Translation Management Systems Market to Be Worth $5.7 Billion by 2030

Market research firm MarketsandMarkets has projected the worldwide translation management systems market to surge from its current value of $2.2 billion to $5.7 billion by 2030, growing at a compound annual rate of 17.2 percent.

More integration of artificial intelligence, support for multimodal translation, customization, 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.

The firm also cites 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 other forms of artificial intelligence as driving forces propelling the translation management systems market forward.

The rapid advancements in translation technology have significantly enhanced the accuracy and efficiency of automated translation software, while the scalability and cost-effectiveness of translation software make it an attractive solution for businesses of all sizes, MarketsandMarkets said it the report.

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, it said further.

Additionally, the growing demand for real-time translation solutions in today's fast-paced business environment is driving the adoption of translation software.

According to MarketsandMarkets, the legal services industry is a key vertical for translation services, while regulatory compliance requirements are becoming increasingly stringent, especially in sectors such as finance, healthcare, and intellectual property.

The report mentions TransPerfect, RWS Group, LanguageLine Solutions, Lionbridge, Acolad Group, Welocalize, Translate Plus, Microsoft, Google, AWS, Smartling, XTM International, Star Group, memoQ, Transifex, Oracle, Centific, SAP, Across Systems, Phrase, Toppan Digital Language, Wordbee, Babylon Software, Corwdin, DeepL, United Language Group, CQ Fluency, Lokalise, Weglot, Smartcat, Unbabel, Localize, and Wordfast as key companies in the translation management systems market.