Status : Published | Published On : Nov, 2020 | Report Code : VRICT5152 | Industry : ICT & Media | Available Format :
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Page : 170 |
Industry Overview
The global machine translation market was valued at USD 540.0 million in 2019 and is predicted to reach USD 1,354.3 million by 2025, growing at a CAGR of 14.9% 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.
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 |
2015–2025 |
Historical Period |
2015–2019 |
Base Year |
2019 |
Forecast Period |
2020–2025 |
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:
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
Data Validation
Research Phases
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.
Source: VynZ Research
Source: VynZ Research
1. Research Overview
1.1. The Report Offers
1.2. Market Coverage
1.2.1. By Technology
1.2.2. By Deployment Type
1.2.3. By Application
1.3. Research Phases
1.4. Limitations
1.5. Research Methodology
1.5.1. Data Sources
1.5.1.1. Primary Research
1.5.1.2. Secondary Research
1.5.2. Methodology
1.5.2.1. Data Exploration
1.5.2.2. Forecast Parameters
1.5.2.3. Data Validation
1.5.2.4. Assumptions
1.5.3. Study Period & Data Reporting Unit
2. Executive Summary
3. Industry Overview
3.1. Industry Dynamics
3.1.1. Market Growth Drivers
3.1.2. Market Restraints
3.1.3. Key Market Trends
3.1.4. Major Opportunities
3.2. Industry Ecosystem
3.2.1. Porter’s Five Forces Analysis
3.2.2. Recent Development Analysis
3.2.3. Value Chain Analysis
3.3. Competitive Insight
3.3.1. Competitive Position of Industry Players
3.3.2. Market Attractive Analysis
4. Global Market Estimate and Forecast
4.1. Global Market Overview
4.2. Global Market Estimate and Forecast to 2025
5. Market Segmentation Estimate and Forecast
5.1. By Technology
5.1.1. Statistical Machine Translation (SMT)
5.1.1.1. Market Definition
5.1.1.2. Market Estimation and Forecast to 2025
5.1.2. Rule-based Machine Translation (RBMT)
5.1.2.1. Market Definition
5.1.2.2. Market Estimation and Forecast to 2025
5.1.3. Neural Machine Translation (NMT)
5.1.3.1. Market Definition
5.1.3.2. Market Estimation and Forecast to 2025
5.1.4. Others
5.1.4.1. Market Definition
5.1.4.2. Market Estimation and Forecast to 2025
5.2. By Deployment Type
5.2.1. On-premises
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2025
5.2.2. Cloud
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2025
5.3. By Application
5.3.1. Military & Defence
5.3.1.1. Market Definition
5.3.1.2. Market Estimation and Forecast to 2025
5.3.2. Healthcare & Lifesciences
5.3.2.1. Market Definition
5.3.2.2. Market Estimation and Forecast to 2025
5.3.3. Automotive
5.3.3.1. Market Definition
5.3.3.2. Market Estimation and Forecast to 2025
5.3.4. Travel & Hospitality
5.3.4.1. Market Definition
5.3.4.2. Market Estimation and Forecast to 2025
5.3.5. Legal & Law Firms
5.3.5.1. Market Definition
5.3.5.2. Market Estimation and Forecast to 2025
5.3.6. Banking & Finance
5.3.6.1. Market Definition
5.3.6.2. Market Estimation and Forecast to 2025
5.3.7. Electronics
5.3.7.1. Market Definition
5.3.7.2. Market Estimation and Forecast to 2025
5.3.8. IT & Telecom Services
5.3.8.1. Market Definition
5.3.8.2. Market Estimation and Forecast to 2025
