Translation Management Systems Market worth $5.7 billion by 2030 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Feb. 19, 2024 /PRNewswire/ -- More integration of AI and machine learning, support for multimodal translation, customisation, and cloud-based solutions are anticipated developments in the translation management systems market in the future. Key themes propelling innovation and industry expansion will also include data security, analytics capabilities, and collaboration tools.
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The Translation Management Systems Market is set to experience rapid growth, projected to surge from USD 2.2 billion in 2024 to USD 5.7 billion by 2030, at a CAGR of 17.2% during the forecast period of 2024-2030, according to a new report by MarketsandMarkets(TM). The proliferation of digital content across various platforms such as websites, mobile apps, social media, and e-commerce platforms and advancements in natural language processing (NLP), machine learning, and artificial intelligence (AI) are driving forces propelling the Translation Management Systems Market forward. Translation management systems leverage these technologies to automate translation workflows, improve translation quality, and reduce turnaround times.
Browse in-depth TOC on "Translation Management Systems Market"
350 - Tables
70 - Figures
450 - Pages
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Scope of the Report
Report Metrics
Details
Market size available
for years
2018-2030
Base year considered 2023
Forecast period
2024-2030
Forecast units
USD (Million)
Segments covered
Offering, Content Type, Application, Business Function, Vertical, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
TransPerfect (US), RWS Group (UK), LanguageLine Solutions (US), Lionbridge (US), Acolad Group (France), Welocalize (US), Translate Plus (UK),
Microsoft (US), Google (US), AWS (US), Smartling (US), XTM International (UK), Star Group (Switzerland), memoQ (Hungary), Transifex (US), Oracle
(US), Centific (US), and SAP (Germany), Across Systems (Germany), Phrase (Germany), Toppan Digital Language Ltd (UK), Wordbee (Luxembourg),
Babylon Software LTD (Israel), Corwdin (Estonia), DeepL (Germany), United Language Group (US), CQ Fluency (US), Lokalise (US), Weglot (France),
Companies covered Smartcat (US), Unbabel (US), Localize (US), and Wordfast (US)
By software, translation software segment to register the largest market share during the forecast period
The rapid advancements in translation technology, including machine translation (MT) and natural language processing (NLP), have significantly enhanced the accuracy and efficiency of automated translation software. The scalability and cost-effectiveness of translation software make it an attractive solution for businesses of all sizes. Unlike traditional human-based translation services, which can be time-consuming and costly, translation software offers a scalable solution that can handle large volumes of content at a fraction of the cost. The growing demand for real-time translation solutions in today's fast-paced business environment is driving the adoption of translation software. With the increasing need for instant communication and content localization across various digital platforms, businesses require agile translation solutions that can deliver timely and accurate translations on demand.
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By business function, legal business function segment is poised for the fastest growth rate during the forecast period
Globalization has significantly expanded the reach of legal services, leading law firms and legal departments of corporations to handle cases and transactions involving multiple languages and jurisdictions. Regulatory compliance requirements are becoming increasingly stringent, especially in sectors such as finance, healthcare, and intellectual property, where legal documents must be translated into multiple languages to meet international standards and local regulations. Additionally, the rise of cross-border mergers and acquisitions, international trade agreements, and global litigation cases further drives the growth for translation services within the legal domain.
By region, Asia Pacific to account for highest growth rate during forecast period
The Asia Pacific region leads as the fastest-growing segment in the Translation Management Systems Market, fueled by factors such as the burgeoning e-commerce landscape in Asia Pacific which is driving the need for localized content to cater to culturally diverse audiences. With the exponential growth of online platforms, businesses are increasingly recognizing the importance of adapting their content to the language preferences and cultural sensitivities of their target markets. Furthermore, government initiatives promoting digitalization and international trade are fueling the adoption of translation management systems solutions in Asia Pacific.
Top Key Companies in Translation Management Systems Market:
Some major players in the Translation Management Systems Market include include TransPerfect (US), RWS Group (UK), LanguageLine Solutions (US), Acolad Group (France), and Welocalize (US) along with startups and SMEs such as Phrase (Germany), Lokalise (US), Crowdin (Estonia), Smartcat (US), and Unbabel (US).
Recent Developments:
-- In January 2024, Bosch Brazil partnered with Oracle to harness Oracle
Digital Assistant's (ODA) multilingual capabilities. The partnership
demonstrates the power of integrating technologies such as artificial
intelligence and customer service. Bosch selected ODA because of its
versatility in generating and understanding not only responses in
different languages, but also its ability to generate speech in multiple
languages.
