According to the report "Machine Translation Market by Application and Geography - Forecast and Analysis 2022-2026", the market will witness a YOY growth of 13% in 2022 and a CAGR of 14.48% during the forecast period. The report is segmented by application (defense, IT, automotive, and healthcare) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
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Vendor Insights
The machine translation market is fragmented, and the vendors are deploying growth strategies such as technological innovation to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- 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
- RWS Holdings PLC
- SYSTRAN SA
- Teleperformance SE
- thebigword Group Ltd.
- TransPerfect Global Inc.
- Welocalize Inc.
Geographical Market Analysis
North America will provide maximum growth opportunities in the machine translation market during the forecast period. According to our research, the region will contribute 30% of the global market growth during the forecast period. The US and Canada are the two major markets for machine translation in North America. The growth of this region is attributed to factors such as the presence of a large number of technical giants, including Google and Microsoft, which have invested significantly in machine translation.
Key Segment Analysis
The machine translation market share growth by the defense segment will be significant during the forecast period. This growth is driven by factors such as the need for improved electronic warfare abilities, including superior intelligence, stealth capabilities, and precision attack.
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions.
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Key Market Drivers & Challenges
The increasing demand for content localization is driving the growth of the market. Content localization helps in catering to customers across the world by providing content in different languages. Media entertainment is a major end-user of digitalization and localization of content.
The open-source machine translation service tools are challenging the growth of the market. A license for SDL Trados Studio can cost thousands of dollars. Hence, many SMEs are opting for open-source translation services. This puts pressure on the pricing strategies of vendors. SYSTRAN SA (SYSTRAN) and Google are some of the companies that provide free online translation services.
Technavio provides major drivers and challenges that will shape the future of the market.
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Machine Translation Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.48% |
Market growth 2022-2026 |
USD 850.62 million |
Market structure |
Fragmented |
YoY growth (%) |
13.0 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 30% |
Key consumer countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
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, RWS Holdings PLC, SYSTRAN SA, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., and Welocalize Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Application
- 5.1 Market segments
- Exhibit 24: Chart on Application - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
- 5.2 Comparison by Application
- Exhibit 26: Chart on Comparison by Application
- Exhibit 27: Data Table on Comparison by Application
- 5.3 Defense - Market size and forecast 2021-2026
- Exhibit 28: Chart on Defense - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Defense - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Defense - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Defense - Year-over-year growth 2021-2026 (%)
- 5.4 IT - Market size and forecast 2021-2026
- Exhibit 32: Chart on IT - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on IT - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on IT - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on IT - Year-over-year growth 2021-2026 (%)
- 5.5 Automotive - Market size and forecast 2021-2026
- Exhibit 36: Chart on Automotive - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Automotive - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Automotive - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Automotive - Year-over-year growth 2021-2026 (%)
- 5.6 Healthcare - Market size and forecast 2021-2026
- Exhibit 40: Chart on Healthcare - Market size and forecast 2021-2026 ($ million)
- Exhibit 41: Data Table on Healthcare - Market size and forecast 2021-2026 ($ million)
- Exhibit 42: Chart on Healthcare - Year-over-year growth 2021-2026 (%)
- Exhibit 43: Data Table on Healthcare - Year-over-year growth 2021-2026 (%)
- 5.7 Market opportunity by Application
- Exhibit 44: Market opportunity by Application ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 46: Chart on Market share by geography 2021-2026 (%)
- Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 48: Chart on Geographic comparison
- Exhibit 49: Data Table on Geographic comparison
- 7.3 North America - Market size and forecast 2021-2026
- Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 APAC - Market size and forecast 2021-2026
- Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.10 Germany - Market size and forecast 2021-2026
- Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.11 UK - Market size and forecast 2021-2026
- Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)
- 7.12 Canada - Market size and forecast 2021-2026
- Exhibit 86: Chart on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 87: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 88: Chart on Canada - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on Canada - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 90: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.3 Impact of drivers and challenges
- Exhibit 91: Impact of drivers and challenges in 2021 and 2026
9 Vendor Landscape
- 9.2 Vendor landscape
- Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 93: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 94: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 95: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 96: Matrix on vendor position and classification
- 10.3 Alphabet Inc.
- Exhibit 97: Alphabet Inc. - Overview
- Exhibit 98: Alphabet Inc. - Business segments
- Exhibit 99: Alphabet Inc. - Key news
- Exhibit 100: Alphabet Inc. - Key offerings
- Exhibit 101: Alphabet Inc. - Segment focus
- 10.4 Cloudwords Inc.
- Exhibit 102: Cloudwords Inc. - Overview
- Exhibit 103: Cloudwords Inc. - Product / Service
- Exhibit 104: Cloudwords Inc. - Key offerings
- 10.5 Honyaku Center Inc.
- Exhibit 105: Honyaku Center Inc. - Overview
- Exhibit 106: Honyaku Center Inc. - Product / Service
- Exhibit 107: Honyaku Center Inc. - Key offerings
- 10.6 International Business Machines Corp.
- Exhibit 108: International Business Machines Corp. - Overview
- Exhibit 109: International Business Machines Corp. - Business segments
- Exhibit 110: International Business Machines Corp. - Key offerings
- Exhibit 111: International Business Machines Corp. - Segment focus
- 10.7 Lionbridge Technologies LLC
- Exhibit 112: Lionbridge Technologies LLC - Overview
- Exhibit 113: Lionbridge Technologies LLC - Product / Service
- Exhibit 114: Lionbridge Technologies LLC - Key offerings
- 10.8 Microsoft Corp.
- Exhibit 115: Microsoft Corp. - Overview
- Exhibit 116: Microsoft Corp. - Business segments
- Exhibit 117: Microsoft Corp. - Key news
- Exhibit 118: Microsoft Corp. - Key offerings
- Exhibit 119: Microsoft Corp. - Segment focus
- 10.9 Omniscien Technologies
- Exhibit 120: Omniscien Technologies - Overview
- Exhibit 121: Omniscien Technologies - Product / Service
- Exhibit 122: Omniscien Technologies - Key offerings
- 10.10 RWS Holdings PLC
- Exhibit 123: RWS Holdings PLC - Overview
- Exhibit 124: RWS Holdings PLC - Business segments
- Exhibit 125: RWS Holdings PLC - Key news
- Exhibit 126: RWS Holdings PLC - Key offerings
- Exhibit 127: RWS Holdings PLC - Segment focus
- 10.11 SYSTRAN SA
- Exhibit 128: SYSTRAN SA - Overview
- Exhibit 129: SYSTRAN SA - Product / Service
- Exhibit 130: SYSTRAN SA - Key offerings
- 10.12 TransPerfect Global Inc.
- Exhibit 131: TransPerfect Global Inc. - Overview
- Exhibit 132: TransPerfect Global Inc. - Product / Service
- Exhibit 133: TransPerfect Global Inc. - Key news
- Exhibit 134: TransPerfect Global Inc. - Key offerings
11 Appendix
- 11.2 Inclusions and exclusions checklist
- Exhibit 135: Inclusions checklist
- Exhibit 136: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 137: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 138: Research methodology
- Exhibit 139: Validation techniques employed for market sizing
- Exhibit 140: Information sources
- 11.5 List of abbreviations
- Exhibit 141: List of abbreviations
About Us:
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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