Translation Management System Market
Translation Management System Market Forecasts to 2030 - Global Analysis By Offering (Software, Services and Other Offerings), Content Type (Audio-based Content, Video-based Content, Text-based Content and Other Content Types), Deployment, Business Function, Application, End User and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $1.85 BN |
|
Projected Year Value (2030) |
US $6.31 BN |
|
CAGR (2023 - 2030) |
19.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Translation Management System Market is accounted for $1.85 billion in 2023 and is expected to reach $6.31 billion by 2030 growing at a CAGR of 19.2% during the forecast period. An advanced software platform called a Translation Management System (TMS) is made to optimize and streamline the translation process. It acts as a single, central location from which all facets of translation projects can be effectively managed, including task delegation, progress monitoring, and the consistent storage of translation memories and glossaries. TMS makes it possible for editors, project managers, and translators to work together, promoting smooth communication and guaranteeing the quality and accuracy of translated material.
According to the American Translators Association (ATA), Translation is not just a matter of words. It's a matter of making intelligible a whole culture.
Market Dynamics:
Driver:
Growing use of cloud-based technologies
The way businesses handle their translation processes has changed dramatically with the adoption of cloud computing technologies. Users of cloud-based translation management systems can access resources and tools from any location with an internet connection, owing to their scalability, flexibility, and accessibility. The benefits of cloud-based solutions, such as reduced upfront costs, quicker deployment times, automatic updates, and enhanced collaboration features, are what are driving this trend. Additionally, cloud-based translation management systems are becoming more and more popular among organizations as a way to improve overall efficiency, minimize IT overhead, and streamline workflows for translation.
Restraint:
High out-of-pocket costs
A large upfront investment in software licenses, hardware infrastructure, and training is frequently necessary for the implementation of a comprehensive translation management system. The upfront expenses of purchasing and implementing a TMS solution may be unaffordable for startups and smaller companies with tighter budgets. Furthermore, the total cost of ownership may also include subscription fees for cloud-based TMS platforms, one-time maintenance costs, and costs associated with customization. Some businesses find it difficult to get started because of the large initial investment, particularly those in niche markets or with limited funding.
Opportunity:
Integration with machine learning and artificial intelligence
The TMS market has a lot of room for innovation and automation owing to the integration of machine learning (ML) and artificial intelligence (AI) technologies. Translation accuracy, speed, and scalability can all be improved with the use of AI-powered technologies like neural machine translation (NMT) and natural language processing (NLP) algorithms. TMS providers can automate tedious tasks, enhance language comprehension, and streamline translation workflows by utilizing AI and ML capabilities. Additionally, AI-powered analytics and predictive modeling can offer insightful data on user behavior, language patterns, and translation trends, empowering businesses to optimize their localization strategies and make data-driven decisions.
Threat:
Competition from open-source and free software
Commercial TMS providers are under threat from the proliferation of free and open-source translation tools and platforms, particularly for small and medium-sized businesses (SMBs) with tight budgets. Open-source programs like OmegaT, Weblate, and Pootle are appealing substitutes for businesses looking for affordable localization solutions since they provide the most basic translation management features for free. Furthermore, by providing translation services at reduced costs or for free, crowdsourcing platforms and community-driven translation initiatives may compete with for-profit TMS providers. To effectively compete against free and open-source alternatives, TMS providers must set themselves apart by providing distinctive features, enhanced usability, and value-added services.
Covid-19 Impact:
The market for Translation Management Systems (TMS) has been greatly impacted by the COVID-19 pandemic, which has also accelerated the adoption of digital transformation programs and remote collaboration tools across industries. Businesses are depending more and more on TMS solutions to support remote translation workflows, manage global content, and enable multilingual communication as a result of widespread travel restrictions and the shift to remote work. The pandemic has highlighted how crucial localization and translation services are to an organization's ability to reach a worldwide audience, keep up business, and adjust to quickly shifting market conditions. However, the pandemic's economic downturn has resulted in budget constraints and lower investments in localization projects for certain businesses, which has impacted the TMS market's growth in specific industries.
The Translation segment is expected to be the largest during the forecast period
In the market for translation management systems (TMS), the translation segment usually has the largest share. The process of translating content from one language to another while maintaining linguistic accuracy, cultural relevance, and contextual appropriateness is the foundation of TMS functionality. To increase productivity and streamline the translation process, TMS platforms provide a wide range of translation features, such as terminology management, machine translation, translation memory, and linguistic quality assurance tools. Moreover, the demand for multilingual content is growing across industries, and businesses are expanding globally, so the translation segment continues to be a major growth driver in the TMS market.
The Healthcare & Life Sciences segment is expected to have the highest CAGR during the forecast period
In the market, the Healthcare & Life Sciences segment is anticipated to have the highest CAGR. The healthcare and life sciences sector has a growing need for translation services due to the growing globalization of healthcare services, pharmaceutical companies' international market expansion, and regulatory requirements for multilingual documentation. Additionally, translation management systems are essential for enabling the localization of clinical trials, patient records, regulatory paperwork, medical content, and software applications for the healthcare industry in order to guarantee linguistic conformance and enhance the health of patients.
