Machine Translation Market

Global Machine Translation Market Size (2024 to 2032)

The global machine translation market was worth USD 0.61 billion in 2023. The global market is predicted to reach USD 0.68 billion in 2024 and USD 1.59 billion by 2032, growing at a CAGR of 11.23% during the forecast period.

MARKET DRIVERS

A growing number of internet users worldwide has widened the demand for cross-cultural interaction and understanding of content over the web, which is one of the major driving factors of the global Machine Translation market. Another major driving factor was technological advancements that resulted in the development of translation theory with minimal errors and grammatical consistency, which is likely to propel the growth of revenue worldwide in the machine translation market.

Advancements in machine translation technology and new implementation approaches, including crowdsourcing, are some of the growth-supporting factors in the machine translation market based on revenue rate. Another significant aspect driving growth in the Machine Translation market is the increasing need for content localization and the growing need for cost-effective and high-speed translation.

MARKET RESTRAINTS

The high cost of manufacturing equipment is a principal factor limiting the growth of the global Machine Translation Market. Another major restraint affecting the growth of the market is the easy availability of alternative products.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Machine Translation Market Analysis By Technology

The Machine Translation market is divided into statistical machine translation, rule-based machine translation, neural machine translation, and other technologies. The neural translation segment holds the major share of the market as it is continuously improved and refined and is anticipated to become even better in the next few years.

Global Machine Translation Market Analysis By Deployment Model

The market for machine translation is bifurcated into two types: on-premises and cloud. Among these, the cloud segment holds the dominant share of the market.

Global Machine Translation Market Analysis By End User

The Machine Translation market is segmented into automotive, military and defense, healthcare, IT, e-commerce, and other end-user industries. The IT sector accounted for a prominent share of the market.

REGIONAL ANALYSIS

The North American region holds the major market share owing to the growing demands across the United States IT sector and the rapid increase of prominent players in the region. This is also estimated to help the machine translation market in North America grow in the coming days.

The Asia Pacific region holds the second largest share of the Machine Translation market because of the increasing number of internet users across the region, especially in countries such as China and India. This is crucial in determining the development rate of the Machine Translation market in this locale.

Europe region is expected to record a surge in its market value of Machine Translations owing to the rising investment for new product innovation by the companies that are supposed to boost the market demand in the foreseen years,

KEY PARTICIPANTS IN THE GLOBAL MACHINE TRANSLATION MARKET

Some of the key players in the global machine translation market include Microsoft Corporation, Google, Inc., SDL PLC, Alibaba Cloud, AWS, Baidu, IBM Corporation, Raytheon BBN Technologies Corp, Welocalize Inc., Tencent Cloud TMT, and Lionbridge.

RECENT HAPPENINGS IN THE GLOBAL MACHINE TRANSLATION MARKET

• In the year 2016, Google Inc. launched the NMT tool that deploys an artificial neural network to undertake the multilingual translations of decoding semantic data.

• In October 2017, Google Inc. launched Pixel Buds, which consists of a built-in Google Assistant and Google Translate, which can translate 40 different languages using Google Translate technology.

• In December 2014, Microsoft Corporation released a preview version of Skype Translator for Spanish and English audiences. This program was developed to combine features of machine learning, speech recognition, and Machine translation.

DETAILED SEGMENTATION OF THE GLOBAL MACHINE TRANSLATION MARKET INCLUDED IN THIS REPORT

This research report on the global machine translation market is segmented and sub-segmented based on the by technology, deployment, end user, and geography.

By Technology

• Statistical Machine Translation       

• Rule-Based Machine Translation    

• Neural Machine Translation           

By Deployment Model

• Cloud        

• On-Premises        

By End User

• Automotive            

• Military and Defense         

• Healthcare              

• IT

• E-Commerce      

By Region

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus