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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2020  |  Report ID: GMI159  |  Authors: Preeti Wadhwani, Saloni Gankar

Report Format: PDF   |   Pages: 250   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Machine Translation Market size valued at USD 550 million in 2019 and is set to grow at 17% CAGR from 2020 to 2026. A steady rise in the number of students undertaking higher education courses abroad will surge the industry demand for machine translation systems for real-time language conversion. These applications or websites enable instant conversion for image, audio and textual files from the source language to the target language.
 

Machine Translation Market
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Machine translation is typically offered via cloud-based apps trained on crowdsourced data. Artificial intelligence (AI) technology has played a key role in the market by enhancing machine translation capabilities and improving accuracy levels. AI has revolutionized machine translation, converting it into a tool that can learn by itself and improve iteratively.
 

The ongoing coronavirus (COVID-19) pandemic will positively impact the market with a rise in the number of employees across several industrial verticals, working remotely. Growing penetration of digitalization across industries will boost the automated machine translation market demand.
 

Machine learning and AI translation services have enabled healthcare officials to communicate with people in different languages and disseminate the necessary COVID-19 information. As the healthcare sector adopts advanced techniques to stop the spread of the virus, the market will witness significant growth.
 

Advent of neural machine translation technology that enables higher quality translations

Neural Machine Translation (NMT) segment accounted for 15% market revenue share in 2019 and is expected to expand at 20% CAGR through 2026. The advent of NMT has revolutionized the market, enhancing the quality of translations due to its ability to learn directly, in an end-to-end manner. Unlike traditional phrase-based translation systems that consist of several small sub-components tuned separately, NMT attempts to construct and train a single, large neural network that reads a statement and outputs a precise translation.
 

The key advantage to the approach is that a unified system can be trained directly on source and target text, that eliminates the requirement of a range of specialized systems. As the technology features an end-to-end approach, it has the potential to overcome several weaknesses of traditional phrase-based translation systems.
 

Development of cloud technologies will support European machine translation market growth

In Europe, cloud-based machine translation solutions will witness 18% CAGR during 2020-2026. Cloud machine translation enables document conversion using a web interface across the internet. This ensures that all the user resources are at a single location. Traditional machine translation systems required a wide variety and amount of software and hardware for efficient functioning. Cloud-based systems have simplified the technology by enabling to upload, track and manage all projects and files from a centralized location.
 

Several market players are adopting the cloud approach for offering machine-aided human translation solutions. For instance, Dublin-based Kantan Machine Translation offers an automated translation solution using the flexibility, convenience and computing power of the cloud. The presence of an established cloud market in Europe owing to the advanced technology infrastructure in the region will support the adoption of cloud-based systems.
 

Advancing IT & telecommunications sector to drive the adoption of machine-aided human translation systems for precise outputs in the U.S.

U.S. Machine Translation Market

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The U.S. machine translation market from IT & telecommunications applications is projected to observe growth rate of around 15% through 2026. Growing penetration of digitalization in the U.S. market has stressed the importance of a robust IT & telecom infrastructures. Precise machine-aided human translation is crucial to the telecom sector as errors in IT & telecommunication data translation cause huge losses for businesses.
 

Reliable and accurate telecom translation enables businesses to capitalize on international markets. Communication between two telecom firms requires domain-specific translation systems that ensure enhanced accuracy while interpreting data. Robust telecom infrastructure, with the rollout of 5G technology that ensures seamless internet connectivity, will fuel the regional market revenue.
 

Rising e-commerce sector in Asia Pacific adopting advanced technologies

Asia Pacific Machine Translation Market Share

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Asia Pacific machine translation market size surpassed USD 100 million in 2019. The technology has lifted the language barrier from global trade. E-commerce players in Asia Pacific such as Alibaba Cloud and Flipkart are focusing on expanding their market presence in Asia Pacific by adopting several marketing strategies.
 

Online retailers employ machine-aided human translation technologies to capture the target markets and increase profitability by conveying product information in the region-specific language. Alibaba has developed proprietary machine-aided human translation technology to attract international customers and expand its market share.
 

Machine translation industry landscape characterized by growing competition among market players to launch innovative solutions

The industry players are focusing on introducing innovative solutions by incorporating advanced technologies to enhance their market presence. The machine translation industry is competitive, with technology providers enhancing their software solutions to cater to different end user requirements.
 

For instance, in October 2019, PROMT Company launched its neural translation server that enables accurate translation of technical and corporate documents, and user-generated content. Increasing competition among players to launch distinctive solutions will fuel the industry growth.
 

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 2016 to 2026 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
    • South Korea
    • Australia
    • Singapore
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • GCC
    • South Africa

 

Frequently Asked Questions (FAQ) :

The global machine translation market revenue was USD 550 million in 2019 and is estimated to grow at a CAGR of over 17% through 2026.
Neural Machine Translation (NMT) segment accounted for 15% industry share in 2019 and is projected to grow at over 20% CAGR through 2026 due to its ability to learn directly in an end-to-end manner.
The IT & telecommunications applications in the US machine translation industry share is projected to expand at 15% CAGR through 2026 due to a robust telecom infrastructure coupled with the advent of 5G networks.
The cloud-based machine translation solutions segment is expected to grow at 18% CAGR through 2026, further stimulating the market growth.

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Premium Report Details

  • Published Date: Oct 2020
  • Pages: 250
  • Tables: 233
  • Charts / Figures: 27
  • Companies covered: 20
  • Countries covered: 19

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