According to a new report, published by KBV research, The Global Translation Management Systems Market size is expected to reach $5.8 billion by 2030, rising at a market growth of 17.5% CAGR during the forecast period.
The Services segment is exhibiting a CAGR of 19.3% during (2023 - 2030). TMS services often provide access to professional translators and linguists who can deliver high-quality translations. This is particularly important for businesses with complex or specialized content. Services offer greater flexibility in terms of language support and expertise. Businesses can easily access translators with specific language skills or industry knowledge as required. TMS services often include additional services such as localization, desktop publishing, and linguistic testing, providing businesses with a more comprehensive solution for their translation needs.
The Legal segment would exhibit a CAGR of 18.3% during (2023 - 2030). Legal language is highly complex and specialized, requiring specialized knowledge and expertise for translation. TMS helps ensure that legal documents are translated accurately, considering the nuances and complexities of legal terminology. Legal documents frequently comprise confidential and sensitive data. TMS helps ensure translated legal documents comply with local laws and regulations in different jurisdictions. Moreover, TMS can integrate with legal software and tools law firms and legal departments use, enhancing workflow efficiency and streamlining the translation process.
The Translation segment is generating highest revenue in the Global Translation Management Systems Market by Application in 2022; thereby, achieving a market value of $2.0 billion by 2030. Machine Translation (MT) and Artificial Intelligence (AI) integration in TMS have revolutionized the translation industry, offering numerous benefits that improve translation speed, accuracy, and overall efficiency. These technologies are transforming how organizations handle multilingual content, providing new opportunities to streamline workflows and deliver high-quality translations.
The Education segment is experiencing a CAGR of 19.1% during (2023 - 2030). With the globalization of education, there is a growing need for educational materials to be translated into multiple languages. TMS helps educational institutions translate course materials, textbooks, and other resources to make them accessible to students worldwide. TMS facilitates curriculum internationalization by translating course materials and resources into languages other than the primary language of instruction. This allows educational institutions to attract students from different parts of the world.
Full Report: https://www.kbvresearch.com/translation-management-systems-market/
The North America region dominated the Global Translation Management Systems Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.1 billion by 2030. The Europe region is anticipated to grow at a CAGR of 17.1% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 18.3% during (2023 - 2030).
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