The Global Machine Translation Market Size gathered USD 812.6 Million in 2021 and is set to garner a market size of USD 4,069.5 Million by 2030 growing at a CAGR of 19.9% from 2022 to 2030.
Machine translation (MT) is the process of translating text or speech from one language into another using software. Machine translation uses both artificial intelligence and natural language processing. Depending on how the text is translated, machine translation systems might be rule-based or statistical. They are frequently utilized in many different contexts, such as localization, online translation services, and machine-assisted human translation. Among all the types of MT, neural machine translation (NMT) is a newly developed method of machine translation. NMT models the source and destination languages using deep neural networks. It has been demonstrated that NMT systems are more precise than conventional SMT systems.
Machine Translation Market Report Statistics
Global Machine Translation Market Dynamics
Machine Translation Market Report Coverage
|Market||Machine Translation Market|
|Machine Translation Market Size 2021||USD 812.6 Million|
|Machine Translation Market Forecast 2030||USD 4,069.5 Million|
|Machine Translation Market CAGR During 2022 - 2030||19.9%|
|Machine Translation Market Analysis Period||2018 - 2030|
|Machine Translation Market Base Year||2021|
|Machine Translation Market Forecast Data||2022 - 2030|
|Segments Covered||By Technology, By Application, By Deployment Type, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||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.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Machine Translation Market Growth Factors
A primary factor driving the global machine translation market value is an increase in demand for multilingual communication. With an increasing number of non-native speakers on the internet, there is a greater need for machine translation services to facilitate communication across languages. Additionally, advancements in artificial intelligence (AI) and natural language processing (NLP) technologies have resulted in the development of more accurate and efficient machine translation systems, which is fueling the growth of the machine translation market.
Another factor driving market growth is the increasing use of machine translation in various industries. Machine translation is widely used in a variety of industries, including e-commerce, healthcare, legal services, and education, and its increasing adoption in these sectors benefits the industry significantly.
However, factors such as limited language coverage, data security and privacy concerns, and a lack of skilled personnel are expected to limit market growth. Machine translation systems currently have limited language coverage, which can be a barrier to market growth. Furthermore, some organizations may be hesitant to use machine translation services due to data security and privacy concerns.
Furthermore, the growing volume of digital content, including text, video, and speech is expected to provide the market with numerous growth opportunities in the coming years. Lastly, rising adoption of cloud-based machine translation services is fueling market growth in the coming years.
Machine Translation Market Segmentation
The worldwide machine translation market is categorized based on technology, deployment type, application, and geography.
Machine Translation Market By Technology
As per the machine translation industry analysis, rule-based machine translation (RBMT) will dominate the market in 2021. Rule-based machine translation (RBMT) is a traditional approach to machine translation in which the text is translated using a set of predefined rules. The rules are based on the source and target languages' grammar, syntax, and vocabulary. RBMT systems are highly accurate, but they can take a long time to develop and maintain. There has been a decline in the market for RBMT in recent years because of developments in artificial intelligence (AI) and natural language processing (NLP) technologies. In comparison to RBMT, statistical machine translation (SMT) and neural machine translation (NMT) have emerged as more efficient and accurate alternatives.
Machine Translation Market By Deployment Type
According to the machine translation market forecast, the on-premise deployment type sub-segment will account for a sizable market share between 2022 and 2030. On-premise machine translation refers to machine translation frameworks that are installed and run on the user's own servers or computers rather than as a cloud-based service. Government, military, and heavily regulated industries such as healthcare and finance, where data security and compliance are critical, are examples of businesses that may prefer on-premise based machine translation.
Machine Translation Market By Application
The automotive sub-segment accounted for the greatest share in 2021 and is predicted to continue to do so in the coming years, according to application. Machine translation is used in the military and defense industry to facilitate communication and information sharing among people who speak different languages. It can translate documents, emails, and other forms of digital communication, as well as spoken language. Machine translation can also be used in the military and defense industry to support decision-making and situational awareness through language-enabled command and control systems.
Machine Translation Market Regional Outlook
The Middle East & Africa
Machine Translation Market Regional Analysis
According to our regional analysis, North America is anticipated to account for a sizable portion of the global market for machine translation due to the existence of several language service providers and the growing use of machine translation in a variety of industries, including healthcare and legal services. On the other hand, the Asia-Pacific region is anticipated to develop at the highest CAGR during the forecast period, due to the rising use of machine translation in nations with high numbers of non-native speakers, such as China and Japan.
Machine Translation Market Players
Some of the leading machine translation companies include 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, and Systran International.
The market size of machine translation was USD 812.6 Million in 2021.
The CAGR of machine translation market is 19.9% during the analysis period of 2022 to 2030.
The key players operating in the global machine translation market are 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, and Systran International.
North America held the dominating position in machine translation market during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for machine translation market during the analysis period of 2022 to 2030.
The current trends and dynamics in the machine translation industry include increase in demand for multilingual communication, rising adoption of machine translation in various industries, and surging volume of digital content.
The rule-based machine translation (RBMT) technology held the maximum share of the machine translation market.