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Machine Translation Market Size By Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation (NMT), Hybrid Machine Translation (HMT), Example-based Machine Translation (EBMT)), 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, 2022 – 2030

  • Report ID: GMI159
  • Published Date: May 2022
  • Report Format: PDF

Industry Trends

Machine Translation Market size valued at USD 800 million in 2021 and is projected to expand at over 30% CAGR from 2022 to 2030.
 

Machine Translation Market

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The growing focus on improving the customer experience is set to drive the machine translation industry growth. Key players across different sectors are emphasizing on improving the user experience, in terms of communication. For instance, in February 2022, Meta announced its plans to develop a universal speech translator for facilitating conversation between people with different natural languages. In addition, the company is working on building AI models that can learn from languages with a smaller number of examples. This will enable them to offer seamless communication across its social media platforms including Facebook, Instagram, and WhatsApp.
 

The outbreak of the coronavirus positively impacted the machine translation market in 2020. The stringent imposition of lockdown measures by various governments for reducing the virus spread has significantly increased the utilization & reliance on online platforms for watching movies, TV shows, and documentaries. This factor has encouraged content providers to focus on translation services to increase their customer base.
 

Increasing R&D activities to introduce new machine translation solutions

The U.S. Neural Machine Translation (NMT) market is poised to attain gains of above 25% through 2030 owing to the rising focus on technological developments. With the increasing demand from enterprises, companies are focusing on capturing the developing market through portfolio expansion. For instance, in April 2022, AppTek LLC introduced its new NMT system that leverages metadata as inputs to customize the MT output. It supports professionals with an emphasis on localization and accurate user-influenced machine translations.
 

Growing adoption of cloud-based solutions across enterprises for enhanced scalability

UK Machine Translation Market, By Deployment Model

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UK cloud machine translation market to observe a steady growth rate of around 29% up to 2030 driven by the increasing utilization of the technology in SMEs and large enterprises. Several companies are migrating their data to cloud-based infrastructure for better communication, low maintenance costs, accessibility, scalability, mobility, and data security. The global participants are providing cloud-based MT based on evolving requirements of the corporate sector.
 

Rising focus from e-commerce industry players

The e-commerce sector in the machine translation industry is projected to expand at more than 33% CAGR between 2022 and 2030. The sudden occurrence of the COVID-19 pandemic resulted in the closure of retail stores and increased reliance on e-commerce platforms for purchasing groceries, electronics, clothes, and other essential or luxury items.
 

Development of new strategic partnerships to support language service companies

Asia Pacific Machine Translation Market Size, By Region

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The Asia Pacific machine translation market accounted for nearly 20% of the revenue share in 2021 and will grow due to the rising number of alliances between stakeholders. For example, in April 2022, the Indian Confederation of Interpreting, Translation & Localisation Businesses (CITLoB) and the Association of Translation Companies (ATC) announced a collaboration to help enterprises in the language service industry to form new connections and enter the market. The partnership will support the Indian participants to develop in the evolving market. The growing assistance from global and regional organizations will boost the entry of new players into the business.
 

Focus on adding new features to improve the user experience

The industry leaders are focusing on developing their portfolios to meet the changing customer requirements. For instance, in February 2022, AWS (Amazon.com Inc) introduced formality customization in its Amazon Translate, a neural machine translation service. This feature enables customers to customize the level of formality in their translation output for six different languages including German, Hindi, Italian, French, Spanish, and Japanese.
 

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

This market research report on machine translation includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2030 for the following segments:

Market, By Technology

  • Statistical Machine Translation (SMT)
  • Rule-Based Machine Translation (RBMT)
  • Neural Machine Translation (NMT)
  • Hybrid Machine Translation (HMT)
  • Example-Based Machine Translation (EBMT)

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

 

Authors: Preeti Wadhwani, Saloni Gankar

Frequently Asked Questions (FAQ) :

The market size for machine translation exceeded USD 800 million in 2021 and is set to grow at a CAGR of 30% between 2022 and 2030 considering the rising focus on the improvement of customer experience.

U.S. neural machine translation industry is anticipated to expand at a CAGR of 25% through 2030 owing to the escalating focus on technological developments.

Asia Pacific accounted for over 20% of the market share in 2021 and will increase with the increasing number of alliances between market stakeholders.

Prominent companies in the industry comprise Lionbridge Technologies Inc., AppTek LLC, AWS, Cloudwords Inc., Tencent Cloud TMT, Smart Communications, Inc., and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 19
  • Tables & Figures: 267
  • Countries covered: 19
  • Pages: 280

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