Kenneth Research, in its repository of market research reports, has recently added a report on Translation Software Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Translation Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Translation Software Market products.
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The Translation Software Market in North America is anticipated to grow significantly owing to the presence of several key players in the region, along with the increasing need of the organizations in the nation to run on a strong ICT infrastructure.
At Verified Market Research, we provide a market study that encompasses both qualitative and quantitative assessments of latest trends for the market segmentations classified by our analysts. According to Verified Market Research, the Global Translation Software Market was valued at USD 4.75 billion in 2017 and is projected to reach USD 15.79 billion by 2025, growing at a CAGR of 16.2% from 2018 to 2025.
Translation is a mode of conveying one form of language to other. With growing customer outreach the need for translation services and applications has been accelerated to fulfil the requirements of the customers based on their preferences of language. It has been observed that various companies has been developing translation software in order to provide comfort to their national as well as international clients and customers. Translation software is a database which requires an integrated platform of big data analytics and cloud computing so that the data can be accessible from anywhere and can be easily converted into the preferred language clients and customers choose.
Rising technological advancements in the translation industry and emergence of freelancers and large enterprises investing into translation software and providing with its services has been booming the global translation software market. Apart from this, risks of data security and other cybersecurity concerns might hamper the growth of global translation software market.
The “Global Translation Software Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as IBM, SDL, Lionbridge, Alchemy, MultiCorpora, Lingotek, MT@EC, Google and Language Weaver. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
As a part of market estimation, the study also comprises a list of tables and figures for the “Global Translation Software Market” which focuses on a constructive knowledge essential for the companies or individuals interested in the market study report. As a part of market segmentation, our study exhibits a market analysis on the basis of type, industry application and geography.
On the basis of type, the Global Translation Software Market can be categorized into two sections; application and type. This market study analyses the industry for Global Translation Software based on these divisions. The Global Translation Software types are divided into rule based, statistic based and hybrid. The industry is then sectioned by application which includes legal, medical, tourism and travel, financial and banking and others. In terms of geography, Asia Pacific accounts for the fastest growing market due to the presence of numerous developing countries in this region along with their emerging markets. The Chinese market has a major share in this region.
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