Translation Management Systems (TMS) Market Size - By Offering (Software, Services), By Content Type (Audio-based content, Text-based content, Video-based content), By Deployment, By Organization, By Vertical Industry & Forecast, 2024 – 2032

Translation Management Systems (TMS) Market Size - By Offering (Software, Services), By Content Type (Audio-based content, Text-based content, Video-based content), By Deployment, By Organization, By Vertical Industry & Forecast, 2024 – 2032

Translation Management Systems Market Size

Translation Management Systems Market size was valued at USD 2 billion in 2023 and is estimated to register a CAGR of over 18% between 2024 and 2032. Translation services are in huge demand because of several factors like social media, e-commerce and digital marketing that came with the internet. TMS uses automated translation processes that enable various languages to be expressed in identical manner and assists in translating large chunks of data.

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In addition, by using technologies such as cloud computing and machine learning, which include machine translation software, TMS enables an organization to produce numerous translations while maintaining quality. For instance, in January 2024, Acolad, a language and content service provider, announced its AI based voice-over and dubbing solution. This is a revolutionary development aimed at transforming global content adaptation in translation and localization.
 

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As global businesses grow, the demand for precise and quality translation services increases. In e-commerce platforms, TMS (Translation Management Systems) are gaining popularity because of the need to present multilingual content to different target groups. Moreover, individuals who want to have their own translation company prefer using TMS because of its functionality. They use machine translations, content management tools and collaboration technologies to improve the local contents’ quality and accuracy. Furthermore, companies are seeking improved connectivity, hence language and country consistency via TMS platforms.

The accuracy rate of translation may pose a challenge to TMS market growth. Fewer commonly spoken languages with limited linguistic resources, difficult grammatical structures and fewer speakers prove a great challenge for automated translations especially where their language skills are very minimal. Inadequate datasets and linguistic models needed for an accurate translation would thus fail to catch the nuances inherent in the language or even culture.

Consequently, businesses relying on TMS for these languages may face barriers towards maintaining precision as well as quality that is necessary for effective communication. Linguistic research and tele technologies require constant improvements since TMS cannot be universally employed across different linguistic scenarios.

Translation Management Systems Market Trends

There is a rapid increase in cross-border collaboration leading to the uptake of TMS in businesses. The world’s interconnectivity has pushed companies into global coalitions, and this necessitates the need for effective strategies to overcome language obstacles such as translation. In other words, these platforms enable smooth cooperation between divergent groups by consolidating translation activities in one place, thereby enhancing efficiency in communication flow, and giving them access to common translation sources. Thus, this type of teamwork allows organizations to leverage linguistic expertise from around the globe thereby improving the quality and reducing the time it takes for translations to be made.

Due to the advent of cloud computing, the positioning of translation management systems market has changed considerably. Cloud-based TMS platforms are cost-effective, flexible, and scalable alternatives to their traditional on-premises counterparts. Consequently, a TMS capability must be available in cloud computing through the internet to foster remote collaboration and streamline translation workflows. In September 2023, Luminary Solutions announced its partnership with Spatial Corp to enable frictionless integration of commercial and open-source CAD models into Luminary’s cloud-native CAE platform.

Translation Management Systems Market Analysis

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Based on offering, the market is segmented into software (translation software, content management system (CMS), workflow management, quality assurance software, machine translation (MT) integration, vendor management, analytics, and reporting), services (professional services, managed services). The software segment held over 66% of the market share in 2023. The market for translation management systems is increasingly becoming dependent on emerging translation software. This growth has been necessitated by the demand for efficient and effective translations in a globalized world.

The use of artificial intelligence and machine learning, however, simplifies the process of translating by enabling rapid and more accurate translation. Furthermore, cloud-based platforms as well as collaboration tools are improving workflow management and facilitating translators’ real-time engagement with their clients.

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Based on content type, the translation management systems market is segmented into audio-based content, text-based content, and video-based content. The audio-based content segment is anticipated to grow at 19% CAGR from 2024 to 2032. The audio-based content market of translation management systems (TMS) is undergoing a major expansion.

The demand for accurate and effective translation services for auditory materials has been increasing because of the availability of multimedia content on many platforms such as podcasts, videos and audiobooks. These systems leverage advanced technologies such as automatic speech recognition (ASR) and natural language processing (NLP) to simplify this process when dealing with audio content. 

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Asia Pacific translation management systems market accounted for 29% of the revenue share in 2023. As business globalization has been on the rise in the region, a lot of industries such as information technology, online retailing and manufacturing are increasingly in demand for multilingual content like never before.

Moreover, there has also been a surge in digital platforms and internet use that have facilitated cross-border communications and commercialization necessitating an effective mode of translation. Also, Asia Pacific is a continent with various cultures consisting of many speakers of different languages thus making it necessary for localization companies to offer their services targeting different preferences of the regions they operate in.

Translation Management Systems Market Share

Localize Corporation and TransPerfect held a significant share of over 20% the translation management systems industry in 2023. Localize Corporation offers cutting-edge software solutions to clients across the globe. Their platform provides an entire array of translation and localization services such as website and software localization, document translation and multimedia content translation.

TransPerfect offers comprehensive language services and technology solutions. Their TMS is designed to help them manage multiple translation projects at once; its features include workflow automation, linguistic tools, and integration capabilities.

Translation Management Systems Market Companies

Major companies operating in the translation management systems industry are

• Localize Corporation
• TransPerfect
• Lionbridge
• Translate Plus
• Microsoft
• Google LLC
• Babylon Software

Translation Management Systems Industry News

• In October 2023, Lenovo launched its AI-based interpretation of sign language as a way of empowering signers. Machine vision and artificial intelligence helps in understanding Brazilian sign language Libras. The invention includes a way of achieving accessibility and inclusion.
• In October 2023, Zoho announced the development of machine translation software using Sanskrit language. The idea reduces complication; thereby giving more accurate translations. The company has plans to release several other products based on this technology.

The translation management systems (TMS) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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Market, By Offering

• Software
  • Translation Software
  • Content Management System (CMS)
  • Workflow management
  • Quality Assurance Software
  • Machine translation (MT) integration
  • Vendor management
  • Analytics and reporting
• Services
  • Professional services
  • Managed

Market, By Deployment

• On-Premises
• Cloud

Market, By Content Type

• Audio-based content
• Text-based content
• Video-based content

Market, By Organization

• Large Enterprises
• Small and Medium Enterprises (SMEs)
• Government Agencies

Market, By Vertical Industry

• Life sciences & healthcare
• Manufacturing & engineering
• BFSI
• Media & entertainment
• Legal & financial
• E-commerce & retail
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA

Frequently Asked Questions (FAQ)

How big is the translation management systems (TMS) market?

The market size of translation management systems (TMS) reached USD 2 billion in 2023 and is set to witness 18% CAGR between 2024 and 2032, led by rising usage of social media, e-commerce, and digital marketing.

Why is the demand for TMS software expanding?

Software segment of translation management systems industry held the largest revenue share of over 66% in 2023, fueled by the demand for efficient and effective translation software in a globalized world.

What factors are pushing the growth of Asia Pacific translation management systems market?

Asia Pacific market held a revenue share of over 29% in 2023, driven by a surge in digital platforms and internet use that have facilitated cross-border communications and commercialization necessitating an effective mode of translation.

Which companies define the competitive landscape of translation management systems (TMS) industry?

Localize Corporation, TransPerfect, Lionbridge, Translate Plus, Microsoft, Google LLC, Babylon Software are some of the major industry contenders.