Chicago, March 06, 2024 (GLOBE NEWSWIRE) — The Translation Management Systems Market is estimated to be worth USD 2.2 billion in 2024 and is projected to reach USD 5.7 billion by 2030 at a CAGR of 17.2% during the forecast period, according to a new report by MarketsandMarkets™
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Translation Management Systems Market Dynamics:
Drivers:
Exponential growth of digital content to fuel demand for effective translation solutions
Rise in e-commerce platforms to propel adoption of translation services
Increasing cross-border collaboration between individuals and businesses
Shift toward cloud computing evolving translation software industry
Restraints:
Quality concerns with machine translation
Poor translation accuracy rates while translating fewer common languages
Rising concerns about data security and privacy
Opportunities:
Scalability and geographic expansion of businesses with translation management systems
Cross-platform and cross-device integration to enhance accessibility and usability of translation software.
Integration with AI-driven content creation to streamline process of creating multilingual content.
List of Key Players in Translation Management Systems Market:
TransPerfect (US),
RWS Group (UK),
LanguageLine Solutions (US),
Acolad Group (France),
Welocalize (US)
Phrase (Germany)
Lokalise (US)
Crowdin (Estonia)
Smartcat (US)
Unbabel (US)
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The surge in the adoption of translation management systems solutions can be attributed to the exponential growth of digital content which has fueled the need for effective translation solutions. Translation management systems facilitate efficient translation of content across multiple languages, enabling seamless communication between parties from diverse linguistic backgrounds. Additionally, the shift towards cloud computing is evolving the translation software industry. These are some of the key factors fueling the increasing demand for translation management systems solutions.
Artificial Intelligence (AI) and Machine Learning (ML) technologies have significantly impacted the translation management systems (TMS) market, revolutionizing the way language translation is handled. These technologies enhance …