Language Translation Software Market to reach $44.8 Billion, Globally, by 2031 at 17.3% CAGR: Allied Market Research
PORTLAND, Ore., March 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Language Translation Software Market by Component (Solution and Service), Solution Type (Rule-based machine translation, statistical based machine translation, and hybrid machine translation), Enterprise Size (Large Enterprise and SMEs), Industry vertical (BFSI, IT & Telecom, Education, Travel and Tourism, Manufacturing, Healthcare, and Other), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global generated $9.3 billion in 2021, and is estimated to reach $44.8 billion by 2031, witnessing a CAGR of 17.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
- Surge in such as rise in government investments and increase in prevalence of smartphones around the world primarily drive growth of the language translation software market.
- However, alternative tools and free language translators' accessibility hamper the market growth to some extent.
- Moreover, expanding business communication needs is expected to provide lucrative opportunities for the market growth during the forecast period.
- By component, the service segment held the major share in 2021, garnering around half of the global LTS market revenue.