-- In January 2024, Acolad expanded its already extensive solutions and
technology portfolio through the introduction of its artificial
intelligence powered solution - AI voice-over. The new solution ensures
impactful synthetic voice-over and dubbing by combining the latest
speech synthesis technology and high-quality resources.
-- In January 2024, OneMeta partnered with Microsoft to introduce its
AI-powered translation and transcription Verbum service to Microsoft
Teams. OneMeta's Verbum software translates and transcribes in over 140
languages and has now reached Microsoft IP Co-sell Ready Status
-- In December 2023, Google partnered with Welocalize to evaluate its
adaptive translation LLM solution. Welocalize, in partnership with
Google, conducted a case study to evaluate the effectiveness of Google's
adaptive translation LLM solution.
-- In December 2023, RWS Group announced the acquisition of Dublin-based
Propylon Holdings Limited (Propylon), a provider of content creation,
management, and publishing solutions for the government, legal,
assurance, audit, and publishing industries.
-- In October 2023, with the aim of strengthening support for all major
Indian languages, Microsoft India announced the addition of four new
languages: Bhojpuri, Bodo, Dogri, and Kashmiri, to Microsoft Translator.
With this latest release, Microsoft Translator now supports a total of
20 Indian languages, including Assamese, Bengali, Gujarati, Hindi,
Kannada, Konkani, Maithili, Malayalam, Marathi, Nepali, Odia, Punjabi,
Sindhi, Tamil, Telugu, and Urdu. This brings Microsoft Translator a step
closer to its goal of supporting all 22 official Indian languages and
now covers the languages spoken by almost 95% of the country's
population.
-- In June 2023, Welocalize, a pioneer of tech enablement within language
services, announced the launch of its newest innovation:
TranslationRate, a plugin for ChatGPT. A first in OpenAI's plugin store
for ChatGPT, the new tool allows users to gain insight into the quality
of text translations provided by the language model or input by users.
-- In May 2023, LanguageLine Solutions announced its new partnership with
Vibe Health by eVideon, the leader in hospital smart room technology and
digital workflow solutions. Through the partnership, Vibe Health and
LanguageLine are expanding access to interpreter services at the
patient's bedside.
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Translation Management Systems Market Advantages:
-- By automating and streamlining translation procedures, TMS lowers human
labour requirements, accelerates project turnaround times, and increases
overall project management efficiency.
-- Translation materials including glossaries, style guides, and
translation memories are centralised by TMS, allowing for terminology
and language consistency across several projects and languages.
-- Translation management systems (TMS) offer linguistic validation,
automated checks, and review workflows as quality assurance tools to
guarantee high-quality translations that adhere to language and quality
standards.
-- TMS maintains performance and dependability while scaling to meet
expanding translation demands and supporting massive amounts of content,
numerous languages, and a variety of file formats.
-- TMS saves money for businesses who manage internal translation teams or
outsource translation services by streamlining translation processes,
cutting project overhead, and getting rid of redundant work.
-- With the help of TMS's reporting, progress tracking, and visibility into
translation projects, project managers can keep an eye on output, manage
resources wisely, and make informed decisions.
-- To match the unique requirements and preferences of businesses and
translation teams, TMS provides customisation options to modify
workflows, user interfaces, and capabilities.
Report Objectives
-- To define, describe, and predict the Translation Management Systems
Market by offering (software and services), application, content type,
business function, vertical, and region
-- To provide detailed information related to major factors (drivers,
restraints, opportunities, and industry-specific challenges) influencing
the market growth
-- To analyze the micro markets with respect to individual growth trends,
prospects, and their contribution to the total market
-- To analyze the opportunities in the market for stakeholders by
identifying the high-growth segments of the Translation Management
Systems Market
-- To analyze opportunities in the market and provide details of the
competitive landscape for stakeholders and market leaders
-- To forecast the market size of segments for five main regions: North
America, Europe, Asia Pacific, Middle East Africa, and Latin America
-- To profile key players and comprehensively analyze their market rankings
and core competencies.
-- To analyze competitive developments, such as partnerships, new product
launches, and mergers and acquisitions, in the Translation Management
Systems Market
-- To analyze the impact of recession across all the regions across the
Translation Management Systems Market
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