Dublin, June 08, 2023 (GLOBE NEWSWIRE) -- The "Language Translation Software and Services: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Language Translation Software and Services estimated at US$57 Billion in the year 2022, is projected to reach a revised size of US$84.2 Billion by 2030, growing at a CAGR of 5% over the analysis period 2022-2030.
Solutions, one of the segments analyzed in the report, is projected to record 4.5% CAGR and reach US$48.6 Billion by the end of the analysis period.
Taking into account the ongoing post pandemic recovery, growth in the Services segment is readjusted to a revised 5.7% CAGR for the next 8-year period.
The U.S. Market is Estimated at $16.8 Billion, While China is Forecast to Grow at 7.5% CAGR
The Language Translation Software and Services market in the U.S. is estimated at US$16.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$6.7 Billion by the year 2030 trailing a CAGR of 7.5% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.
Select Competitors (Total 270 Featured) -
- 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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 776 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $57 Billion |
| Forecasted Market Value (USD) by 2030 | $84.2 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Language Translation Market Surges Ahead
- Translation Technology Continues to Evolve
- Key Trends Summarized
- Globalization Drives Demand
- US - The Single Largest Market
- Developing Economies to Drive Growth
- Language Translation Software and Services - Global Key Competitors Percentage Market Share in 2022 (E)
- Competition
- Recent market Activity
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rising Data Volumes to Catalyze Growth
- Global Big Data and Business Analytics Revenues in US$ Billion: 2014 to 2022
- Global Datsphere Volume in Zettabytes: 2014 to 2022
- Language Translation Industry Efforts to Deal with Big Data
- Cloud-based Translation Tools Tap Big Data
- Big Data Extends Scope of Language Translation
- Big Data to Drive Language Translation Industry
- Rise in Popularity of Non-English Languages in eCommerce and other Business Areas Drives the Market for Language Translation Services
- Leading Languages Used on the Internet in Terms of % of Internet Users: 2019
- Global E-Commerce Market as a % of Retail Sales for the Period 2017-2023
- Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
- Technological Advances to Fuel Growth in Language Technology
- Language Translation Opportunities Enabled by AI
- AI to Drive Down Translation Costs
- Adaptive and Neural Machine Translations Gain Momentum
- Machine Translation for Domain/ Industry Specific Machine Translation
- Voice Search Gains Traction
- Percentage of Internet Users Using Voice Interfaces Each Month: 2020
- Growth in Demand for Video Translation Solutions and Services
- Transcreation Services to Witness Rising Demand
- Unsupervised Machine Translation: An Advanced Approach for Translating in More Languages
- Iterative Process Holds Promise in Achieving High-Quality Translations
- Artificial Speech Translation: An Emerging Domain
- Growing Emphasis on Web Localization
- Hybrid Machine Translation Blends Statistics and Rules
- Cloud Based Services on the Rise
- Translation Apps Gain Interest
- Rise of Internet-based Business Operations Lends Traction to Market
- Number of Internet Users (in Million) and Percentage Penetration Rate (%) by Region for 2019
- Rise in Global Tourism to Increase Demand for Voice Translation Solutions and Services
- International Tourist Arrivals by Region: 2018
- Social Media Marketing to Lend Traction for Translation
- Global Number of Active Social Media Users (in Million): 2015-2020
- World's Most Accessible Social Platforms: 2019
- Mobile Technology Promotes Machine Translation
- Significance of Smartphones in Language Translation Industry
- Top Ten Countries by Number of Smartphone Users in Millions (2019)
- Human Translators - Still in Demand
- Burgeoning Demand for Financial Translations Services
- Localization in Medical Sector
- Translation Services Witness Broader Adoption across Organizations and Businesses
- eLearning Drives Opportunities
- World eLearning Market in US$ Billion: 2016-2024
- Crowdsourcing Grows Stronger
- Social Media Marketing to Lend Traction for Translation
- Companies Focus on Making Translation Services More Cost-Effective
- Industry Faces Copyright Issues
- AN INSIGHT INTO LANGUAGE TRANSLATION INDUSTRY
- Translation Service: An Introduction
- Evolution of Language Translation Industry
- Automated Translations - A Historic Preview
- Industry Structure
- An Overview of Language Industry Services
- Recent Advancements in Machine Translation
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/18gfrw
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