Market Overview:
Language translation software infers the source text in a precise language. It offers variety of services such as translation, interpretation, localization, transcription and others. Increasing need of corporate communication with clients, employees and executives, migration of employees in IT sector, increasing adoption in enterprises to derive data and views about products from social media growing the market potentially.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Big word Group Ltd. (England), Lionbridge Technologies, Inc. (United States), Language line Solutions (United States), Global Linguist Solutions (United States), Google Inc. (United States), IBM Corporation (United States) and Microsoft Inc. (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region or narrow down segments in the final scope subject to feasibility |
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics of major and emerging geographies across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Key Players of Language Translation Software Market Study:
Big word Group Ltd. (England), Lionbridge Technologies, Inc. (United States), Language line Solutions (United States), Global Linguist Solutions (United States), Google Inc. (United States), IBM Corporation (United States) and Microsoft Inc. (United States)
Language Translation Software Market Segment Analysis
Scope | Sub-Segments |
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Type | Solution [Rule-Based Machine Translation, Statistical-Based Machine Translation, Hybrid Machine Translation, Others] and Services [Translation, Localization, Interpretation, Transcription, Others] |
Industry Vertical | Banking Financial Services and Insurance (BFSI),Healthcare,Manufacturing,Government,IT & telecom,Education,Others |
Organization Size | Large Enterprises,Small and Medium Enterprises |
Influencing Trend:
Growing inclination towards expansion of business in different regions
Market Growth Drivers:
Swelling Use in IT and BFSI Industries and Budding Need for business communications
Challenges:
Availability of Free language Translator
Restraints:
High Cost Associated with Language Translation Software
Opportunities:
Increasing Migration of Employees in IT Sector and Growing Online Network in Non- English Speaking Countries
Some of the other players that are also part of study are Babylon Corporation (Israel), Systran (South Korea) and Cloud Words Inc. (United States). The Global Language Translation Software market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Language Translation Software market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Language Translation Software market.
Identification of total players or companies operating in the global market which is further concentrated to fewer or most impacting players which are considered under the reports scope. In order to make a priority list sorting is done based on revenue generated based on the latest reporting with the help of paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Banking, Financial services & insurance (BFSI), IT & telecom, Healthcare, System Integrators, Technology solution providers, IT Solution Providers, Educational Institutes, Business Entities, Government Bodies, Business Research and consulting Firms and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.