Machine Translation Market Size By Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation, Hybrid Machine Translation, Example-based Machine Translation), By Deployment Model (On-Premise, Cloud), By Application (Automotive, BFSI, E-Commerce, Electronics, Healthcare, IT & Telecommunications, Military & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jul 2021  |  Report ID: GMI159  |  Authors: Preeti Wadhwani, Saloni Gankar

Report Format: PDF   |   Pages: 265   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Machine Translation Market size exceeded USD 650 million in 2020 and is set to grow at 25% CAGR from 2021 to 2027. Increasing demand for translating text at faster speeds and generating multilingual content is likely to drive the industry growth.
 

Machine Translation Market

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A steady increase in the number of students undertaking education courses abroad will surge the demand for machine translation for real-time language conversion. According to Australian Universities International Directors’ Forum (AUIDF), around 24% of Australian undergraduates were involved in study abroad as a part of their degree program in 2018. The machine translation software enables students to easily understand and translate complex contents in their local languages. The software assists in lowering student anxiety, building comfortable language learning environment, and providing effective learning.
 

Increasing demand for content localization among businesses will fuel the machine translation market growth. The traditional model involving the usage of human translators for accurately localizing content for a specific region or demographic is time consuming and costly. This has encouraged businesses to invest in machine translation software to quickly translate the content for target audience. With companies making their products and services available in multiple markets, the demand for translation and localization services will increase over the coming years.
 

The ongoing coronavirus (COVID-19) pandemic positively impacted the machine translation industry in FY2020. The temporary closure of retail stores forced consumers to shift toward online e-commerce platforms for purchasing essential goods. This encouraged online retailers to optimize their business by integrating machine translation software. For instance, in May 2020, Walmart Inc collaborated with the bigword, a provider of machine translation services. The partnership supported Walmart in ensuring that its stores are compliant with the local regulations.
 

Rising development of advanced translation technology to propel the market statistics

The U.S. Neural Machine Translation market is anticipated to witness 20% CAGR through 2027. The technology constructs and trains a single neural network that interprets a statement and provides precise translation. It allows to train a unified system directly on source that eliminates the requirement of specialized systems. The companies are focusing on developing advanced NMT systems to meet the growing consumer needs. For instance, in May 2020, Lilt Inc., a machine-assisted translation platform provider based in the U.S., raised USD 25 million in Series B funding round for developing and expanding research in its natural language processing technology. The company’s AI-powered solution combines NMT technology, enabling organizations to easily scale their translation programs.
 

Rising cloud landscape will augment the demand for cloud-based machine translation solutions

China Machine Translation Market Size, By Deployment Model

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Cloud-based machine translation segment in China is forecast to register growth rate of above 33% during 2021 to 2027. The cloud computing industry in China grew at over 30% from 2015 to 2019 and is likely to continue in the forecast period. The improving cloud services landscape and competitive dynamics are accelerating the demand for cloud-based machine translation solutions in the country.
 

The cloud-based machine translation dynamically translates high volumes of multilingual content securely, effectively, and quickly at scale. The high-quality cloud translation provides 99.99% service reliability while decoding a single sentence in 100 milliseconds. The single cloud-based solution helps to access machine intelligence and human expertise, optimizing the translation process for improved visibility and scalability across the content supply chain.
 

Increasing online shopping trends to foster the market expansion

The UK e-commerce machine translation market size is projected to observe more than 27% CAGR through 2027. The rising popularity of online shopping among consumers in the UK is driving the industry growth. According to the Smart Shopper study, in 2020, about 86% of fashion purchases were conducted online in the UK. Exponential growth in the e-commerce sector is compelling companies to invest in advanced machine translation software to improve customers’ shopping experience and increase sales. The consumers require properly translated and optimized contents to have a pleasant shopping experience in their language. Machine translation solutions enable retailers to reach and engage more consumers, allowing them to buy available products in their native language.
 

Increasing expansion of the automobile sector in Europe will boost the market revenue

Europe Machine Translation Market Size, By Country

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In 2020, the Europe machine translation market demand accounted for around 30% revenue share and is estimated to see rapid growth till 2027, led by the growing automotive sector across the region. The leading automotive manufacturers including Volkswagen AG, Audi AG, and BMW AG are investing in machine translation technology to reach wider markets. The technology enables the companies to translate technical document, corporate communications, and video training materials in native language. The flourishing automotive sector in the Europe market is encouraging the companies to incorporate innovative technologies to strengthen business operations globally.
 

Focus on launching new products remains a key trend among market players

The machine translation industry is highly competitive with the presence of prominent players holding a major market share. Companies are aiming at offering a wide range of products to their customer base. For instance, in October 2019, SDL PLC introduced the latest version of its SDL Machine Translation (MT) that allows integration with multiple platforms. The service is mainly designed to apply NMT to eDiscovery, internal communications, analytics, and digital customer experience.
 

Key players operating in the machine translation market include Alibaba Cloud, AppTek LLC, Amazon.com Inc., Baidu, Cloudwords Inc., Google LLC (Alphabet Inc.), IBM Corporation, Microsoft Corporation, Moravia IT s.r.o. (RWS Holdings), Omniscien Technologies, PROMT Ltd., Raytheon BBN Technologies Corp., Systran International, Tencent Cloud TMT, and Yandex.Cloud LLC (Yandex N.V.).
 

This market research report on machine translation includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:

Market, By Technology

  • Statistical Machine Translation (SMT)
  • Rule-based Machine Translation (RBMT)
  • Neural machine translation
  • Hybrid machine translation
  • Example-based machine translation

Market, By Deployment Model

  • On-Premise
  • Cloud

Market, By Application

  • Automotive
  • BFSI
  • E-Commerce
  • Electronics
  • Healthcare
  • IT & telecommunications
  • Military & defense
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • Singapore
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • GCC
    • South Africa

 

Frequently Asked Questions (FAQ) :

The machine translation market valued at USD 650 million in 2020 and will grow at a CAGR of 25% between 2021 and 2027.
The U.S. Neural machine translation market will record a CAGR of 20% from 2021 to 2027 owing to the surging focus of companies on the development of advanced NMT systems for meeting the escalating consumer requirements.
The China cloud-based machine translation market will record a lucrative growth rate of 33% between 2021 and 2027 due to competitive dynamics and the improving cloud services landscape.
The UK e-commerce machine translation market will depict a CAGR of over 27% from 2021 to 2027 propelled by the increasing popularity of online shopping among consumers.

Premium Report Details

  • Published Date: Jul 2021
  • Pages: 265
  • Tables: 236
  • Charts / Figures: 30
  • Companies covered: 20
  • Countries covered: 19

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