Rockville, Jan. 30, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global translation software market is set to garner US$ 37 billion by 2033, expanding at 16.5% CAGR from 2023 to 2033
Translation software is any application that aids human translators in the process of translating text from one language to another. It is intended to increase quality and speed through automation and terminology management.
Growing need for enterprises to localize an increasing amount of content to eliminate language barriers and implement a cost-effective translation system in their business processes is boosting market growth. Moreover, the ability to translate different languages based on consumer choices, as well as a dearth of translators for several specialized disciplines and language combinations, is providing opportunities for market expansion.
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Report Attributes | Details |
| Historical Data | 2023 - 2032 |
| Value Projection (2032) | US$ 37 Billion |
| Growth Rate (2022-2032) | 16.5 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
- The global translation software market is valued at US$ 8 billion in 2023.
- Worldwide demand for translation software is estimated to increase rapidly at a CAGR of 16.5% during the forecast period (2023 to 2033).
- The global market is projected to achieve a valuation of US$ 37 billion by 2033.
- North America accounted for 34.5% share of the worldwide market in 2022.
- Rule-based translation software is expected to experience considerable demand growth during the study period.
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Regional Analysis
North America is leading the global translation software market. The United States is making substantial contributions to the regional market due to the presence of major players and the early adoption of sophisticated technologies.
Competitive Landscape
The global market is extremely fragmented, with multiple vendors present in both developed and emerging nations. The worldwide market has witnessed several new developments in recent years.
Key players in the translation software market are pursuing marketing techniques such as alliances, investments, technological advancements, R&D activities, and acquisitions to expand their international presence. Moreover, many start-ups are entering the market with innovative solutions to compete with established players.
- SLAIT, a start-up established in the United States, provides AI-powered sign language translation to help deaf and hearing individuals communicate. The software developed by the start-up is compatible with all video communication platforms. During the video connection, the deaf person signs, and the software's neural network model detects movements and translates them into text in real time. The person hearing it then reads the message and responds verbally, which is transformed to text for the deaf person. This allows deaf people to communicate with doctors, caretakers, and loved ones, who are not fluent in sign language. It also permits students to take online programs, which increases graduation rates.
Key Segments of Translation Software Industry Research
- By Type :
- Rule-based
- Statistical-based
- Hybrid
- By Deployment Type :
- On-premise
- Cloud
- By End Use :
- Manufacturing
- Government
- IT & Telecom
- Education
- BFSI
- Healthcare
- Others
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global translation software market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of type (rule-based, statistical-based, hybrid), deployment type (on-premise, cloud), and end use (manufacturing, government, IT & telecom, education, BFSI, healthcare, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
Furthermore, the growing relevance of enterprises in emerging regions, the creation of online content, and the requirement for employees to be able to collaborate globally are driving the global translation software market.
Cloud-based translation software is gaining traction among enterprises to conduct real-time audio translation with greater accuracy and simplicity of integration. Cloud-based translation software allows businesses to process content quickly across numerous use cases and scenarios. It simplifies the process of translating several or long text files that require immediate attention. Cloud-based translation software offers safe access to projects, tasks, and translations while adhering to local data governance standards such as the German Federal Data Protection Act and the General Data Protection Regulation (GDPR).
Table of Content
1. Global Market - Executive Summary
1.1. Global Market Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Fact.MR Analysis and Recommendations
2. Global Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Introduction and Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Translation Software
3.1.2. COVID-19 Crisis and Impact on Aprotic Solvent Prices
3.1.3. COVID-19 Impact Benchmark with Previous Crisis
3.1.3.1. Change in Demand
3.1.3.2. Before and After COVID-19 Crisis (Projected)
3.1.3.3. Before and After Sub-prime Crisis – 2008 (Actual)
3.1.3.4. Change in Demand post Recovery Period (After Each Crisis)
3.1.4. Impact on Market and Value (US$ Mn)
3.1.4.1. Likely Loss of Value in 2022
3.1.4.2. Mid-term and Long Term Forecast
3.1.4.3. Quarter by Quarter Demand and Recovery Assessment
3.1.5. Anticipated Demand and Value Recovery Curve
3.1.5.1. Likelihood of U-Shape Recovery
3.1.5.2. Likelihood of L-Shape Recovery
3.1.6. Recovery Period Assessment by Key Countries
3.1.7. Recovery Assessment by Key Market Segments
3.1.8. Action Points and Recommendations for Suppliers
3.1.9. Impact on Trade Balance
TOC Contd…..
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