Why Invest in Language Translation Software Market Reach USD 44.8 Billion by 2031, Growing at a CAGR of 17.3%

Allied Market Research published a new report, titled, "Why Invest in Language Translation Software Market Reach USD 44.8 Billion by 2031, Growing at a CAGR of 17.3%." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Surge in such as rise in government investments and increase in prevalence of smartphones around the world primarily drive growth of the language translation software market. However, alternative tools and free language translators' accessibility hamper the market growth to some extent. Moreover, expanding business communication needs is expected to provide lucrative opportunities for the market growth during the forecast period.

Download Sample Report (Get Full Insights in PDF - 451 Pages) at: https://www.alliedmarketresearch.com/request-sample/3273

The global language translation software market was valued at USD 9.3 billion in 2021, and is projected to reach USD 44.8 billion by 2031, growing at a CAGR of 17.3% from 2022 to 2031.

The global language translation software market is segmented on the basis of component, solution type, enterprise size, industry vertical and region. On the basis of component, it is segregated into solution and services. On the basis of solution type, it is segregated into rule-based machine translation, statistical based machine translation, and hybrid machine translation. On the basis of enterprise size, it is bifurcated into large enterprise and SMEs. By industry vertical, it is categorized into BFSI, IT & telecom, education, travel and tourism, manufacturing, healthcare, and other. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Access the full summary at: https://www.alliedmarketresearch.com/language-translation-software-market

Covid-19 Scenario:

● As it has decimated the world, the COVID-19 pandemic has wreaked havoc on variety of business.

● However, the most of translators now work from home and use digital documents, thus the pandemic lockdowns did not have much of an impact on the market for Language translation services.

If you have any questions, Please feel free to contact our analyst at: https://www.alliedmarketresearch.com/connect-to-analyst/3273

By industry vertical, the travel and tourism segment accounted to dominate the global LTS market share in 2021, and is expected to rule the boost by 2031. The same segment would also display the fastest CAGR of 20.7% throughout the forecast period. This is due to the travel and tourist business that deals with foreign languages need to communicate with the tourist, which drive growth of the market. 

By solution type, the hybrid machine translation segment contributed to the highest share in 2021, accounting for around two-fifths of the global LTS market revenue. The same segment would also showcase the fastest CAGR of 19.2% throughout the forecast period. This offers advantages including increased flexibility, iteration, and speed, resulting in a less load on resources. And also this solution is suitable for both conversational interactions and project-based tasks.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/3273

By region, Asia-Pacific garnered the highest share in 2021, holding nearly one-third of the global LTS market revenue in 2021, and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 19.7% during the forecast period. Rapid surge continuous adoption of machine learning and cloud computing by LTS. People here are increasingly adopting LTS enabled smartphones to communicate around the world and enhance their productivity in the region which is expected to fuel the market growth in this region.

The global language translation software market is dominated by key players such as Languageline Solutions, Microsoft Corporation, Acolad, Alphabet Inc, Babylon Software, Inriver, International Business Machines Corporation, Lingotek, Apptek, and Global Linguist Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in language translation software industry.

Buy Now & Get Exclusive Discount on this Report (451 Pages PDF with Insights, Charts, Tables, and Figures) at: https://www.alliedmarketresearch.com/language-translation-software-market/purchase-options

Thanks for reading this article; you can also get an individual chapter-wise section or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

Contact:
David Correa
5933 NE Win Sivers Drive
#205 Portland OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn and Twitter

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles Avenue. An e-access library is accessible from any device anywhere and at any time for entrepreneur's stakeholder's researchers and students at universities. With reports on more than 60000 niche markets with data comprising of 600000 pages along with company profiles on more than 12000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.