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Global translation software and services market to reach $ 62.7 billion by 2024

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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.

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ABSTRACT-

Global Language 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 many 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 sector 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 before 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 businesses looking 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 for translating e-learning content. The emergence of machine translation has 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 a network of artificial neurons and large amounts of data to predict a sequence of words which are used to construct entire sentences. The cost-effectiveness 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-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

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