Translation Software Market by Type, by Application Size and Forecast To 2026

Global Translation Software Market Analysis

According to Verified Market Research, the Global Translation Software Market was valued at USD 5,522.17 Million in 2018 and is expected to witness a growth of 15.55% from 2019-2026 and reach USD 17,650.56 Million by 2026.

What is Translation Software Market?

Translation can be defined as an act of interpreting the meaning of a text, and production of an equivalent text. The text which is supposed to be translated is known as the source text and the language in which it is preferred to be translated is known as the target language. With the growing scope of online mode of communication and education, the demands for translation software is growing and is expected to grow significantly over the forecast period. There exists a misconception that there is a word-to-word correspondence between any two languages and translation is a straightforward process. Moreover, a word-to-word translation doesn’t take context, grammar, idioms into

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With growing offerings provided by the companies via the Internet, the need for the translation of websites and web content has also grown. Businesses seek Translation Software in order to serve their customers and keep up with their demands. Apart from this, individuals also use this type of services. Due to more people migrating to different countries in search of a better life, they find themselves in an environment with an unfamiliar language. As a result, they may need this Translation Software for better

Global Translation Software Market Outlook

With the aim to sustain the fast-paced global market scenario, enterprises are emphasizing highly on efficient international networks and penetration in local markets. This is expected to drive the significant demand for global translation software market in order to achieve efficiency in business proceedings. Moreover, developing countries such as India, China, and Brazil are expected to exhibit prominent growth in the enterprise sectors, thereby providing potential growth opportunities in the international market. This scenario is expected to boost the demand for the global language translation software market.

One of the important trends observed in the translation industry includes the integration of advanced technologies with translation software. The innovation in the translation industry is expanding based on continuous technological evolution. New technologies such as Steps, a translation app designed for smartphones, allows its users to use the translation software on the go and get paid for it. Such technological inventions are driving the increasing need for the global language translation software market.

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An increasing number of computed translation tools such as free online based translation tools are expected to pose a major restraint to the global translation software market. The easy availability, access and cost-free translation software role up a potential restraint for the global translation software

Global Translation Software Market Segmentation

The Global Translation Software Market is classified on the basis of Type, Application, and Geography. The gist of breaking down the market into various segments is to gather information about various aspects of the market.

On the basis of Type, the market is bifurcated on the basis of Rule-Based, Statistical Based and Hybrid. The rule-based segment is expected to maintain its highest market share whereas demand for hybrid language translation software is expected to grow rapidly. The rule-based machine translation type includes transfer-based machine translation, parallel language machine translation, and dictionary-based machine translation technologies. This type of translation is used mostly in the creation of dictionaries and grammar programs.

Global Translation Software Market by application

The Global Language Translation Software market is segmented on the basis of application into legal, medical, tourism & travel, financial & banking and others. The legal application segment is expected to maintain its highest market share whereas demand for language translation software in tourism & travel is expected to grow rapidly over the forecast period as the Legal segment can lower down their investment in foreign language translators by using Computer-based.

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Global Translation Software Market Competitive Landscape

The “Global Translation Software Market” study report offers a valuable insight with an emphasis on global market including some of the major players such IBM, SDL, Lionbridge, Alchemy, MultiCorpora, Lingotek, MT@EC, Google and Language Weaver. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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This release was published on openPR.