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Machine Translation Market Share, Growth, Opportunities 2031
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Machine Translation Market Share, Growth, Opportunities 2031

Segments - Machine Translation Market by Technologies (SMT, RBMT, and Others), Applications (Healthcare, Automotive, IT, Military & Defense, Electronics, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, Forecasts, 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-3137 | 4.1 Rating | 79 Reviews | 187 Pages | Format : PDF Excel PPT

Report Description


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.

Machine Translation Market Outlook

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.

Machine Translation Market Technologies

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.

Machine Translation Market Region

Segments

The global machine translation market has been segmented on the basis of

Technologies

  • SMT
  • RBMT
  • Others

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.

Machine Translation Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Machine Translation Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Machine Translation Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Machine Translation Market - Supply Chain
  4.5. Global Machine Translation Market Forecast
     4.5.1. Machine Translation Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Machine Translation Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Machine Translation Market Absolute $ Opportunity
5. Global Machine Translation Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Machine Translation Market Size and Volume Forecast by Applications
     5.3.1. Healthcare Automotive IT Military & Defense Electronics Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Machine Translation Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Machine Translation Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Machine Translation Demand Share Forecast, 2019-2026
7. North America Machine Translation Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Machine Translation Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Machine Translation Market Size and Volume Forecast by Applications
     7.4.1. Healthcare Automotive IT Military & Defense Electronics Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Machine Translation Demand Share Forecast, 2019-2026
8. Latin America Machine Translation Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Machine Translation Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Machine Translation Market Size and Volume Forecast by Applications
     8.4.1. Healthcare Automotive IT Military & Defense Electronics Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Machine Translation Demand Share Forecast, 2019-2026
9. Europe Machine Translation Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Machine Translation Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Machine Translation Market Size and Volume Forecast by Applications
     9.4.1. Healthcare Automotive IT Military & Defense Electronics Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Machine Translation Demand Share Forecast, 2019-2026
10. Asia Pacific Machine Translation Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Machine Translation Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Machine Translation Market Size and Volume Forecast by Applications
     10.4.1. Healthcare Automotive IT Military & Defense Electronics Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Machine Translation Demand Share Forecast, 2019-2026
11. Middle East & Africa Machine Translation Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Machine Translation Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Machine Translation Market Size and Volume Forecast by Applications
     11.4.1. Healthcare Automotive IT Military & Defense Electronics Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Machine Translation Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Machine Translation Market: Market Share Analysis
  12.2. Machine Translation Distributors and Customers
  12.3. Machine Translation Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Google, Inc. Lionbridge Technologies, Inc. SDL Plc. Microsoft Corporation

Methodology

Our Clients

sinopec
Nestle SA
Deloitte
General Mills
The John Holland Group
Siemens Healthcare
FedEx Logistics
Pfizer