REPORT HIGHLIGHT
Machine Translation Market size was valued at USD 960.9 Million in 2022, expanding at a CAGR of 23.8% from 2023 to 2030.
Machine translation is the use of artificial intelligence to mechanically translate text from one language to another without the need for human intervention. Modern machine translation goes beyond simple word-for-word translation to convey the whole sense of the source language text in the target language. It examines all text elements and determines how words interact with one another. Machine translation is an excellent starting point for skilled human translators. Many translation management systems incorporate one or more machine translation models into their process. They can be configured to execute translations automatically and then transmit them to human translators for post-editing. Machine translation works extremely quickly, translating millions of words practically instantly. Large volumes of data, such as real-time chat or large-scale court proceedings, can be translated. It can also process foreign-language papers, search for relevant terms, and remember those terms for future applications.
Machine Translation Market - Market Dynamics:
- The adoption of cloud-based machine translation services and the increasing demand for multilingual content in numerous industries including e-commerce, media, and travel, is driving the growth of the market.
- Cloud-based services enable organizations to scale their translation needs without investing in hardware. As their translation volume develops, clients may simply adjust their membership or usage without incurring hefty upfront expenditures. APIs are frequently provided by cloud-based machine translation providers, allowing businesses to integrate translation capabilities directly into their systems, websites, or apps. Because e-commerce platforms serve a global audience, product descriptions, customer reviews, and support materials must be provided in many languages to meet the needs of a broad consumer base. According to Machine Translation Statistics, in 2020, the demand for translation in healthcare increased by 49% due to the need to dispense COVID. Also, in 2020 survey involving 7,000 professional translators and interpreters found that 75% of respondents were self. AI advancements, particularly deep learning, have substantially improved machine translation quality, making it more reliable and opening up new application areas. However, Data Privacy and, Hardware and Computational Limitations are the factors that hamper the market growth.
Machine Translation Market - Key Insights:
- As per the analysis shared by our research analyst, the global Machine Translation market is estimated to grow annually at a CAGR of around 23.8% over the forecast period (2023-2030)
- The Machine Translation industry is projected to grow at a significant rate due to the growing awareness of sustainable growth
- Based on deployment type segmentation, on-premises was predicted to show maximum market share in the year 2022
- Based on product type segmentation, rule-based machine translation was the leading type in 2022
- Based on application segmentation, automotive was the leading type in 2022
- On the basis of region, Asia Pacific was the leading revenue generator in 2022
Machine Translation Market- Segmentation Analysis:
- The Global Machine Translation Market is segmented on the basis of deployment type, technology, application, and region.
- The market is divided into two categories based on deployment type: On-premises and Cloud. On-premises Segment dominates the market. On-premises solutions are often more suited to an organization's specific goals and requirements, especially when connected with other in-house systems. For particular applications, low latency is necessary, and on-premises systems can frequently provide faster response times.
- The market is divided into two categories based on Technology: Statistical Machine Translation, Rule-based Machine Translation, Neural Machine Translation, and Other. The rule-based Machine Translation segment dominates the market. While RBMT was pivotal in the history of machine translation, its commercial dominance has waned with the rise of data-driven methods like as SMT and NMT.
- The market is divided into two categories based on application: Automotive, BFSI, E-Commerce, Electronics, Healthcare, IT and telecom, Military and defense, and Others. The Automotive sector dominates the market and is likely to maintain its dominance during the forecast period. The machine translation sector is quite important and has many applications in the automotive industry. The automotive sector is reliant on a worldwide supply network. Machine translation can help with the translation of procurement documentation, supplier contracts, and communication with international suppliers.
Machine Translation Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the Machine Translation Market, owing to the increasing demand for multilingual communication and the need for translation in various industries, such as healthcare, e-commerce, gaming, and travel. For example, As the region's medical research and healthcare services expand, there is an increasing demand for medical records, research papers, and patient information translation. Multiple languages are spoken in countries such as India, China, Indonesia, and the Philippines. To maintain successful communication across these varied linguistic environments, machine translation is essential. Science Direct showed that they observed an increase of about 7.2 % in citations received by Chinese patents after the translation. The effect is more pronounced in technological areas of which China is at the technological frontier, such as computing- and data-processing-related technologies, with up to a 14.5 % increase in citations received by translated patents. Europe and the North American region are expected to drive market growth in the forecast period, due to rapid economic growth, and increasing technological and digital expansion
Machine Translation Market- Competitive Landscape:
The machine translation market is characterized by a combination of rivalry among multiple competitors and a rising demand for translation services, which is being driven by globalization, technological improvements, and the digital revolution. With developments in AI and deep learning, there has been an upsurge of startups and emerging players entering the machine translation industry. These companies frequently concentrate on specialized applications, industries, or language pairs. As organizations expand globally, there is an increasing demand for translation services to serve a variety of markets. Websites, product documentation, marketing materials, and user interfaces are all examples of translated materials. For Example, on 15 JUN 2023, Build a multilingual automatic translation pipeline with Amazon Translate Active Custom Translation. They built automatic translation pipelines for multiple languages using the ACT feature in Amazon Translate. ACT allows customized translation output on the fly by providing tailored translation examples in the form of parallel data.
Recent Developments:
On 16 Mar 2023, Google Encourages Game Developers to Switch from Human to Machine Translation. Developers now have access to free machine translation (MT) for their Android apps, tech website 9to5Google reported.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL MACHINE TRANSLATION MARKET KEY PLAYERS
- AppTek LLC
- AWS
- Alibaba Cloud
- Baidu
- Cloudwords Inc.
- Google LLC (Alphabet Inc.)
- IBM Corporation
- Lionbridge Technologies Inc.
- Microsoft Corporation
- PROMT
- Smart Communications Inc.
- Tencent Cloud TMT
- Raytheon BBN Technologies Corp
- Systran International
GLOBAL MACHINE TRANSLATION MARKET, BY DEPLOYMENT TYPE
GLOBAL MACHINE TRANSLATION MARKET, BY TECHNOLOGY
- Statistical Machine Translation
- Rule-based Machine Translation
- Neural Machine Translation
- Other
GLOBAL MACHINE TRANSLATION MARKET, BY APPLICATION
- Automotive
- BFSI
- E-Commerce
- Electronics
- Healthcare
- IT & Telecom
- Military & Defense
- Others
GLOBAL MACHINE TRANSLATION MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA