Machine Translation Market to Grow by USD 1.23 Billion (2024-2028), Driven by Content Localization Demand, with AI Redefining Market Landscape - Technavio

NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global machine translation market  size is estimated to grow by USD 1.23 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.89%  during the forecast period. Increasing demand for content localization is driving market growth, with a trend towards rising use of multilingual AI. However, availability of open-source machine translation service tools  poses a challenge.Key market players include Alphabet Inc., ARGOS TRANSLATIONS Sp. Z o.o., Babylon Software Ltd., Cloudwords Inc., CSOFT International Inc., Global Lingo Ltd., Honyaku Center Inc., International Business Machines Corp., Lingotek Inc., Lingua Custodia, Lionbridge Technologies LLC, Microsoft Corp., Omniscien Technologies, Promt, SYSTRAN SA, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., Welocalize Inc., and RWS Holdings PLC.

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Key Market Trends Fueling Growth

Machine translation (MT) is a growing market driven by the need for multilingual communication in various industries. Artificial intelligence (AI) and deep learning techniques are trending in MT, enabling better quality and accuracy through neural networks and natural language processing. Big data and internet penetration have expanded language data availability, benefiting language service providers. E-commerce, education, healthcare, legal services, and travel industries are major consumers of MT. Chatbots and real-time translation are emerging trends, while hybrid approaches offer domain-specific adaptation. Limited language coverage remains a challenge, but advancements in AI and natural language understanding are addressing this issue. Multilingual content creation and customer support are essential for businesses targeting emerging economies and internet users. Speech recognition and deep neural networks are future technologies poised to revolutionize MT. 

In today's global business landscape, companies and organizations require effective communication with customers, partners, and stakeholders across linguistic borders. Multilingual Artificial Intelligence (AI) solutions enable seamless communication by translating text in real-time. This technology expands market reach and improves access to information and services for non-English speaking populations. Advertising agencies and marketing firms utilize advanced neural machine translation technologies to tailor advertisements and localize content based on audience demographics and purchase history. By automating translation tasks, businesses can streamline processes and enhance customer engagement. 

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Market Challenges

• The Machine Translation (MT) market is experiencing significant growth due to the increasing need for multilingual communication in various industries. However, challenges persist in delivering accurate and high-quality translations. Artificial Intelligence (AI) and Deep Learning Techniques are being used to improve MT, but limited language coverage and data availability remain obstacles. Big data and Internet penetration are driving the growth of MT in emerging economies and e-commerce. However, domain-specific adaptation and hybrid approaches are necessary to ensure quality and accuracy. Chatbots and real-time translation are revolutionizing multilingual customer support, while speech recognition and natural language processing are enhancing communication infrastructure. The education, healthcare, legal services, and travel industries are major consumers of MT. Despite these advancements, the role of professional linguists remains crucial in ensuring the quality of translations. Overall, the MT market is evolving rapidly, with AI, big data, and real-time translation being key drivers.
• The machine translation market is growing due to the use of advanced software like translation memory (TM), translation management software (TMS), and computer-assisted translation (CAT). While proprietary versions of these tools can be expensive, such as SDL Trados Studio, many small and medium-sized enterprises (SMEs) opt for open-source alternatives. Free CAT tools, like Omega T Open TM2 and Anaphraseus, and open-source machine translation engines, such as Apertium and Moses, are available online. These options put pressure on vendors' pricing strategies, making machine translation more accessible to businesses of all sizes.

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Segment Overview 

This machine translation market report extensively covers market segmentation by

1. Application 
• 1.1 Defense
• 1.2 IT
• 1.3 Automotive
• 1.4 Healthcare
2. Deployment 
• 2.1 On-premises
• 2.2 Cloud
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Defense-  The global machine translation market is experiencing significant growth due to the increasing demand for advanced electronic warfare systems in defense sectors. These systems are essential for safeguarding critical assets and infrastructure, as well as countering unconventional security threats. Machine translation plays a crucial role in the development of electronic warfare systems, with extensive use in various stages. The need for improved intelligence, stealth capabilities, and precision attack is driving the market's growth. Modern electronic warfare systems offer multiple advantages, including the ability to combine support, protection, and attack functions in one unit. They also provide real-time impact recording and offer defensive countermeasure solutions. Defense forces can quickly update their threat library and classify new and existing threats using machine translation. The equipment used in electronic warfare is undergoing advancements, thanks to progressions in algorithms and software. These systems are available in various sizes and power levels, making them suitable for use on land, air, sea, or space. The demand for machine translation in defense sectors is expected to continue, leading to market growth.

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Machine translation (MT) is a subfield of computational linguistics that utilizes artificial intelligence (AI), deep neural networks, and natural language processing to translate text from one language to another. The market for machine translation is growing rapidly due to the increasing demand for multilingual communication in various sectors, including digital content, e-commerce, travel, healthcare, and more. Deep learning techniques, such as neural networks, are increasingly being used to improve the accuracy and fluency of machine translation. The proliferation of the internet and smartphone penetration, as well as the availability of big data, are also driving the growth of the machine translation market. Language localization is a critical application of machine translation, enabling businesses to reach international audiences more effectively. However, it is important to note that machine translation is not a replacement for professional linguists and translation theory, but rather a tool to facilitate communication and streamline the translation process. Communication infrastructure, including translation memory systems and terminology databases, are essential for effective machine translation. The market for machine translation is expected to continue growing as more industries recognize the value of multilingual communication in an increasingly globalized world.

Market Research Overview

Machine Translation (MT) is a subfield of Natural Language Processing (NLP) that utilizes Artificial Intelligence (AI), Deep Learning Techniques, and Neural Networks to translate text or speech from one language to another. The market for Machine Translation is growing rapidly due to the increasing need for multilingual communication, multilingual content creation, and multilingual customer support. Factors driving the growth of the market include Internet penetration, smartphone penetration, and the availability of large amounts of language data. Big data and Deep Learning Techniques are being used to improve the quality and accuracy of MT systems. The market covers various applications such as E-commerce, Education, Healthcare, Legal Services, Travel, and others. Challenges include limited language coverage and the need for domain-specific adaptation. Hybrid Approaches that combine AI and professional linguists are also gaining popularity. Chatbots and Speech Recognition are also being integrated into MT systems to provide real-time translation and multilingual communication infrastructure.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Defense
• IT
• Automotive
• Healthcare
• Deployment
• On-premises
• Cloud
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio