Globalization & Increasing Interdependence Drive the Language Translation Software & Services Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 10, 2014 -- Follow us on LinkedIn – Language Translation, a process that involves communicating the meaning of a source text in a specific language, is a fast growing market driven by increasing globalization of business and commerce. Growing need for businesses to communicate with customers, officials, employees, and partners in target markets is resulting in growing use of translation services to overcome language barriers. Development of product distribution channels and the advent of new platforms and media for publishing and communicating information are also contributing towards market growth. Language translation market comprises a wide range of language services that typically include translation, localization, interpretation, and internationalization as well as supporting technologies.
Demand for language translation is witnessing significant growth encouraged by the rising popularity of Internet for accessing and exchanging data. The transformational role played by Internet in the way business is carried out has led to huge demand for online translation services. Increasing proliferation of Internet in non-English speaking regions such as Latin America, Asia, Europe and Africa is a major factor promoting the need for localized websites. Innovative processes, technologies, applications, and usage of sophisticated products are other factors driving growth in the market. The market is witnessing a shift towards machine language translation from manual translation process, driven in part by emergence of SaaS (Software-as-a-Service) delivery model. Computer-based translation tools, also referred to as translation memory systems, are preferred by smaller companies, professional translators and translation agencies. Technology advancements are enabling embedding of translation technology into a wide range of products from complex enterprise systems to sophisticated consumer gadgets. Advances in communication networks and the rising proliferation of smartphones and tablets have led to the introduction of translation apps to provide instant translation of speech and text. Increasing prominence of cloud computing is also resulting in increasing demand for cloud-based translation tools, which are expected to affect demand for conventional translation technology.
As stated by the new market research report on Language Translation Software and Services, the United States represents the largest regional market worldwide. Increasing population diversity and the need for businesses to sharpen their regional appeal while remaining global in characteristics are major factors attributed to the rise of translation services in the country. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 14.9% over the analysis period, supported by rapid mushrooming of foreign owned businesses in the region, lucrative customer base with growing income levels, and existence of several non-English languages in the region.
Key players covered in the report include Babylon Ltd., euroscript International S.A., Google Inc., Global Linguist Solutions LLC, International Business Machines Corporation, LanguageLine Solutions, Lionbridge Technologies Inc., Manpower Group Solutions, Sajan, SDL plc, SYSTRAN S.A., thebigword Group Plc., and Welocalize Inc., among others.
The research report titled “Language Translation Software and Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, issues, mergers, acquisitions, and other strategic industry activities of major players worldwide. The report provides market estimates and projections for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World.
For more details about this comprehensive market research report, please visit –http://www.strategyr.com/Language_Translation_Software_and_Services_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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Public Relations, Global Industry Analysts, Inc., http://www.StrategyR.com/, +1 408-528-9966, [email protected]
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