5.3.9. Retail & Manufacturing
5.3.9.1. Market Definition
5.3.9.2. Market Estimation and Forecast to 2025
5.3.10. Media & Entertainment
5.3.10.1. Market Definition
5.3.10.2. Market Estimation and Forecast to 2025
5.3.11. Others
5.3.11.1. Market Definition
5.3.11.2. Market Estimation and Forecast to 2025
6. North America Market Estimate and Forecast
6.1. By Technology
6.2. By Deployment Type
6.3. By Application
6.4. By Country
6.4.1. U.S. Market Estimate and Forecast
6.4.2. Canada Market Estimate and Forecast
6.4.3. Mexico Market Estimate and Forecast
7. Europe Market Estimate and Forecast
7.1. By Technology
7.2. By Deployment Type
7.3. By Application
7.4. By Country
7.4.1. Germany Market Estimate and Forecast
7.4.2. France Market Estimate and Forecast
7.4.3. U.K. Market Estimate and Forecast
7.4.4. Italy Market Estimate and Forecast
7.4.5. Spain Market Estimate and Forecast
7.4.6. Russia Market Estimate and Forecast
7.4.7. Rest of Europe Market Estimate and Forecast
8. Asia-Pacific Market Estimate and Forecast
8.1. By Technology
8.2. By Deployment Type
8.3. By Application
8.4. By Country
8.4.1. China Market Estimate and Forecast
8.4.2. Japan Market Estimate and Forecast
8.4.3. India Market Estimate and Forecast
8.4.4. South Korea Market Estimate and Forecast
8.4.5. Rest of Asia-Pacific Market Estimate and Forecast
9. Rest of the World (RoW) Market Estimate and Forecast
9.1. By Technology
9.2. By Deployment Type
9.3. By Application
9.4. By Country
9.4.1. Brazil Market Estimate and Forecast
9.4.2. Saudi Arabia Market Estimate and Forecast
9.4.3. South Africa Market Estimate and Forecast
9.4.4. U.A.E. Market Estimate and Forecast
9.4.5. Other Countries Market Estimate and Forecast
10. Company Profiles
10.1. Microsoft Corporation
10.1.1. Snapshot
10.1.2. Overview
10.1.3. Offerings
10.1.4. Financial Insight
10.1.5. Recent Developments
10.2. Baidu
10.2.1. Snapshot
10.2.2. Overview
10.2.3. Offerings
10.2.4. Financial Insight
10.2.5. Recent Developments
10.3. Google LLC
10.3.1. Snapshot
10.3.2. Overview
10.3.3. Offerings
10.3.4. Financial Insight
10.3.5. Recent Developments
10.4. Alibaba Cloud
10.4.1. Snapshot
10.4.2. Overview
10.4.3. Offerings
10.4.4. Financial Insight
10.4.5. Recent Developments
10.5. Amazon
10.5.1. Snapshot
10.5.2. Overview
10.5.3. Offerings
10.5.4. Financial Insight
10.5.5. Recent Developments
10.6. Systran International
10.6.1. Snapshot
10.6.2. Overview
10.6.3. Offerings
10.6.4. Financial Insight
10.6.5. Recent Developments
10.7. International Business Machines Corporation (IBM)
10.7.1. Snapshot
10.7.2. Overview
10.7.3. Offerings
10.7.4. Financial Insight
10.7.5. Recent Developments
10.8. Lionbridge Technologies Inc.
10.8.1. Snapshot
10.8.2. Overview
10.8.3. Offerings
10.8.4. Financial Insight
10.8.5. Recent Developments
10.9. SDL Plc
10.9.1. Snapshot
10.9.2. Overview
10.9.3. Offerings
10.9.4. Financial Insight
10.9.5. Recent Developments
10.10. Honyaku Center Inc.
10.10.1. Snapshot
10.10.2. Overview
10.10.3. Offerings
10.10.4. Financial Insight
10.10.5. Recent Developments
11. Appendix
11.1. Exchange Rates
11.2. Abbreviations
Note: Financial insight and recent developments of different companies are subject to availability of information in secondary domain.
