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Language translation software market to be worth almost $7 billion by 2019

Industry Sector

Information Technology

Published

17 May 2013

Author

Alex De Angelis

Type of News

Market

The language translation software market reached a valuation of approximately $1.6 billion at the end of 2012, and has been forecast to hit a value of $6.9 billion by 2019. Growth in this industry is a result of the inexorable trend toward outreach to the entire world by every enterprise.

Language translation, sometimes referred to by the abbreviation MT (machine translation) is a sub-field of computational linguistics that investigates the use of software to translate text or speech from one natural language to another.

On a basic level, MT performs simple substitution of words in one natural language for words in another, but that alone usually cannot produce a good translation of a text, because recognition of whole phrases and their closest counterparts in the target language is needed.

Solving this problem with corpus and statistical techniques is a rapidly growing field that is leading to better translations, handling differences in linguistic typology, translation of idioms, and the isolation of anomalies.

Language translation software market driving forces are related to the Internet usefulness to people in every locality. Smart phones are the latest market driver for software language translation. Every enterprise has to make its web sites user friendly in every locality in which it has a market.

Globally integrated enterprises generally have a presence in from 80 to 170 countries. Localisation is equivalent to translation. People then access these web sites and buy from the sites using their smart phones. The Samsung Galaxy S IV can translate several languages in real time. It has the ability to translate off a piece of paper from the camera.

Language translation is used in big data to mine the social media information for comments about products and companies. This data can be used for marketing decision making.

For more information on the language translation software market, see the latest research: Language Translation Software Market

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