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 (TMS) market size is anticipated to register over 18% CAGR between 2024 and 2032, driven by the increasing globalization of businesses. Lately, the expansion of international markets is creating a growing demand for multilingual content translation and localization solutions.

TMS platforms offer comprehensive tools and functionalities for managing translation workflows, enabling businesses to efficiently translate and localize their content across multiple languages and markets. The rising adoption of digitalization and online communication channels, such as websites, mobile apps, and social media platforms will further accelerate the demand for TMS solutions. For instance, in January 2024, Globalization Partners International (GPI), and document translation services collaborated to unveil a new translation connector for HCL Digital Experience Platform.

The proliferation of digital content across diverse industries, including e-commerce, healthcare, finance, and manufacturing is driving the need for scalable and automated translation solutions. TMS platforms leverage technologies, such as AI and ML to automate repetitive translation tasks, enhance translation accuracy, and support the translation of large volumes of content efficiently. The emergence of cloud-based TMS solutions to offers scalability, flexibility, and cost-effectiveness while emerging accessible to businesses of all sizes and industries will add to the industry growth.

The TMS market is segmented into offering, deployment, content type, organization, vertical industry and region.

By content type, the industry size from the text-based segment will witness notable CAGR through 2032. With the proliferation of digital content across various industries, there is growing demand for efficient translation solutions specifically tailored for text-based content, such as documents, emails, articles, and social media posts. Text-based translation management systems offer specialized features and capabilities for processing and translating textual content accurately and efficiently while catering to the diverse linguistic needs of businesses operating in global markets.

Translation management systems market from the BFSI vertical industry segment is slated to generate revenue during 2024-2032. This can be ascribed to the critical need for accurate and timely translation of financial documents, regulatory filings, customer communications, and legal contracts across multiple languages and jurisdictions. TMSs offer specialized features and functionalities tailored to the unique requirements, such as secure document handling, compliance management, and terminology management for enabling financial institutions to streamline their translation processes to ensure regulatory compliance and enhance communication with multilingual stakeholders.

North America TMS industry will record decent growth rate through 2032, attributed to diverse linguistic landscape and the increasing demand for localization solutions across various industries. The strong emphasis on regulatory compliance, particularly in industries, such as healthcare, finance, and legal, is driving the need for TMS platforms with robust features for managing sensitive and confidential data securely while ensuring compliance with industry-specific regulations. The growing adoption of digital content and online communication channels further will stimulate the regional market growth.