Global Language Translation Software Market Report and Forecast 2024-2032

Global Language Translation Software Market Outlook

The global language translation software market size was approximately USD 10.11 billion in 2023. The market is assessed to grow at a CAGR of 15.3% between 2024 and 2032, reaching a value of around USD 37.02 billion by 2032.

Key Trends in the Market

A language translation software is a solution that enables masses to translate written or spoken words from one language into another. To accomplish this, the software splits the original text into various segments and replaces the words with synonyms in the target language. Its various algorithms draw upon its large database to quickly produce high-quality translations that do not require human intervention.

• With rapid globalisation, people are increasingly using language translation software tools to learn a new language as it helps them to connect better with native speakers. Moreover, the language translation software market demand is being fuelled by the rising focus of businesses to deliver personalised and unique content in multiple languages.

• The flourishing travel and hospitality sectors, buoyed by growing disposable incomes and evolving lifestyles, have surged the demand for language translation software. Travel operators and hospitality service providers use language translation solutions to provide  information to tourists regarding reservation booking and sightseeing and offer translated brochures and guides. They also allow travellers to review their business in their native language so that potential visitors can make informed decisions about their travel plans.

• Some prominent language translation software market trends are the rising demand for translation services In government agencies and technological advancements and innovations. Advancements in machine learning, artificial intelligence (AI), and natural language processing (NLP) are expected to automate translation and empower language translation software to develop high-quality translations in the coming years.

Market Analysis

Based on component, the market is divided into solutions and services. On the basis of enterprise size, the market can be categorised  into large enterprises and small and medium enterprises (SMEs).

The global language translation software market segmentations, on the basis of application, include commercial, educational, financial, and military, among others. The major regional markets for language translation software include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global language translation software market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Alphabet Inc.

• Microsoft Corporation

• Redokun Srls

• Smartcat Platform Inc.

• memoQ

• Babylon Software Ltd

• Text United GmbH

• Lingohub GmbH

• Smartling Inc.

• The Babel Fish Corporation

• Others

Market Share by Application

As per the language translation software market analysis, the demand for language translation software is increasing significantly in commercial applications. Many businesses use language translation software for customising their product labels and providing quality information about product usage in their advertisements.

Apart from this, language translation software is also used in the financial sector to translate legal contracts and MoUs into the native language of each signatory company mentioned and also help a business interact with international clients and employees easily.

Market Share by Region

Europe accounts for a significant portion of the global language translation software market share as it is a linguistically diverse region with over 60 regional and indigenous languages and 24 official languages. Some popular European languages are German, French, Croatian, Hungarian, and Italian, among others. As the second largest economy in the world, Europe supports thousands of industries and services, hence the demand for language translation software is expected to remain strong in the forecast period.

North America is another large market for language translation software. The thriving healthcare industry in the USA is witnessing an upward trend in the number of international patients visiting for treatment. This is supporting the demand for language translation tools among foreign patients. Also, with the growth of the game and media localisation industry, the demand for language translation software for localising video games and media operations has been rising steadily and is expected to remain steadfast in the projected period.

Competitive Landscape

Alphabet Inc. was founded in 2015 and is headquartered in California, United States. It manufactures a wide range of products including Pixel smartphones and smartwatches and hosts platforms like Google Search, Google Maps, You Tube, and Google Play. Apart from this, it also offers subscription-based products and research and development services. Being the parent company of Google, it invests heavily in machine learning and artificial intelligence.

Microsoft Corporation was founded in 1975 and is headquartered in Washington, the United States. It provides a variety of hardware and software services to businesses, including cloud computing services, video games, computer and gaming hardware, and search services, among others. It has offices in more than 60 countries across the world.

Redokun Srls was founded in 2014 and is headquartered in Montebelluna, Italy. It provides an easy-to-use translation management system and translation software. Whenever someone uploads a document in a foreign language, Redokun translates it as commanded and keeps the assignment history intact, so that the same words can be used in another translation. If the document undergoes changes, Redokun shares an updated version of the same, so that further communication flows smoothly and quality of work is not compromised.

Other language translation software market players include Smartcat Platform Inc., memoQ, Babylon Software Ltd, Text United GmbH, Lingohub GmbH, Smartling Inc., and The Babel Fish Corporation, among others.

Key Highlights of the Report