Region with largest share:
North America usually holds the largest market share for Translation Management Systems (TMS). The presence of significant TMS vendors, the high rates of digital technology adoption among businesses, and the multilingual and multicultural makeup of the region's diverse population are some of the reasons for this dominance. Many technology companies, government agencies, healthcare facilities, and multinational corporations based in North America depend on TMS solutions to localize their goods and services and market collateral for international markets. Furthermore, the demand for sophisticated TMS platforms with features like safe data handling, compliance management, and integration with enterprise systems is also fueled by the region's strong regulatory framework, strict data privacy laws, and emphasis on quality and innovation.
Region with highest CAGR:
The Europe region has the highest CAGR in the Translation Management System (TMS) market. The increasing use of TMS solutions by businesses in a variety of industries, the importance placed on multilingual communication within the European Union, and the need for localization services to break into a variety of linguistic markets are some of the factors driving the region's growth. Europe is home to a large number of multinational corporations and a flourishing ecosystem of small and medium-sized enterprises (SMEs), all of which need efficient translation and localization solutions in order to reach audiences around the world and adhere to local language laws.
Key players in the market
Some of the key players in Translation Management System market include SAP SE, LanguageLine Solutions, Babylon Software Ltd., Google LLC, Oracle Corporation, TransPerfect, Acolad Group, Microsoft Corporation, Localize Corporation, Welocalize, United Language Group Limited, Amazon Web Services, Inc., Lionbridge, XTM International Ltd, RWS Group and Toppan Digital Language Ltd.
Key Developments:
In April 2024, SAP SE announced that it has extended the contract of Dr. Juergen Mueller, Chief Technology Officer (CTO) of SAP SE, for another three years until the end of 2027. Mueller joined SAP in 2013 and has been a member of the Executive Board of SAP SE since 2019. As CTO, he leads the Technology & Innovation Board area at SAP and has successfully established SAP Business Technology Platform (SAP BTP) as the platform for SAP and as an external business unit. In his mandate as CTO, he will prepare SAP for its accelerated cloud growth.
In April 2024, Opera Limited, one of the world's major browser developers and a leading internet consumer brand, announced that its current Google search commercial agreement has been extended. The agreement was entered into for the three-year period of 2022-2024, with an option for Google to extend through 2025 on the same terms. Google has now exercised this option. This mirrors the events of the search agreement in place for 2018-2020, which was extended through 2021.
In January 2024, Microsoft Corp and Vodafone announced a new, far-reaching 10-year strategic partnership that leverages their respective strengths in offering scaled digital platforms to more than 300 million businesses, public sector organisations, and consumers across Europe and Africa.
Offerings Covered:
• Software
• Services
• Other Offerings
Content Types Covered:
• Audio-based Content
• Video-based Content
• Text-based Content
• Other Content Types
Deployments Covered:
• On-Premises
• Cloud
Business Functions Covered:
• Legal
• Finance & Accounting
• Sales & Marketing
• Human Resources
• Other Business Functions
Applications Covered:
• Translation
• Terminology Management
• Quality Assurance
• Project Management
• Resource Management
• Billing & Invoicing Analysis
• Other Applications
End Users Covered:
• BFSI
• Healthcare & Life Sciences
• Manufacturing
• Retail & E-Commerce
• Media & Entertainment
• Education
• IT & ITeS
• Travel & Hospitality
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Translation Management System Market, By Offering
