Translation Software Market : Global Opportunity Analysis and Industry Forecast 2023-2032

Allied Market Research published a new report, titled, "Translation Software Market : Global Opportunity Analysis and Industry Forecast 2023-2032." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, 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 a through understanding of the industry and determine steps to be taken to gain competitive advantage.

Translation software is designed to facilitate and speed up the translator's work by providing a stable and safe environment. With the help of translation software, the user get features such as machine translation, spell checking word-processing, translation memory, and terminology management.

Translation software made it possible for brands to deliver their content to a global audience at a rapid pace while reducing the overall cost and manual effort that a localization project previously required. The best translation software provides content delivery, data analysis, reporting, and translation.

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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Increase in need for business to interact with employees and customers in different regions, rise in usage of smart phones, and numerous benefits offered by it, including improved communication in multiple languages, fast delivery of information, improved business efficiency & productivity, and others, drive the growth of the market. However, several factors, such as high cost, lack of compromising with the correctness and conciseness of the content, usage limitations, and poor understanding of the parent language, hinder the growth of the market. Furthermore, business expansion into multiple customer base and rise in demand for language software providers in the entertainment industry are some of the factors, which are expected to provide lucrative opportunities for the market in the upcoming years.

Growth in need to deliver information in multiple languages:

Growth of businesses is fuelled by highly efficient international networks and local market penetration strategies & solutions designed to meet increasingly sophisticated needs of their customers. This implies worldwide communication with partners, customers, and employees in a variety of languages as the language transaction helps to improve efforts to conceive, draft, publish, and update text in multiple texts. Therefore, high demand for translating the language to deliver information drives the growth of the market.

Lack of correctness and conciseness of the content:

Correctness is the basic element of any kind of content, business or personal or legal. Translation software is not capable to maintain the correctness in the translating process. In addition, translation software may dissolve the conciseness of the content by using the alternate word of each word of the source language, which can lengthen the content and hinder the growth of the market.

Rise in adoption of AI-enabled translation software:

Many organizations use artificial intelligence in the form of machine translation to reduce cost of translation. Some examples of AI-enabled automated translations platforms include Google Translate and Microsoft Translator. Recent translation in machine translation sophistication and reliability may lead to the removal of expensive human translation, which is expected to provide opportunities for the market.

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COVID-19 scenario analysis:

● The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries have disrupted the supply chain of electronic components & networking equipment. Thus, this has led to the delay in supply of electronic components required to manufacture network equipment.

● It is expected that the U.S. and the global tech market growth to slow down to nearly 2% in 2020. Therefore, ICT spending in major economies, such as the U.S. and others, has declined in the first half of 2020 but managed to recover in the second half.

● This is expected to impact negatively on the growth of the market in upcoming years. In addition, spending on tech consulting and systems integration services is expected to witness temporary slowdown and fall by 5% if big IT organizations cancel their new tech projects.

● However, the industry is expected to suffer from a recession in almost every sector. Computer and equipment spending might be the weakest sector, followed by tech spending and system integration. In addition, software spending growth is estimated to witness a decline. However, organizations are estimated to witness a growth in demand for cloud infrastructure services and potential increase in spending on specialized software.

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