Software Localization Market to Reach USD 15.6 Billion Emerging Technological Growth, Future Opportunities
The increased concentration of businesses on global expansion is a key driver fueling the global market for software localization.
WILMINGTON, DE, UNITED STATES, November 14, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Software Localization Market, by Offering (Solution, Service), by Type (Computer-assisted Translation Software, Machine Translation Software, Translation Management Software), by End User (Large Enterprises, Small and Medium-sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032″.
The software localization market was valued at $5.9 billion in 2022, and is estimated to reach $15.6 billion by 2032, growing at a CAGR of 10.6% from 2023 to 2032.
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Localization software is a computer program that allows companies to translate their content into different languages and formats. With the rise of smartphones and mobile apps, the demand for mobile app localization has increased significantly. Companies are focusing on localizing their apps to tap into global markets and provide a better user experience for non-English-speaking users. In addition, advances in machine translation and artificial intelligence have had a significant impact on the software localization industry. While human translators are still crucial for ensuring quality and cultural accuracy, machine translation and AI technologies have improved efficiency by automating certain parts of the localization process, such as content extraction and translation memory management. Furthermore, the agile development methodology, which emphasizes iterative and collaborative approaches, is gaining popularity in software development. This methodology has also influenced the localization process, leading to the adoption of agile localization practices, such as continuous localization and integration of localization within the development cycle. This is driving the growth of the software localization market forecast and creating new opportunities for players and developers.
Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in April 2023, Phrase, a global leader in cloud-based localization technology, and Lionbridge, a recognized pioneer in language technology innovation and one of the world’s largest language service providers, have signed a multiyear agreement to add Phrase’s leading-edge capabilities to the already powerful range of Lionbridge translation and localization solutions. The partnership combines Lionbridge’s global scale and world class tech stack with the outstanding user experience offered by Phrase.
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Competitive Analysis:
The competitive environment of Software Localization Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Software Localization Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
IBM, Microsoft
Lionbridge Technologies, LLC
SDL/Trados
Google
SYSTRAN
Babylon Corporation
The Babel Fish Corporation
Argos Multilingual
Alchemy Software Development Ltd and Many More
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By region, North America witnessed the highest growth in 2022. This is because the North American companies are placing a greater emphasis on quality assurance in software globalization. They are investing in thorough testing processes to ensure that localized software meets the highest standards in terms of linguistic accuracy, functionality, and user experience. This includes linguistic testing, functional testing, and compatibility testing across different platforms and devices.
These are the major software localization market trends in this region. However, Asia-Pacific is considered to be the fastest growing region during the forecast period. This is because the Asia-Pacific region is culturally diverse, with a multitude of languages spoken across different countries. As businesses expand their operations into Asia-Pacific markets, there is a growing recognition of the need to provide localized content and software products to cater to the linguistic and cultural preferences of the target audience. This demand for localized content has been a significant driver of the software localization market.
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