Language translation is the process of changing the language that is written or spoken to another language. Translation encourages global interaction; it permits interactive relationships in different fields such as trade, education, technology, finance, etc. It becomes very easy to communicate in any language due to the development of language translation software. In order to expand business, a company has to spread out in different regions. Language translation software helps to interact with consumers in different localities. Companies use language translation software to derive information and opinions about their products from social media, which can then be used in decision-making. Language translation software is used in small, medium and large organizations. The implementation of this software in IT & BFSI industry is increasing rapidly. This is due to a large number of employees in the IT sector and their migration to different regions.
The driving factor for the global language translation software market is rise in need for business to interact with employees and consumers in different regions. Language is a crucial driver for the growth of an organization. Moreover, rise in usage of smart phones is a significant factor, which is considered as an important factor globally and is projected to drive the market during the estimated period. For instance, Samsung Galaxy is able to operate in different languages. Every organization has to provide different websites for different languages to interact with customers in different regions. Enterprises are investing hugely in language translation tools to improve business efficiency and productivity. Large amount of data generation from several industries is one of the major factors which is driving the growth of this market. However, the high cost and complicated structure is hampering the growth of the market.
The global language translation software market is segmented based on component, function, application, end use vertical, and geography. On the basis of component, the market is sub segmented into solution and service. The solution component is further bifurcated into hybrid machine translation, rule-based machine translation and statistical based machine translation. Statistical-based machine translation segment is expected to witness substantial growth as it uses statistical system and number-specific technology. The service component is divided into professional service, managed service, and integration service. In terms of technology, the language translation software market is sectioned into interpretation, translation, transcription, localization, and others. Based on end use vertical, the global language translation software market is categorized into government, banking, financial services & insurance (BFSI), IT & telecom, healthcare, manufacturing, education, and others. End use vertical segment is estimated to grow rapidly due to presence of large number of organizations that require language translation software to expand their business in different regions. Geographically, the market is divided into North America, Europe, Asia Pacific, Middle East &Africa, and South America. North America and Europe occupy largest share of this market. This is due to awareness about language translation in this region. Additionally, countries in Asia Pacific such as China and India see substantial growth in the global language translation software market. This is due to increased investment in research and development of the language translation software market.
The market for language translation software is highly competitive in nature. Companies are taking efforts to provide accurate and socially relevant translations. The industry is observing fierce competition due to rising demand for language translation software. Some of the key players in the language translation software market are IBM Corporation, Google Inc., Microsoft Inc., Lionbridge Technologies, Inc., Babelfish Analytics, Inc., Duolingo Corporation, Cloudwords Inc., Callminer, Language line Solutions, Bigword Group limited and others. These companies are providing translation service in real time.
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