Inc.; Xerox Corporation and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Organization Size (SMEs, Large Enterprises); End-Use (Healthcare, ICT, BFSI, Government, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Language Translation Software and Services Market to Reach $62.7 Billion by 2024
Language translation refers to the process of converting and communicating the meaning of content in a specific language by using an equivalent text of the target language. Globalization, increasing proliferation of Internet and mobile devices and the increasing preference for content in native languages drive the global market for language translation software and services. Global businesses are increasingly required to communicate regionally across numerous locations as part of interaction with customers and employees. With businesses expanding across the non-English speaking emerging economies in Asia-Pacific, Latin America and Africa, effective communication with customers has become vital to sustain business and market growth. Effective communication can be attained either by selecting a common language to communicate, or engaging language intermediaries. For practical reasons, global businesses opt for language translation intermediaries. Services of translation companies are in high demand from organizations - government and private, in view of the increasing significance of effective communication with customers, employees, partners, and officials in the target market. Despite the fact that the industry has considerably lower number of professional translators, the market continues to witness strong growth driven by the rising demand for translation and localization services.
Amid the COVID-19 crisis, Global Language Translation Software and Services market is projected to reach US$62.7 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.2% over the analysis period. Europe represents the largest regional market for Language Translation Software and Services, accounting for an estimated 47.2% share of the global total. The market is projected to reach US$30.9 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 7.8% over the analysis period.
Video translation is expected to be one of the major trends in the translation industry in the coming years, particularly considering that over 80% of the content provided over the internet is presented through videos. The use of a language services provider for localizing videos would provide businesses the confidence that their message is being conveyed authentically. In recent years, video localization is becoming extremely vital for companies wanting to successfully expand their reach in emerging global markets. Some of the primary uses of localizing videos would include providing important information to customers regarding new products and updates; conveying additional information to new customers through follow-up messages; and generating training videos for employees working in different geographies. Furthermore, the growing market for e-learning presents untapped potential in translation of e-learning content. The emergence of machine translation led to the creation of custom translation engines with customized vocabulary, domain specific dictionaries, and preferences. Neural machine translation and Big Data are applied in several applications including e-learning, customer services, publishing, email, mobile apps, eDiscovery, and compliance among others. Neural machine translation leverages artificial neural network and large amounts of data to predict a sequence of words which are used to construct entire sentences. The cost-effectiveness and speed of machine translation is further enhanced by PEMT. Despite the drawbacks of translations produced by machines, advances in technology are anticipated to spur reliance on machine and human combination rather than human translation alone. A notable of neural machine translation, Pure Neural Machine Translation (PNMT) developed by Systran, is an innovative technology that runs complex algorithms to deliver properly contextualized translation with fluency. More
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