Machine Translation Market To Reach A Revised Size Of USD 1627.5 Million By 2028, Growing At A CAGR Of 12.2% | Valuates Reports

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10 Nov, 2022, 19:30 IST

BANGALORE, India, Nov. 10, 2022 /PRNewswire/ -- Machine Translation Market is segmented by Type - Automated Translation, Smart Automated Translation, Raw Machine Translation, Fully Automated Usable Translations, Rule Based Machine Translation, Statistical Machine Translation Technology, by Application - Automotive, Military & Defense, Electronics, IT, Healthcare, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the  Language Resources Category.

Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Machine Translation estimated at USD 817.5 million in the year 2022, is projected to reach a revised size of USD 1627.5 million by 2028, growing at a CAGR of 12.2% during the forecast period 2022-2028.

Major Factors Driving The Growth Of The Machine Translation Market are

Machine Translation Market growth is anticipated to be fueled by growing machine translation use in the automotive, military & defense, electronics, IT, and healthcare industries.

Additionally, the coronavirus outbreak had a favorable effect on the machine translation market in 2020. The use of and reliance on online platforms for watching movies, TV series, and documentaries has substantially expanded as a result of the strict lockdown measures that have been imposed by various governments to stop the spread of the virus. The need to expand their clientele has prompted content suppliers to concentrate on translation services.

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 TRENDS INFLUENCING THE GROWTH OF MACHINE TRANSLATION MARKET

The production, sale, and maintenance of automobiles on the world market are all sped up by machine translation. To make translation production line more efficient, use automated translation technologies. While many automakers are interested in expanding internationally, they also recognize the need to strike the correct balance between a global strategy and a local approach. To help them create customized messages for each of the areas they want to reach, they are turning to localization experts. The localization process can be streamlined by machine translation. Machines are getting better at comprehending the linguistic variations within each language as they become more complex. They are also utilized to link the worldwide supply chain, and as the process of creating a car is transnational, it also involves a variety of languages. For automakers that frequently engage with suppliers from multiple nations, machine translation is a useful tool. This factor is expected to drive the growth of the Machine Translation Market.

Military and military translation facilitates communication between speakers of numerous languages from various countries. The MFLTS project has been deployed by the US Army. Machine Foreign Language Translation System, often known as MFLTS, is "the overarching Army Program with Department of Defense interest" that aims to give soldiers access to speech and text translations for use by the military.

Content localization for better communication across businesses will further drive the Machine Translation Market. It might be challenging to manage communication for a business operating in several different nations. Language proficiency varies from employee to employee, and some may not fully comprehend the official language of the organization. The linguistic barrier in communication is lowered or removed thanks to machine translation. People are able to swiftly translate the text and comprehend the main point of the information. It can be used to translate speeches, company newsletters, and other forms of informal communication.

By providing access to many services through cloud servers, cloud technology makes it unnecessary to spend money on developing or installing internal infrastructure. Additionally, the need for businesses to localize their content into more languages and tap into global markets is having a beneficial impact on the sales of Machine Translation solutions around the world.

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MACHINE TRANSLATION MARKET SHARE ANALYSIS

India and China have experienced rapid expansion in the Machine Translation Market during the forecast period. The demand for translated content has increased due to the Asia Pacific region's multilingual culture. Regional demand has been greatly catered for by solution suppliers.

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Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key players

  • AppTek
  • Asia Online
  • Cloudwords
  • IBM
  • Lighthouse IP
  • Lingo24
  • Lingotek
  • Lionbridge Technologies
  • Lucy Software and Services
  • Moravia

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