Press release
Growing CAGR of 17.3% | The Language Translation Software Market Share Reach USD 44.8 Billion by 2031
Allied Market Research published a new report, titled, "Growing CAGR of 17.3% | The Language Translation Software Market Share Reach USD 44.8 Billion by 2031." 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.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/3273
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.
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.
For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/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.
Procure Complete Report (451 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/language-translation-software-market/purchase-options
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.
Access the full summary at: https://www.alliedmarketresearch.com/language-translation-software-market
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
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Growing CAGR of 17.3% | The Language Translation Software Market Share Reach USD 44.8 Billion by 2031 here
News-ID: 3830550 • Views: …
More Releases from Allied Market Research

Urinary Self-Catheter Market To Witness Strong Growth By 2035
In 2018, the global urinary self-catheter market was valued at approximately $1.72 billion and is projected to reach $2.39 billion by 2026, registering a CAGR of 4.1% during the forecast period. The urinary self-catheter market has witnessed significant growth in recent years, driven by various factors including the rising prevalence of urinary disorders, an aging global population, and advancements in catheter technology. Self-catheterization offers individuals greater independence and improved quality…

Medical Computer Carts Market To Witness Huge Growth By 2035
In 2020, the global Medical Computer Carts Market was valued at approximately $478.86 million. Projections indicate that this figure will reach $1,088.55 million by 2030, representing a CAGR of 8.5% from 2021 to 2030. The Medical Computer Carts Market has witnessed substantial growth in recent years, driven by technological advancements and the increasing adoption of electronic health records (EHR) in healthcare facilities. These mobile workstations have become indispensable tools for…

Automated Pallet Truck Market Set to Hit $33.4 Billion by 2033, Transforming Log …
Allied Market Research published a report, titled, "Automated Pallet Truck Market by Type (Pallet, Transporting Truck, and Pallet Stacking Truck) and Application (Production and Manufacture, Distribution and Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033".
According to the report, the automated pallet truck market size was valued at $4.9 billion in 2023, and is estimated to reach $27.3 billion by 2033, growing at a CAGR of 21.4% from…

Booming Bike & Scooter Sharing Telematics Market: Revolutionizing Urban Mobility …
Allied Market Research published a report, titled, "Bike and Scooter Sharing Telematics Market by Service Type (Pay-as-you-go and Subscription pay-as-you-go), Operational Model (Dockless and Station-Based), Propulsion (Pedal, Electric and Gasoline) and Vehicle Type (Bike, Scooter and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033".
𝐀𝐜𝐜𝐨𝐫𝐝𝐢𝐧𝐠 𝐭𝐨 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭, 𝐭𝐡𝐞 𝐛𝐢𝐤𝐞 𝐚𝐧𝐝 𝐬𝐜𝐨𝐨𝐭𝐞𝐫 𝐬𝐡𝐚𝐫𝐢𝐧𝐠 𝐭𝐞𝐥𝐞𝐦𝐚𝐭𝐢𝐜𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟑.𝟖 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟑, 𝐚𝐧𝐝 𝐢𝐬 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟖.𝟏 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲…
More Releases for CAGR
Cat Litter Box Market | CAGR of 9.1% | Revenue & CAGR of 9.1%
Cat Litter Box Market Report provides precise data about the market size, commercialization aspects and revenue forecast of the industry. The global Cat Litter Box market offers a historical factsheet relevant to the strategic mergers, acquirements, joint venture activities, and partnerships spread in the Cat Litter Box market. The most advanced data has been presented in the study on the revenue numbers, product details, and sales of the major firms.…
Predictive Analytics Market Growing at Strong CAGR of CAGR of 25.31% 2019
Predictive analytics helps to extract information from the existing data. It helps in understanding the pattern and predict the trend or future for the organization. It uses what-if scenarios to predict possible risks involved in the future. Predictive analytics also helps in the optimization of the marketing campaigns and understanding of the customer behaviour for increasing the end-user response and to reduce the churn.
Predictive analytics is segmented into:
Risk management:…
Global Absorption Chillers Market Reflecting a CAGR of 7.6% CAGR through 2025
The demand for thermally-driven chillers in multiple industrial verticals is poised to grow in the immediate future. Considering the rising demand for electrical chillers in commercial, residential as well as industrial settings, the adoption of absorption chillers will gain traction at considerable rate. By consuming lesser energy than conventional electrical chillers, absorption chillers will also garner surplus demand for not using ozone-depleting chlorofluorocarbons (CFC) for chilling purposes. Persistence Market Research’s…
Aircraft Sensors Market Growing at a CAGR of 6.4% CAGR By 2022
The global aircraft sensors market is forecasted to receive a strong push in its growth momentum on the back of advancements in technologies, massive investments forwarded by private equity groups, and the elevation in the demand for aircraft. Adherence to the requirements and regulations of authorities such as local aircraft regulatory bodies and the Federal Aviation Administration (FAA) could pamper the growth of the market. Nonetheless, there could be more…
China Baby Diapers Market Reflecting a CAGR of 19.1% CAGR 2012-2017
The increasing birth rate in China has proven to be a boon for the country’s baby diaper’s market. To provide a comprehensive analysis of the growth trajectory exhibited by the China baby diapers market and study the impact of the dynamic regulatory policies on the market, Transparency Market Research (TMR) has published a report, titled “Baby Diapers Market - China Industry Analysis, Market Size, Share, Growth, Trends And Forecast, 2012…
Ecg Device Market Register a CAGR Growth of 4.1% CAGR by 2024
This region holds highest market share over the forecast period (2016-2024) and is expected to exhibit slow growth rate. The Asia Pacific is expected to be the fastest-growing region for ECG devices owing to its increasing incidence rate of cardiovascular diseases and high population.
ECG devices are experiencing a paradigm technological shift from resting ECG systems to portable Holter monitoring systems, owing to their advantages of patient mobility, low prices and…