Globalization and intermingling of various cultures has led to growing demand for language translation, which has boosted the growth of the global language translation software market. At present, the overall market is successfully maintaining its growth trajectory and is estimated to grow beyond US$10 billion by the end of 2020.
Increasing Smartphone and Tablet Ownership to Increase Demand for Language Translation Software
As enterprises aim for a global presence, they require language translation software to achieve localization in the places they expect to do business. The localization of information across all levels of business has been a key factor in the growth of the global language translation software market. International events and multinational companies require simultaneous translation. With the online marketplace getting more diverse, smartphones and tablets require translation of information acquired from disparate sources. Search engine translation optimization has emerged as a key area in online marketing.
Language translation software is being increasingly used in other fields such as healthcare, in negotiating settlements and police work, and in the publishing industry. This has further fuelled the growth of the overall language translation software market. However, the massive data created by smartphones and other handheld devices requires translation in minimum duration. The existing language translation programs are not able to meet the requirements of these gadgets, which will negatively affect the language translation software market. Automated language translators do not help much in translating legal information and patent data, as they require human assessment and validation, which is another factor restraining the growth of the global language translation software market.
Recent efforts in upgrading translation software include human and machine intelligence. Recently, computer scientists at Stanford University have created a language translation system that allows bilingual people to translate text faster and with more accuracy. Such developments are expected to open up new opportunities for the global language translation software market.
Hybrid Machine Translation System to Grow Substantially During 2014-2020
Depending upon the key translation parameters, two broad categories of automated translation systems are rule-based machine translation (RMT) and statistical machine translation (SMT). The RMT approach is word-based and depends on manually built translation lexicons, which can be edited by the users to refine translation. On the other hand, SMT systems are phrase-based and assemble translations using overlap phrases. As both approaches had certain limitations, developers integrated them to build the hybrid machine translation (MT) model. To meet their entire range of translation requirements on an enterprise scale, global companies use hybrid MT engines to power language translation software. The hybrid MT systems translate vast data in a few seconds. The demand for hybrid MT systems is expected to rise substantially during the period between 2014 and 2020. As automated translation systems are extensively used in various content types and use cases such as user generated content, structured language, and repetitive text, they are also expected to drive demand from the global language translation software market.
Major Players in Global Language Translation Software Market
The major players in the global language translation software market are Lionbridge, Language Engineering, LLC, Google, Asia Online, Systran, IBM, Softissimo, Babylon, Microsoft, and SDL/Trados. These are continuously upgrading their products according to growing translation requirements.