PUBLISHER: Allied Market Research | PRODUCT CODE: 1344485
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344485
According to a new report published by Allied Market Research, titled, "Software Localization Market," 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.
The increased demand for multilingual software is a key driver for the growth of software localization market. Multilingual software provides a competitive advantage in global markets. Businesses that invest in localization demonstrate a commitment to understanding and meeting the needs of users in different regions. By providing software in multiple languages, companies can differentiate themselves from competitors and gain a stronger foothold in the market. In addition, the increased concentration of businesses on global expansion is the major driving factor for the market. However, lack of awareness and education about localization software is a major factor for hampering the growth of the market as businesses may not understand the importance of linguistic and cultural adaptation, resulting in inadequate translations, inconsistent user interfaces, and unsatisfactory user experiences. This hinders the growth of the market as businesses fail to meet the localization standards required for successful market penetration. Contrarily, the growing need for localized mobile applications presents a significant opportunity for the software localization market. Mobile apps play a significant role in the e-commerce industry. As businesses expand their reach to international markets, localized mobile apps become crucial for providing a seamless shopping experience. Localization ensures that product listings, pricing, payment options, and customer support are tailored to the target market, increasing customer trust and facilitating cross-border transactions. Therefore, these factors are anticipated to create significant opportunities for the growth of the software localization market.
The software localization market is segmented on the basis of offering, type, end user, and region. By offering, the market is segmented into solution, and service. By type, the market is segmented into computer-assisted translation software, machine translation software and translation management software. On the basis of end user, it is segmented into individual and enterprises. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the software localization market such as IBM, Microsoft, Lionbridge Technologies, LLC, SDL/Trados, Google, SYSTRAN, Babylon Corporation, The Babel Fish Corporation, Argos Multilingual, Alchemy Software Development Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the software localization market.