Global Translation Software Market How the Market has witnessed Substantial Growth in recent years and What Factors will drive the Market in Upcoming Years?

(I-SoftwareNews.Com, March 07, 2018 ) The Global Translation Software Market was valued at USD 4.17 billion in 2016 and is projected to reach USD 15.79 billion by 2025, growing at a CAGR of 16.2% from 2017 to 2025.

Technological developments in the language translation industry coupled with growing demand for freelancers are expected to play key roles in the growth of the market for translation software over the forecast period.

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The report has been prepared based on the synthesis, analysis, and interpretation of information about the Global Translation Software Market collected from specialized sources. The competitive landscape section of the report provides a clear insight into the market share analysis of key industry players. Company overview, financial overview, Saltwater product portfolio, new project launched, recent development analysis are the parameters included in the profile.

Rule-based machine translation (RBMT) dominated the market in 2016
The rule-based machine translation type includes transfer-based machine translation, parallel language machine translation and dictionary-based machine translation technologies. This type of translation is used mostly in the creation of dictionaries and grammar programs. RBMT includes elaborate data output about the linguistics of the source and target languages, using the morphological and syntactic rules and semantic analysis of both languages. These factors have driven its market.

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Tourism and travel to be the fastest-growing application segment
Reliance of travel agencies on language translation softwares is increasing courtesy growing tourism industry. Regional information with additional marketing strategies is what the companies are using as attraction for willing travelers. Airlines, tour guides, local travel conveyance and hotels, are managed in the local language for comfort and better business results with the customers. These are expected to be the major drivers of the market in this segment.

Asia Pacific projected to witness the highest demand from 2017 to 2025
Asia Pacific, which is driven by growing demand from merging countries such as China and India, is projected to witness the highest CAGR over the forecast period. The sector which utilized this software the most in 2016 was the legal sector, followed by finance and banking.
IBM, SDL, Lionbridge, Alchemy, MultiCorpora, Lingotek, Machine Translation-European Commission, Google, and Language Weaver Inc. are the major players in the Global Translation Software Market.

Research Methodology:
Research study on the Translation Software Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecaste using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

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Key Market Insights

sambit kumar

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sambit.kumar@kminsights.com

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Global Translation Software Market How the Market has witnessed Substantial Growth in recent years and What Factors will drive the Market in Upcoming Years?