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The language translation software market share is expected to increase by USD 9.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 15.3%.
This language translation software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers language translation software market segmentation by solution (rule-based machine translation, statistical-based machine translation, hybrid machine translation, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The language translation software market report also offers information on several market vendors, including Acolad, Alphabet Inc., AppTek, Babylon Software Ltd., Global Linguist Solutions LLC, Inriver AB, International Business Machines Corp., Language Engineering Co., LanguageLine Solutions, Lingotek Inc., Lionbridge Technologies LLC, MateCat, Memsource AS, Microsoft Corp., RR Donnelley and Sons Co., RWS Holdings PLC, SYSTRAN SA, thebigword Group Ltd., and Transifex Ltd. among others.
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The increased adoption of mobile translation is notably driving the language translation software market growth, although factors such as threat from open-source language translation software providers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the language translation software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Language Translation Software Market Driver
One of the key factors driving growth in the language translation software market is the increased adoption of mobile translation. With the increasing popularity of mobile devices, there is a huge demand for the mobile-first approach by both businesses and individuals. Many companies globally are increasingly developing solutions for mobile users. As a result, there is an increasing demand for mobile-based translation software among individual learners and corporate organizations. Owing to the growing popularity of language translations and localization of content, many app-developing companies and developers are continuously trying to reach out to a maximum number of people to increase their profits by developing apps in multiple languages. Thus, increasing the adoption of mobile translation solutions will further boost the market growth during the forecast period.
Key Language Translation Software Market Trend
The threat from open-source language translation software providers will be a major challenge for the language translation software market during the forecast period. The global language translation software market has many open-source vendors that provide a range of language translation software and applications. A combination of multiple products from various open-source vendors can cover almost all the functionalities provided by web-based or cloud language translation software vendors. Open-source language translation software is becoming increasingly popular in developing economies such as India and China, as most small-scale enterprises in these economies cannot afford to invest in expensive web-based and cloud-based language translation software. This, in turn, has negatively impacted the market share of language translation software vendors.
Key Language Translation Software Market Challenge
The growing demand for cloud-based language translation software offerings is another factor supporting the language translation software market share growth. The adoption of cloud computing is rapidly increasing across the world, owing to the flexibility and cost benefits associated with cloud services. Organizations worldwide are focusing on reducing their overall capital expenditure (CAPEX) and are looking to adopt new technologies with lower CAPEX. Small-scale companies and startups are adopting cloud solutions to leverage the scalability of hardware and resources offered by cloud providers. With the rise in the adoption of cloud-based software, vendors in the market have started to offer cloud-based language translation software. The demand for cloud-based language translation software among end-use industries due to implied accessibility and scalability is further expected to boost the market growth globally in the coming years.
This language translation software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global language translation software market as a part of the global application software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the language translation software market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the language translation software market encompasses successful business strategies deployed by the key vendors. The language translation software market is fragmented and the vendors are deploying growth strategies such as focusing on distinguishing their solutions through a clear and unique value proposition to compete in the market.
Alphabet Inc - The company offers language translation software namely Google Translate.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The language translation software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the language translation software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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30% of the market's growth will originate from Europe during the forecast period. UK and Germany are the key markets for language translation software in Europe. Market growth in this region will be faster than the growth of the market in the North American and MEA regions.
Another region showing major growth is North America. The growing IT and telecom, healthcare, BFSI, manufacturing, retail, and e-commerce markets in North America is the major factor driving the market in the region. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 adversely affected the business activities and the economy in the region. The surge in the number of COVID-19 cases in various countries in the region compelled governments to introduce emergency legislation, which led to the shutdown of manufacturing, transportation, IT and corporate offices, universities and schools, and retail business units. However, cloud-based software providers have gained substantially from the current pandemic outbreak, as the majority of IT employees are working from home. This has created the need for organizations to partner with vendors of cloud-based language translation software to avail of their solutions.
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The language translation software market share growth by the rule-based machine traslation segment will be significant during the forecast period. Rule-based machine translation (RBMT) utilizes linguistic information about the source and target languages. It is most commonly utilized for the creation of grammar programs and dictionaries. This type of machine translation is widely used by various end-use industries such as BFSI, government, IT and telecom, healthcare, and others as it includes parallel language machine translation, transfer-based machine translation, and dictionary-based machine translation technologies. Thus, the RBMT segment held the highest share in the global language translation software in 2021 and is expected to maintain its dominancy even during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the language translation software market size and actionable market insights on post COVID-19 impact on each segment.
Machine Translation market - The market share is expected to rise to USD 850.62 million from 2021 to 2026, at a progressing CAGR of 14.48%.
Speech-to-speech Translation market - The market share is expected to increase by USD 238.93 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.64%.
Translation Management Software market - The market share is expected to increase by USD 1.58 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 14.81%.
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Language Translation Software Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.3% |
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Market growth 2022-2026 |
$ 9.37 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
14.21 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 30% |
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Key consumer countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Acolad, Alphabet Inc., AppTek, Babylon Software Ltd., Global Linguist Solutions LLC, Inriver AB, International Business Machines Corp., Language Engineering Co., LanguageLine Solutions, Lingotek Inc., Lionbridge Technologies LLC, MateCat, Memsource AS, Microsoft Corp., RR Donnelley and Sons Co., RWS Holdings PLC, SYSTRAN SA, thebigword Group Ltd., and Transifex Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Solution
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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