SAN FRANCISCO, March 28, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Language Translation Software and Services – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 18; Published: February 2022
Executive Pool: 42968
Companies: 270 – Players covered include AMPLEXOR International SA; AppTek; Babylon ltd. ; Global Linguist Solutions LLC; Google Inc.; IBM Corp. ; LanguageLine Solutions; Lionbridge Technologies Inc.; Moravia IT as; RWS Group; SDL plc; SYSTRAN SA; thebigword Group Plc; TransPerfect Translations International Inc.; Welocalize Inc.; Xerox Corporation and others.
Blanket: All major geographies and key segments
segments: Component (Solutions, Services); Size of the organization (SME, large enterprises); End use (health, ICT, BFSI, government, other end uses)
Geographies: World; United States; 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; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global Language Translation Software and Services Market to Reach $65.6 billion by 2025
Linguistic translation refers to the process of converting and communicating the meaning of content in a specific language using an equivalent text of the target language. Globalization, growing proliferation of internet and mobile devices, and growing preference for content in native languages are driving the global market for language translation software and services. Global companies are increasingly required to communicate regionally across multiple locations when interacting with customers and employees. With the expansion of businesses in emerging non-English-speaking economies from Asia Pacific, Latin America and Africa, effective communication with customers has become vital to support business and market growth. Effective communication can be achieved either by choosing a common language to communicate or by engaging language intermediaries. For practical reasons, global companies opt for language translation intermediaries. The services of translation companies are in high demand by organizations – governmental and private, given the growing importance of effective communication with customers, employees, partners and officials in the target market. Despite the industry having a significantly lower number of professional translators, the market continues to experience strong growth driven by the growing demand for translation and localization services.
Amidst the COVID-19 crisis, the global language translation software and services market is expected to reach US$65.6 billion by 2025, registering a compound 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 should reach US$30.9 billion at the end of the analysis period. China is expected to spearhead the growth and become 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, especially since more than 80% of the content provided on the Internet is presented in the form of videos. Using a language service provider for video localization would give businesses confidence that their message is conveyed authentically. In recent years, video localization has become extremely vital for companies looking to successfully expand their reach in emerging global markets. Some of the main uses of video localization include providing important information to customers regarding new products and updates; provide additional information to new customers through follow-up messages; and generate training videos for employees working in different geographies. Additionally, the growing e-learning market presents untapped potential when it comes to translating e-learning content. The emergence of machine translation has led to the creation of custom translation engines with custom 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 an artificial neural network and large amounts of data to predict a sequence of words that are used to construct entire sentences. The cost effectiveness and speed of machine translation is further enhanced by PEMT. Despite the disadvantages of machine-generated translations, advances in technology should encourage the use of the machine-human combination rather than human translation alone. A notable in neural machine translation, Pure Neural Machine Translation (PNMT) developed by Systran, is an innovative technology that runs complex algorithms to deliver correctly contextualized translation with fluidity. Continued
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