5.1 Introduction
5.2 Software
5.2.1 Translation Software
5.2.2 Localization Software
5.2.3 Translation Project Management Software
5.2.4 Terminology Management Software
5.2.5 Quality Assurance Software
5.2.6 Analytics And Reporting
5.3 Services
5.3.1 Professional Services
5.3.1.1 Training & Consulting Services
5.3.1.2 System Integration & Deployment Services
5.3.1.3 Support & Maintenance Services
5.3.2 Managed Services
5.4 Other Offerings
6 Global Translation Management System Market, By Content Type
6.1 Introduction
6.2 Audio-based Content
6.3 Video-based Content
6.4 Text-based Content
6.5 Other Content Types
7 Global Translation Management System Market, By Deployment
7.1 Introduction
7.2 On-Premises
7.3 Cloud
8 Global Translation Management System Market, By Business Function
8.1 Introduction
8.2 Legal
8.3 Finance & Accounting
8.4 Sales & Marketing
8.5 Human Resources
8.6 Other Business Functions
9 Global Translation Management System Market, By Application
9.1 Introduction
9.2 Translation
9.3 Terminology Management
9.4 Quality Assurance
9.5 Project Management
9.6 Resource Management
9.7 Billing & Invoicing Analysis
9.8 Other Applications
10 Global Translation Management System Market, By End User
10.1 Introduction
10.2 BFSI
10.3 Healthcare & Life Sciences
10.4 Manufacturing
10.5 Retail & E-Commerce
10.6 Media & Entertainment
10.7 Education
10.8 IT & ITeS
10.9 Travel & Hospitality
10.10 Other End Users
11 Global Translation Management System Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 SAP SE
13.2 LanguageLine Solutions
13.3 Babylon Software Ltd.
13.4 Google LLC
13.5 Oracle Corporation
13.6 TransPerfect
13.7 Acolad Group
13.8 Microsoft Corporation
13.9 Localize Corporation
13.10 Welocalize
13.11 United Language Group Limited
13.12 Amazon Web Services, Inc.
13.13 Lionbridge
13.14 XTM International Ltd
13.15 RWS Group
13.16 Toppan Digital Language Ltd
List of Tables
1 Global Translation Management System Market Outlook, By Region (2021-2030) ($MN)
2 Global Translation Management System Market Outlook, By Offering (2021-2030) ($MN)
3 Global Translation Management System Market Outlook, By Software (2021-2030) ($MN)
4 Global Translation Management System Market Outlook, By Translation Software (2021-2030) ($MN)
5 Global Translation Management System Market Outlook, By Localization Software (2021-2030) ($MN)
6 Global Translation Management System Market Outlook, By Translation Project Management Software (2021-2030) ($MN)
7 Global Translation Management System Market Outlook, By Terminology Management Software (2021-2030) ($MN)
8 Global Translation Management System Market Outlook, By Quality Assurance Software (2021-2030) ($MN)
9 Global Translation Management System Market Outlook, By Analytics And Reporting (2021-2030) ($MN)
10 Global Translation Management System Market Outlook, By Services (2021-2030) ($MN)
11 Global Translation Management System Market Outlook, By Professional Services (2021-2030) ($MN)
12 Global Translation Management System Market Outlook, By Managed Services (2021-2030) ($MN)
13 Global Translation Management System Market Outlook, By Other Offerings (2021-2030) ($MN)
14 Global Translation Management System Market Outlook, By Content Type (2021-2030) ($MN)
15 Global Translation Management System Market Outlook, By Audio-based Content (2021-2030) ($MN)
16 Global Translation Management System Market Outlook, By Video-based Content (2021-2030) ($MN)
17 Global Translation Management System Market Outlook, By Text-based Content (2021-2030) ($MN)
18 Global Translation Management System Market Outlook, By Other Content Types (2021-2030) ($MN)
19 Global Translation Management System Market Outlook, By Deployment (2021-2030) ($MN)
20 Global Translation Management System Market Outlook, By On-Premises (2021-2030) ($MN)
21 Global Translation Management System Market Outlook, By Cloud (2021-2030) ($MN)
22 Global Translation Management System Market Outlook, By Business Function (2021-2030) ($MN)
23 Global Translation Management System Market Outlook, By Legal (2021-2030) ($MN)
24 Global Translation Management System Market Outlook, By Finance & Accounting (2021-2030) ($MN)
25 Global Translation Management System Market Outlook, By Sales & Marketing (2021-2030) ($MN)
26 Global Translation Management System Market Outlook, By Human Resources (2021-2030) ($MN)
27 Global Translation Management System Market Outlook, By Other Business Functions (2021-2030) ($MN)
28 Global Translation Management System Market Outlook, By Application (2021-2030) ($MN)
29 Global Translation Management System Market Outlook, By Translation (2021-2030) ($MN)
30 Global Translation Management System Market Outlook, By Terminology Management (2021-2030) ($MN)
31 Global Translation Management System Market Outlook, By Quality Assurance (2021-2030) ($MN)
32 Global Translation Management System Market Outlook, By Project Management (2021-2030) ($MN)
33 Global Translation Management System Market Outlook, By Resource Management (2021-2030) ($MN)
34 Global Translation Management System Market Outlook, By Billing & Invoicing Analysis (2021-2030) ($MN)
35 Global Translation Management System Market Outlook, By Other Applications (2021-2030) ($MN)
36 Global Translation Management System Market Outlook, By End User (2021-2030) ($MN)
37 Global Translation Management System Market Outlook, By BFSI (2021-2030) ($MN)
38 Global Translation Management System Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
39 Global Translation Management System Market Outlook, By Manufacturing (2021-2030) ($MN)
40 Global Translation Management System Market Outlook, By Retail & E-Commerce (2021-2030) ($MN)
41 Global Translation Management System Market Outlook, By Media & Entertainment (2021-2030) ($MN)
42 Global Translation Management System Market Outlook, By Education (2021-2030) ($MN)
43 Global Translation Management System Market Outlook, By IT & ITeS (2021-2030) ($MN)
44 Global Translation Management System Market Outlook, By Travel & Hospitality (2021-2030) ($MN)
45 Global Translation Management System Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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