The global machine translation market size was valued at USD 1.04 billion in 2022 and is expected to surpass USD 11.03 billion by 2031, expanding at a CAGR of 30% during the forecast period, 2023–2031. The growth of the market is attributed to the growing need safe and efficient translation services.
Machine translation is a key domain computerised languages, which categorically function to translate from one language to another or a concise flow of coding. It involves using a range of software that facilitate the translation of text or speech of one language to another in comprehensive and precise manner.
With the introduction of innovative technology, the applications of machine translation are rapidly increasing across industries especially in military & defense fields. Accurate translation of language primarily leads to more customer satisfaction and improved customer interaction.
The COVID-19 pandemic have forced the world to work remotely and continue the business operation by implementing work from home (WFH) policy. This has, in turn, led to more usage of online platforms or services for various business activities and the need for translation software for various communication purposes among organizations are increasingly evident now than ever.
Market Drivers, Restraints and Opportunities
-
Cost-effectiveness of machine translations and massive convenience for maintenance of various tasks related to various industries are major driving factors of the market.
-
Increasing adoption of Internet of Things (IoT) and rising access to smart electronic devices such as smartphones is another key factor boosting the market.
-
High cost of machine maintenance and issues regarding complexity in operating the machine are acting as major restraining factors of the market.
-
Increasing demand for fast and efficient translation services especially for the military and defense purposes are expected to create lucrative opportunities during the forecast period.
Scope of the Report
The report on the global machine translation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Machine Translation Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016-2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Technologies (SMT, RBMT, and Others) and Applications (Healthcare, Automotive, IT, Military & Defense, Electronics, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Google, Inc.; Lionbridge Technologies, Inc.; SDL Plc; and Microsoft Corporation.
|
Market Segment Insights
SMT segment to hold major market share
Based on technologies, the global machine translation market is divided into SMT, RBMT, and others. The effectiveness of SMT over rule-based machine translation (RBMT) in terms of value and time present a key driver of the SMT segment.
SMTs are straightforward technology that can create and facilitate flexible and tailored approaches to multiple language pairs. SMT segment is expected to hold major market share during the forecasted timeline owing to certain advantages such as reducing costs of human resources.
Healthcare segment is another promising sector
On the basis of applications, the market is fragmented into healthcare, automotive, IT, military & defence, electronics, and others. The automotive segment accounted for a major revenue share in 2020 and is expected to exhibit a robust CAGR during the forecast period owing to continuous adoption of advanced technology in the automotive industry.
The healthcare segment is another promising sector, which is projected to hold a key market share in the coming years. Corporations associated with the healthcare sector are majorly inclined towards MT services for various applications such as doctor manuals, leaflets, patient brochures, tutorial content, websites, and different crucial communication materials.
Market of Asia Pacific to exhibit huge growth rate
In terms of regions, the global machine translation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2020 owing to the presence of a large variety of service suppliers and favorable government initiatives. SMT services offered by Microsoft Corporation and Google, Inc., beside their free on-line engines, have gained wide popularity especially in the U.S.
The market of Asia Pacific is anticipated to exhibit high growth rate during the targeted period as major economies such as India and China have witnessed tremendous growth in IT industry and others. The existing of various linguistically culture in the region has pushed the rising demand for translated content.
Segments
The global machine translation market has been segmented on the basis of
Technologies
Applications
- Healthcare
- Automotive
- IT
- Military & Defense
- Electronics
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Google, Inc.
- Lionbridge Technologies, Inc.
- SDL Plc.
- Microsoft Corporation
Competitive Landscape
Key players competing in the global machine translation are market Google, Inc.; Lionbridge Technologies, Inc.; SDL Plc; and Microsoft Corporation. Most players are heavily investing in R&D activities to ensure product innovation and boost the value of their offerings.
Many players including Google adopted innovated software such as deployment of Neural Machine Translation (NMT) to enhance the process of translating documents into several languages.
Request For Customization
Enquiry Before Buying
Speak With Analyst
