Status : Published Published On : Aug, 2021 Report Code : VRICT5152 Industry : ICT & Media Available Format : Page : 170

Global Machine Translation Market - Analysis and Forecast (2021-2027)

Industry Insights by Technology (Statistical Machine Translation [SMT], Rule-based Machine Translation [RBMT], Neural Machine Translation [NMT], Others), by Deployment Type (On-Premises, Cloud), by Application (Military & Defense, Healthcare & Life Sciences, Automotive, Travel & Hospitality, Legal & Law Firms, Banking & Finance, Electronics, IT & Telecom Services, Retail & Manufacturing, Media & Entertainment, Others)

Industry Overview

The global machine translation market was valued at USD 640.0 million in 2020 and is predicted to reach USD 1,460.3 million by 2027, growing at a CAGR of 15% during the forecast period. The factors responsible for the growth of machine translation across the globe are increasing volume of big data all over the internet, increasing popularity of cloud-based applications, and increase in the number of students undertaking higher education courses abroad.

Machine Translation Market Highlights

Market Segmentation

Insight by Technology

Based on Technology, the global machine translation market is categorized into statistical machine translation (SMT), rule-based machine translation (RBMT), neural machine translation (NMT), and Others. In 2019, the SMT technology segment dominated the machine translation market. The high market share of the category is due to the offers various benefits over other machine translation technologies in terms of customizability, community collaboration, resource requirement, and others. Benefits associated with SMT over other machine translation technologies, including RBMT, EBMT and HMT, are helping towards acceptance of this technology.

Insight by Deployment Type

On the basis of deployment type, the global machine translation market is categorized into on-premises, and cloud. During the forecast period, the on-premises machine translation market is expected to grow at the faster rate. The major factor driving the growth of the on-premises market is increasing demand for on-premise machine translation systems from the corporate sector that requires high confidentiality.

Insight by Application

On the basis of application, the global machine translation market is categorized into military & defense, healthcare & life sciences, automotive, travel & hospitality, legal & law firms, banking & finance, electronics, it & telecom services, retail & manufacturing, media & entertainment, and others. During the forecast period, the retail & manufacturing category is expected to be the fastest growing category. The major factor driving the growth of this category are increasing demand of machine translation among retailers to enhance their influence and sales across borders and implement a go-to-market strategy.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Technology, Deployment Type, Application, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Microsoft Corporation, Baidu, Google LLC, Alibaba Cloud, Amazon, Systran International, International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc, and Honyaku Center Inc.

Industry Dynamics

Growth Drivers

The primary factors driving the growth of the global machine translation market are:

  • Increasing volume of big data all over the internet
  • Increasing popularity of cloud-based applications
  • Increase in the number of students undertaking higher education courses abroad

The machine translation (MT) industry is witnessing an expansion as a result of emerging demand for content localization. Companies are finding more and more reasons to localize their products, applications, and websites. Companies world-wide recognize their attractiveness to the global market place and are looking forward to meet the demands of customers outside their local market. Localization aids establishments to communicate with the target market in its language and integrate industry-specific aspects with the particular culture and develops a local appeal. A localization strategy is significant not only to recognize the demand of a company’s product in the target country, but also to consider all the benefits and risks before making any decision. Further, it enables organizations to develop effective marketing campaigns, as best marketing campaign becomes useless without good localization. Some organizations are not able to reach their full potential, simply due to the lack of localization, as their target audience does not understand what they want to convey.

Major roadblocks to the implementation of localization include cost, speed, and quality of localization projects. MT helps to reduce the cost associated with translation and time-to-market, and is best relegated to huge volumes of content where exact translations are not required, such as user generated content and web chats. Though, due to uneven quality issues of MT, many establishments are using it as a first-pass translation tool followed by a human post-editing to maintain translation quality while keeping expenses relatively low. Establishments across the globe, are increasingly integrating MT tools and services to create a more successful impact on any local market

Challenges

Threat from free translation service providers may hinder the growth of the global machine translation market.

Geographic Overview

Geographically, North America is the largest revenue contributor in the machine translation market Growing demand for machine translation in military and defense sector will fuel growth for machine translation market in the region.

Globally, Asia-Pacific is expected to emerge as the fastest growing machine translation market during the forecast period (2020 – 2025). The growth of this market in region is majorly due to the significant growth of overseas businesses, large customer base, rising number of high net worth individuals (HNWIs), growing income levels, and the presence of different languages in the region.

Competitive Insight

Key players operating in the global machine translation market include Microsoft Corporation, Baidu, Google LLC, Alibaba Cloud, Amazon, Systran International, International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc, and Honyaku Center Inc.

Forecast Parameters

  • Identifying variables and establishing market impact.
  • Establishing market trends regionally.
  • Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
  • Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
  • Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
  • Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
  • Understanding adoption, development, distribution and regulatory framework.

Data Validation

  • Estimated and forecasted data was validated through industry experts.
  • Apart from industry experts, data triangulation methods were used for validation.
  • Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
  • Demand as well as supply side surveys were conducted in order to understand the industry dynamics and data validation.

Research Phases

Machine Translation Market Research Phase

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.

Machine Translation Market Size

Source: VynZ Research

Machine Translation Market Analysis

Source: VynZ Research

Frequently Asked Questions

The material based segments are Technology, Deployment Type, Application, and Region
The key participants are Microsoft Corporation, Baidu, Google LLC, Alibaba Cloud, Amazon, Systran International, International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc, and Honyaku Center Inc.
The segments of the Machine Translation market based on application are military & defense, healthcare & life sciences, automotive, travel & hospitality, legal & law firms, banking & finance, electronics, it & telecom services, retail & manufacturing, media & entertainment, and others.
On the basis of deployment type, the global machine translation market is categorized into on-premises, and cloud
The Machine Translation market is projected to register 15.0% CAGR during forecast period 2020-2027.

Place an order

Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Machine Translation Market