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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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

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A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Language Translation Software Market

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