According to a new report, published by KBV research, The Global Language Translation Software Market size is expected to reach $26 billion by 2028, rising at a market growth of 17.0% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 19.5% during (2022 - 2028). The services sector is anticipated to have rapid expansion in the years to come as it allows users to engage with human translation services and with a wide audience. Through translation services, users may increase their reach in dimensions that have never previously been feasible for a business.
The IT & Telecom segment acquired maximum revenue share in the Global Language Translation Software Market by Vertical 2021 thereby, achieving a market value of $8.5 billion by 2028. The market for language translation services and software can develop further owing to the IT and telecom industry. This might be explained by the requirement to use technology for language translation. The technology has also become more popular among smartphone users as a result of its capacity to meet their needs for language translation on portable devices.
The SMEs segment has shown the growth rate of 19.1% during (2022 - 2028). Most SMEs need translation services on a daily basis to handle a large amount of data. Small and medium-sized businesses need around 5000 pages of translation for each language per year. For this volume, individual translation solutions that use company terminology and are hosted on company servers are too expensive. SMEs consequently employ language translation software or use a service provider.
The North America market dominated the Global Language Translation Software Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9.7 billion by 2028. The Europe market is exhibiting a CAGR of 16.5% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 17.6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/language-translation-software-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Google LLC (Alphabet Inc.), Acolad Group, AppTek, LanguageLine Solutions (Teleperformance SE), inRiver AB, Babylon Software Ltd., Lingotek, Inc., and SYSTRAN S.A.
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