The global language translation software & services market is expected to be spurred by the globalization of enterprise markets and the need to translate website content over the forecast period. The high prevalence of integrated enterprises worldwide may lead to the need for designing websites that are user-friendly and easy to comprehend across all markets, which may favorably impact market growth. Further, the growing need to provide content relevant to the local market may also fuel market growth over the next few years.
In addition, growing need to search for information over the internet may also spur the language translation software & services market demand. Technological advancements have led to developments and innovations across the smartphone segment, which are also expected to be key growth drivers in the language translation software and services market over the next few years. For instance, Samsung Galaxy S IV is capable of translating several languages. However, the complex technology involved in designing language translation software is yet to penetrate the smartphones and other smart devices market. The complexity of the system makes it difficult to include several regional languages in the language translation system, which may pose a challenge to market growth. Further, a lack of awareness pertaining to the features of the language translation systems may hinder market growth.
The worldwide implementation of language translation software & services technology may lead to the emergence of several comprehensive solutions in the market. These solutions integrate the attributes of rule-based machine translation along with the features of statistical-based machine translation in order to provide a complete solution for language translation, which may also spur market demand. The IT sector provides avenues for language translation software & services market growth. This may be attributed to the need to implement language translation software technology. Furthermore, the technology has gained popularity among smartphone users owing to its ability to fulfill their requirements for language translation on mobile devices. Cloud providers emphasize on developing customized mobile applications that consist of tools for language translation using buttons, cameras, and geo-specific features.
Language translation software & services incorporate technologies such as rule-based machine translation, statistical-based machine translation, and hybrid machine translation. Hybrid machine translation is estimated to account for significant market share pertaining to its features including key attributes of rule-based machine translation as well as statistical-based machine translation to achieve a high degree of accuracy. Statistical-based machine translation may also witness significant market growth as it utilizes statistical technique and number-specific technology giving it an edge over rule-based machine translation.
Language translation software & services are used in several applications across sectors including commercial, educational, financial, and military. The commercial sector may witness high-growth owing to the presence of a large number of firms that require language translation software in order to expand their business globally. The education and financial sectors may also exhibit high-growth owing to large-scale implementation of translation technology in these sectors.
The language translation software & services market is expected to witness substantial growth in North America and Europe owing to widespread awareness about the language translation technology in these regions. Further, increasing usage of this technology in mobile devices such as smartphones and tablets may also propel the regional language translation software and services market demand.
Key players in the language translation software & services market include Lionbridge Inc., IBM, Microsoft Inc., SDL/Trados Inc., Google Inc., Systran, Babylon Corporation, Bablefish Inc., AlphaCRC, Bitext Ltd., CallMiner, Duolingo Corporation, inRiver Inc., Cloudwords Inc., and Language Engineering LLC. Mergers and acquisitions are anticipated to be the key growth strategy in the global language translation software & services market over the forecast period. For instance, in May 2015, Lionbridge announced its Gold membership partnership with Oracle Network in providing multilingual content to its customers. Moreover, in April 2015, Lionbridge announced its collaboration with inRiver in order to streamline its global content over the website.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.