Machine Translation Market Size Projected to Garner USD 4,069.5 Million by 2030 growing at 19.9% CAGR - Exclusive Report by Acumen Research and Consulting
According to Acumen Research & Consulting, the Global Machine Translation Market size was worth USD 812.6 Million in 2021 and is projected to be worth around USD 4,069.5 Million by 2030, growing at a CAGR of 19.9% in the coming years
Machine Translation Market Overview
Machine translation is the process of translating text or speech from one language to another using computer software. It is an artificial intelligence (AI) and natural language processing (NLP) application. The machine translation market is rapidly expanding, driven by rising demand for multilingual communication and localization in industries such as e-commerce, tourism, and technology. The market is expected to expand further in the coming years, owing to factors such as increased mobile device use and an increase in the number of non-native speakers on the internet.
Machine Translation Market Statistics
- Global machine translation market revenue collected USD 812.6 Million in 2021, with a 19.9% CAGR between 2022 and 2030
- North America machine translation market occupied over 44% share in 2021
- Asia-Pacific machine translation market growth is projected to record above 20% CAGR from 2022 to 2030
- Based on technology, the RBMT sub-segment occupied share of 29% in 2021
- Among deployment type, the on-premise sub-segment gathered around US$ 446.9 million in 2021
- The growing investments by government bodies is a key trend in machine translation that fuels the industry demand
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Machine Translation Market Dynamics
The increasing use of mobile devices for translation services is a major factor driving the value of the global machine translation market. In addition, the expansion of the tourism industry has increased the demand for machine translation services to enable communication between locals and tourists. Favorable government initiatives and investments in the field of machine translation are also expected to drive demand for machine translation.
However, a shortage of skilled personnel to manage and operate machine translation systems may limit the market growth. Aside from that, a lack of understanding of cultural context and reliance on the internet are some of the factors limiting the market growth. Machine translation systems, for example, may not fully comprehend the cultural context of the text, resulting in translation errors.
Furthermore, the growing volume of digital content, including text, speech, and video, is one of the most significant opportunities for the market, fueling demand in the near future. Nevertheless, rising cloud-based machine translation service adoption is expected to generate significant market growth opportunities in the coming years.
Machine Translation Market Segmentation
The global machine translation market is categorized into technology, deployment type, application, and geography.
- Based on the technology, the market is split into example-based machine translation (EBMT), hybrid machine translation (HMT), neural machine translation (NMT), rule-based machine translation (RBMT), and statistical machine translation (SMT)
- The deployment type segment is bifurcated into cloud and on-premises
- By application, the segmentation includes automotive, BFSI, e-commerce, electronics, healthcare, IT & telecom, military & defense, and others
- The regional market is classified into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa
Machine Translation Market Share
According to market forecasts, rule-based machine translation (RBML) technology will hold a significant market share between 2022 and 2030. Neural machine translation (NML) technology, on the other hand, is expected to grow rapidly in the coming years.
In 2021, the on-premise deployment type will have the largest market share. The cloud-based deployment model, on the other hand, is expected to grow at the fastest rate between 2022 and 2030.
Furthermore, according to the machine translation industry analysis, the military & defense application has the largest market share, while the e-Commerce application is gaining significant traction over the forecasted timeframe.
Military & Defense Sector to Uplift the Machine Translation Market Value from 2022 to 2030
Machine translation can be used in the military to support operations in multilingual conditions, such as intelligence gathering, logistics, and peacekeeping operations. It is also useful for translating training materials and other files for military personnel who must operate in a foreign language environment.
Machine translation can be used in the defense industry to support foreign partnerships and collaborations, in addition, to facilitating communication between various departments and divisions within the same organization. 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.
Moreover, the use of machine translation in the military and defense industry can facilitate improved information sharing and communication between different language speakers, but it is critical to ensure the translations' accuracy and reliability.
Machine Translation Market Regional Outlook
The North American machine translation industry generated maximum revenue in the global market, due to the presence of a large number of language service providers and the increasing adoption of machine translation in various industries such as healthcare and legal services. Some of the world's most prominent technology companies, such as Google and Microsoft, have introduced sophisticated machine translation technologies and provide machine translation services in North America. In addition, the region has a large number of language service providers who provide machine translation services to a variety of industries.
In terms of growth, the Asia-Pacific machine translation industry is projected to expand at the fastest CAGR during the forecast period, owing to the increasing adoption of machine translation in countries with a large number of non-native speakers, such as China and Japan. Furthermore, the increasing use of mobile devices and the increasing number of non-native speakers on the internet are driving the growth of the Asia-Pacific machine translation market.
Machine Translation Market Players
Some prominent machine translation companies covered in the industry 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.
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Mr. Frank Wilson
Acumen Research and Consulting
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