SAN FRANCISCO, August 6, 2021 / PRNewswire / – A new market study released by Global Industry Analysts Inc. (GIA), the leading market research firm, today released its report titled “Linguistic Translation Software and Services – Global Market Trajectory and Analysis”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
FACTS AT A GLANCE
Editing: 17; Posted: May 2021
Executive pool: 42968
Companies: 270 – Actors covered include AMPLEXOR International SA; AppTek; Babylon Ltd. ; Global Linguist Solutions LLC; Google Inc .; IBM Corp. ; LanguageLine solutions; Lionbridge Technologies Inc .; Moravia IT as; RWS Group; SDL plc; SYSTRAN SA; thebigword Group Plc; TransPerfect Translations International Inc; Welocalize Inc .; Xerox Corporation et al.
Blanket: All major geographies and key segments
Segments: Component (Solutions, Services); Size of the organization (SMEs, Large Enterprises); End use (health, ICT, BFSI, government, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
Free project preview – This is an ongoing global program. Preview our research program before making a purchase decision. We offer free access to qualified executives in charge of strategy, business development, sales and marketing, and product management roles at selected companies. Insights provide privileged access to business trends; competing brands; profiles of experts in the field; and market data models and more. You can also create your own bespoke report using our MarketGlass™ Platform that offers thousands of bytes of data with no obligation to purchase our report. Registry overview
Global Translation Software and Services Market to Reach $ 62.7 billion by 2024
Linguistic translation refers to the process of converting and communicating the meaning of content in a specific language using equivalent text of the target language. Globalization, the growing proliferation of the Internet and mobile devices, and the growing preference for content in native languages are driving the global translation software and services market. Global companies are increasingly required to communicate regionally across multiple locations as part of the interaction with customers and employees. With the expansion of businesses in emerging non-English speaking economies Asia Pacific, Latin America and Africa, effective communication with customers has become vital to support business and market growth. Effective communication can be achieved either by selecting a common language to communicate or by engaging language intermediaries. For practical reasons, global companies are opting for linguistic translation intermediaries. The services of translation companies are in great demand by organizations – government and private alike, given the growing importance of effective communication with clients, employees, partners and target market managers. Despite the fact that the industry has a considerably lower number of professional translators, the market continues to experience strong growth driven by the growing demand for translation and localization services.
Amid COVID-19 Crisis, Global Language Translation Software and Services Market Expected to Reach US $ 62.7 billion by 2024, registering a compound annual growth rate (CAGR) of 5.2% over the analysis period. Europe represents the largest regional market for language translation software and services, accounting for an estimated share of 47.2% of the global total. The market is expected to reach US $ 30.9 billion at the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 7.8% during the analysis period.
Video translation is expected to be one of the major trends in the translation industry in the coming years, especially as more than 80% of the content delivered on the Internet is presented in the form of videos. Using a language service provider to localize the videos would give businesses confidence that their message is being conveyed authentically. In recent years, video localization has become extremely vital for companies wishing to successfully expand their reach into emerging global markets. Some of the main uses of video localization include providing important information to customers regarding new products and updates; transmit additional information to new customers through follow-up messages; and generate training videos for employees working in different geographies. In addition, the growing e-learning market presents untapped potential in translating e-learning content. The emergence of machine translation led to the creation of custom translation engines with custom vocabulary, domain-specific dictionaries, and preferences. Neural Machine Translation and Big Data are applied in several applications including e-learning, customer service, publishing, email, mobile apps, eDiscovery and compliance, among others. Neural machine translation uses an artificial neural network and large amounts of data to predict a sequence of words which are used to construct entire sentences. The cost efficiency and speed of machine translation are further improved by PEMT. Despite the drawbacks of machine-produced translations, technological advances should encourage the use of machine and human combination rather than human translation alone. A notable of neural machine translation, Pure Neural Machine Translation (PNMT) developed by Systran, is an innovative technology that executes complex algorithms to deliver correctly contextualized translation with fluidity. Following
Glass Market™ Platform
Our market Glass™ Platform is a free comprehensive knowledge center that is customizable to meet the intelligence needs of today’s busy business leaders! This interactive influencer-driven research platform is at the heart of our core research engagements and draws on the unique perspectives of participating leaders from around the world. Features include – enterprise-wide peer-to-peer collaborations; overviews of research programs relevant to your business; 3.4 million profiles of experts in the field; competitive company profiles; interactive research modules; custom report generation; monitor market trends; competing brands; create and publish blogs and podcasts using our primary and secondary content; follow events in the field around the world; and much more. Client companies will have full insider access to the project’s data stacks. Currently used by over 67,000 subject matter experts around the world.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our mobile application which has just been released on ios Where Android
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving more than 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for more than 33 years.
Director, Corporate Communications
Global Industry Analysts, Inc.
Join our panel of experts
Connect with us on LinkedIn
Follow us on twitter
Journalists and media
View original content to download multimedia: https://www.prnewswire.com/news-releases/global-language-translation-software-and-services-market-to-reach-62-7-billion-by-2024 – 301350131.html
SOURCE Global Industry Analysts, Inc.