Growth Rate, Industry Status, Forecast till 2028
The global translation software market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The presence of major market players such as IBM Corp., SDL Plc and more coupled with their benchmarking products is anticipated to drive the growth of the global translation software market. For instance, IBM Watson is a translator that translates text from one language to another. The Watson consists of various features such as translations customizations, data protection, and more. The Watson can customize the translations based on terminology and language. Moreover, SDL Trados Studio developed by SDL Plc is a computer translation memory software that assists translators and language service providers in translating faster and ensuring consistent quality. The Trados studio consists of various features such as powerful translation memory technology, sophisticated terminology management, efficient translation project management, and others. Thus, such benchmarking products are anticipated to drive the demand for the global translation software market.
Looking toward the demand for translation software, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in February 2021, Iconic translation Machine had launched INTRA, designed to allow users to manage document translation effectively within the organization. The Intra is powered by Iconic’s proprietary Neutral MT Technology, a user-friendly web application that supports multiple users, projects, and translation jobs. Further, in September 2021, IIT Bombay and its team had launched Project Udaan, an AI-based translation software ecosystem. This project is an end-end ecosystem, which translates scientific and technical content from English to Hindi and all other Indian languages.
Moreover, in August 2021, Lilt had launched Quick Translate, which provides access to machine translation in a secure environment. It enables the users to translate the content using a human-in-the-loop trained neural machine translation engine. In 2019, Stepes had launched StepesIT, an In-context software Translation solution. This software allows professional translators to view words in context instantly.Such launches are anticipated to drive the growth of the global translation software market during the forecast period (2022-2028)
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape– SDL Plc., IBM Corp, Lionbridge Technologies LLC, and Lingotek,Inc., among others
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Global Translation Software Market Report by Segment
By Type
- Rule-Based
- Statistical-Based
- Hybrid
By Application
- Financial & Banking
- Travel & Tourism
- Medical
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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