LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global translation management software market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global translation management software market will grow at a CAGR of more than 14% during the forecast period. The exponential increase in the volume of data is a major factor driving the market’s growth.
At present, large volumes of data are getting generated through several sources such as the internet, mobile, devices, and social media. The organizations are facing challenges to proficiently analyze and manage large databases due to the increasing volume, variety, and velocity of data. Furthermore, veracity, which is the fourth component of big data management systems, eliminates the amount of data that is irrelevant for organizations. This can save a lot of money.
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In this report, Technavio highlights the emergence of cloud computing services as one of the key emerging trends driving the global translation management software market:
Emergence of cloud computing services
The introduction of cloud computing has improved the capabilities of translation management software. Cloud computing provides central administration and control for all resources and managed infrastructure. It eradicates the need for users to update and maintain IT infrastructure. Service providers of translation management software take all services and maintenance care. The user does not require to install additional software for accessing applications and services. Service-level agreements (SLAs) confirm the reliable delivery, management, and maintenance of services.
Organizations across the world are adopting cloud computing technologies to reduce the costs of managing enterprise IT infrastructure. In addition, with cloud computing services, end-users can concentrate more on organizational core activities rather than on managing applications. Moreover, enterprises can establish a rapid deployment model, which allows applications to be scaled quickly to match the changing requirements.
“The cloud-based translation management software assists enterprises in easy integration with third-party applications being hosted outside the enterprise firewall. Thus, the cloud has evolved as an ideal model to serve as a core platform and integration fabric for many enterprise applications with configuration flexibility, integrated security, and the choice of access mechanisms. Apart from these advantages, the cloud-based translation management software provides security at all levels of enterprise IT architecture so that these applications can be accessed even from a remote location,” says a senior analyst at Technavio for research on enterprise application.
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Global translation management software market segmentation
This market research report segments the global translation management software market based on deployment (on-premises and cloud-based) and key regions (the Americas, APAC, and EMEA).
In 2017, the Americas accounted for approximately 45% of the total market share. The dominance of the region is mainly because of the overall maturity and growth of the industrial and private sectors. The Americas has been an early adopter of modern technologies such as the translation management software. The adoption of translation management software is increasing in the region due to the rising applications of IoT. The strong presence and penetration of several large players are expected to drive the growth of the global translation management software market during the forecast period.
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