Machine Translation Market Size to Touch USD 4,069.5 Million By 2030

TOKYO, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Global Machine Translation Market Size gathered USD 812.6 Million in 2021 and is set to garner a market size of USD 4,069.5 Million by 2030 growing at a CAGR of 19.9% from 2022 to 2030.

Machine Translation Market Overview

The machine translation market is associated with the industry and commercial applications of technology that utilizes algorithms and artificial intelligence to automatically translate written or spoken text from one language to another. This technology is based on various machine learning techniques, such as statistical machine translation, neural machine translation, and rule-based machine translation.

Statistical machine translation (SMT) utilizes large amounts of parallel corpora, or text data in different languages, to train the system to recognize patterns and relationships between languages. This method relies on the assumption that words or phrases that are often used together in one language will have a similar translation in another language.

Neural machine translation (NMT) uses deep learning algorithms, such as recurrent neural networks (RNNs) and transformer models, to train the system to understand the context and meaning of the text. This method has been shown to be more accurate than SMT, especially in handling more complex sentences and idiomatic expressions.

Rule-based machine translation (RBMT) utilizes a set of predefined rules and dictionaries to translate text. This method is typically used for specialized or technical language, such as legal or medical documents.

The machine translation market is expected to continue growing in the coming years, driven by the increasing demand for multilingual content in various industries, such as e-commerce, media, and travel. Additionally, advances in natural language processing (NLP) and machine learning will continue to improve the accuracy and fluency of machine translation.

Machine Translation Market Highlights and Statistics

• The global Machine Translation market size in 2021 stood at USD 812.6 Million and is set to reach USD 4,069.5 Million by 2030, growing at a CAGR of 19.9%
• The adoption of cloud-based machine translation services and the increasing demand for multilingual content in numerous industries including e-commerce, media, and travel, is driving the growth of the market..
• The Asia-Pacific machine translation market share is expected to grow at the fastest CAGR over the forecast period, due to high demand for machine translation services in fast growing countries like China and India.
• The market is dominated by key players such as Google, Microsoft, IBM, SDL, and Amazon Web Services.
• Healthcare industry is one of the largest contributor to the growth opportunities for the market.
• The increasing use of machine translation in the legal sector as well as the education sector is also expected to provide growth opportunities for the market.
• The high costs associated with machine translation services is expected to be a major challenge for the market.
  

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Machine Translation Market Report Coverage:

Trends in the Machine Translation Market

• The increasing demand for multilingual communication and the need for translation in various industries, such as healthcare, e-commerce, gaming, and travel, are driving the market growth.
• Adoption of Neural machine translation: This is a type of machine translation that uses deep learning algorithms to improve the accuracy of the translations. It has become the dominant method for machine translation in recent years.
• Another trend is the rise of machine translation platforms and tools that are designed to be integrated into other applications and systems, such as customer service chatbots, content management systems, and e-commerce platforms. This allows businesses to easily add multilingual capabilities to their existing systems, improving communication with customers and expanding their reach to new markets.
• Additionally, there is a growing interest in using machine translation to support low-resource languages, which are not widely spoken or studied, but are still used by many people around the world. This is expected to increase in the future.
• Adversarial training: This is a technique that involves using a second neural network to try and fool the primary machine translation system. This helps to improve the robustness of the system and make it less likely to produce errors.
• Integration with other technologies: Machine translation is increasingly being integrated with other technologies such as voice recognition, chatbots, and augmented reality to create more natural and seamless user experiences.

Machine Translation Market Dynamics

Multilingual models: There is a growing trend towards creating machine translation models that can handle multiple languages. This makes it easier for companies to translate their content into multiple languages without having to maintain separate models for each language.

Customization and personalization: Machine learning models are increasingly being customized and tailored to specific industries and use cases. This allows companies to improve the accuracy of translations for their specific domain.

Real-time Machine Translation: With the growing need of conversational AI, real-time machine translation is becoming a norm.

Advancements in Artificial Intelligence (AI) and Natural Language Processing (NLP) technologies: The increasing use of AI and NLP technologies in machine translation has led to improvements in the accuracy and speed of translations.

Rising use of mobile devices: The increasing use of mobile devices has led to a growing demand for machine translation software and apps, as they allow users to translate content on the go.

Government support and funding: Governments around the world are providing funding and support for the development and adoption of machine translation technologies.

Cost-effective solution: Machine translation is a cost-effective solution for small and medium-sized businesses that may not have the resources to hire human translators.

Machine Translation Market Growth Hampering Factors

Limited language coverage: Machine translation is only effective for a limited number of languages.

Quality of translation: The quality of machine translation is often not as good as that of human translation, which can be a major hindrance to market growth.

High costs: The cost of developing and maintaining machine translation systems can be quite high, which can be a barrier for some companies.

Technical challenges: There are many technical challenges associated with machine translation, such as dealing with different writing systems, idiomatic expressions, and cultural differences.

Privacy and security concerns: Machine translation systems may process sensitive information, which can raise privacy and security concerns for some users.

Dependency on human translators to improve the machine translated text.

Other factors include lack of standardization in the industry, limited ability to translate idiomatic phrases and colloquial language, difficulty in translating languages with different grammatical structures, limited ability to translate idiomatic phrases and colloquial language.

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Market Segmentation

Type of Technology:

• Rule-based
• Example based
• Statistical
• Hybrid machine translation
• Neural machine translation.
  

Application

• E-commerce
• Automotive
• IT and Telecom
• Healthcare
• BSFI
• Legal
• Government
• Electronics
• Others
  

Deployment:

• On-premise
• Cloud-based deployment.

Machine Translation Market Overview by Region

The global market for machine translation is a rapidly growing industry, with regions such as North America and Europe leading the way in terms of adoption and investment.

• In North America, major players in the field include large technology companies like Google and Microsoft, as well as start-ups such as SDL and Iconic. These companies are focusing on developing advanced neural machine translation (NMT) technology, which utilizes deep learning algorithms to improve the accuracy and fluency of translations.
• In Europe, the machine translation market size is driven by a strong demand for machine translation in industries such as e-commerce and travel. Companies like SDL, Smartling, and MemoQ are popular choices among European businesses looking to expand their reach and improve their localization efforts. Additionally, the European Union has invested heavily in machine translation research and development, with the goal of creating a multilingual digital single market.
• In Asia, the machine translation market share is predicted to see excellent growth in the coming years, driven by the increasing adoption of artificial intelligence and the rising demand for multilingual content. Countries such as China and Japan are home to major players in the field, including companies like Baidu and Yandex. These companies are focused on developing machine translation solutions for a wide range of industries, including finance, healthcare, and retail.
• In South America and the MEA region, the machine translation market share is quite new and still in its early stages of development. However, countries are beginning to see an increase in demand for machine translation services in industries such as e-commerce and customer service.

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Machine Translation Market Key Players

Some major players in the machine translation market include Google Translate, Microsoft Translator, Amazon Translate, IBM Watson Language Translator, and DeepL. Other companies and organizations that offer machine translation services or products include SDL, Iconic, Lilt, Systran, Baidu Translate, Yandex.Translate, PROMT, Translate Now, Lingua Custodia, Smartling, Unbabel, Transfluent, Reverso, Translate Plus, The Translation People, and Lionbridge AI Translation Services.

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