International language translation software market analysis: the past, the now and the future
- Posted by:
- Wed, 01-07-2015
A study by WinterGreen Research, titled ‘Language Translation Software: Market Shares, Strategies, and Forecasts, Worldwide, 2014 to 2020’ which closely analyzed the new market was just published.
The market share of machine translation is poised to go from US$4 billion in 2013 to US$10.6 billion by the end of 2020, according to the report.
Thanks to the globalization trend worldwide, enterprises across the world have realized the importance of localizing their products or services, which is driving the growth of the language translation software market. Their globalization ambitions can be effectively achieved by the use of Language Translation Services, as a business can communicate with customers through language. As the arrival of the mobile business, the appeal of global presence is compelling businesses to make their website mobile-friendly.
The contradiction of the requirement of Fast Translation Services and accuracy has been long. The growth of the global market for language translation software is hindered by the requirements such as human assessment, validation and accuracy. As a number of international companies of this industry have been working hard to give better solutions, the accuracy of hybrid systems has gained an edge over earlier systems.
More and more companies have spotted this profitable opportunity and we can expect a highly competitive marketplace in the near future.
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