What is Proofreading Software Market?
The global proofreading software market is expected to grow at a healthy rate during the forecast period, according to the AMA study. The growing demand for proofreading, editing, and checking & correction of sentence phrases for different types of documents across educational, government, and corporate sectors is a key factor aiding into the growth for proofreading software market globally.
The market study is being classified, by Application (Contextual Speller, Grammer Check, Plagiarism Detector, Reporting & Statistics, Spell/Text Check and Others) and major geographies with country level break-up.
Grammarly Inc. (United States), Ginger Software (Israel), Hemingway Ltd (United States), Orpheus Technology (United Kingdom), WhiteSmoke (Israel), Dupli Checker, RussTek LLC (United States), Literature & Latte Ltd. (United Kingdom), Indigo Stream Technologies (United States), Maklabu (Switzrland), Paper Rater (United States), Textly Inc. (United States), WordRake, LLC (United States) and LanguageTooler GmbH (Germany) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on raising funds and investments in order to upgrade their proofreading platforms with new technologies and features such as artificial intelligence. For instance, in October 2019, Grammarly raised a funding of USD 90 million for the valuation of its AI-based grammar and writing tools. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Proofreading Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Proofreading Software market by Type, Application and Region.
On the basis of geography, the market of Proofreading Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Demand for Proofreading Software from Educational Sector as International Students are Desperately Paying for their Work to be Edited, Proofread, and in Some Cases Written Entirely
- Rising Demand for Proofreading and Editing of Financial Documents in Corporate Sector
- Constant Demand of Proofreading of Documents of Government Sector
Market Trend
- Growing Number of Educational, Corporate, and Government Projects Creating the Demand for Proofreading, Editing, and Checking of Important Documents in Different Sectors
- Increasing Deployment of Artificial Intelligence in Proofreading Software
Restraints
- Compatibility Issues of Documents in Different Platforms
Opportunities
- Growing Number of Freelancing Research Individuals Will Create Huge Opportunities for Market Vendors During the Near Future
Challenges
- Presence of Proofreading Services
- Availability of Free Proofreading Cloud-Based Software Tools
Market Leaders and some development strategies
In August 2018, Barnes & Noble Education, Inc. a leading provider of educational products & services announced that it has acquired Paper Rater to provide improved multiple facets of the students' writing.
In December 2019, Textly, Inc. announced that it will receive USD 350,000 as an investment from Nitrx Capital LLC, a Delaware-based private investment firm for upgrading Linguix.com grammar checking technology and launching new features
Key Target Audience
Proofreading Software Developers, Proofreading Cloud Service Providers, New Entrants/Investors, Analysts and Strategic Business Planners and Providers, Venture Capitalists and Private Equity Firms and Government Regulatory and Research Organizations