List of Tables
Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Machine Translation Market Size, by Technology, 2015 – 2019 (USD Million)
Table 5 Global Machine Translation Market Size, by Technology, 2020 – 2025 (USD Million)
Table 6 Global Machine Translation Market Size, by Deployment Type, 2015 – 2019 (USD Million)
Table 7 Global Machine Translation Market Size, by Deployment Type, 2020 – 2025 (USD Million)
Table 8 Global Machine Translation Market Size, by Application, 2015 – 2019 (USD Million)
Table 9 Global Machine Translation Market Size, by Application, 2020 – 2025 (USD Million)
Table 10 Global Machine Translation Market Size, by Region, 2015 – 2019 (USD Million)
Table 11 Global Machine Translation Market Size, by Region, 2020 – 2025 (USD Million)
Table 12 North America Machine Translation Market Size, by Technology, 2015 – 2019 (USD Million)
Table 13 North America Machine Translation Market Size, by Technology, 2020 – 2025 (USD Million)
Table 14 North America Machine Translation Market Size, by Deployment Type, 2015 – 2019 (USD Million)
Table 15 North America Machine Translation Market Size, by Deployment Type, 2020 – 2025 (USD Million)
Table 16 North America Machine Translation Market Size, by Application, 2015 – 2019 (USD Million)
Table 17 North America Machine Translation Market Size, by Application, 2020 – 2025 (USD Million)
Table 18 North America Machine Translation Market Size, by Country, 2015 – 2019 (USD Million)
Table 19 North America Machine Translation Market Size, by Country, 2020 – 2025 (USD Million)
Table 20 Europe Machine Translation Market Size, by Technology, 2015 – 2019 (USD Million)
Table 21 Europe Machine Translation Market Size, by Technology, 2020 – 2025 (USD Million)
Table 22 Europe Machine Translation Market Size, by Deployment Type, 2015 – 2019 (USD Million)
Table 23 Europe Machine Translation Market Size, by Deployment Type, 2020 – 2025 (USD Million)
Table 24 Europe Machine Translation Market Size, by Application, 2015 – 2019 (USD Million)
Table 25 Europe Machine Translation Market Size, by Application, 2020 – 2025 (USD Million)
Table 26 Europe Machine Translation Market Size, by Country, 2015 – 2019 (USD Million)
Table 27 Europe Machine Translation Market Size, by Country, 2020 – 2025 (USD Million)
Table 28 Asia-Pacific Machine Translation Market Size, by Technology, 2015 – 2019 (USD Million)
Table 29 Asia-Pacific Machine Translation Market Size, by Technology, 2020 – 2025 (USD Million)
Table 30 Asia-Pacific Machine Translation Market Size, by Deployment Type, 2015 – 2019 (USD Million)
Table 31 Asia-Pacific Machine Translation Market Size, by Deployment Type, 2020 – 2025 (USD Million)
Table 32 Asia-Pacific Machine Translation Market Size, by Application, 2015 – 2019 (USD Million)
Table 33 Asia-Pacific Machine Translation Market Size, by Application, 2020 – 2025 (USD Million)
Table 34 Asia-Pacific Machine Translation Market Size, by Country, 2015 – 2019 (USD Million)
Table 35 Asia-Pacific Machine Translation Market Size, by Country, 2020 – 2025 (USD Million)
Table 36 RoW Machine Translation Market Size, by Technology, 2015 – 2019 (USD Million)
Table 37 RoW Machine Translation Market Size, by Technology, 2020 – 2025 (USD Million)
Table 38 RoW Machine Translation Market Size, by Deployment Type, 2015 – 2019 (USD Million)
Table 39 RoW Machine Translation Market Size, by Deployment Type, 2020 – 2025 (USD Million)
Table 40 RoW Machine Translation Market Size, by Application, 2015 – 2019 (USD Million)
Table 41 RoW Machine Translation Market Size, by Application, 2020 – 2025 (USD Million)
Table 42 RoW Machine Translation Market Size, by Country, 2015 – 2019 (USD Million)
Table 43 RoW Machine Translation Market Size, by Country, 2020 – 2025 (USD Million)
Table 44 Snapshot – Microsoft Corporation
Table 45 Snapshot – Baidu
Table 46 Snapshot – Google LLC
Table 47 Snapshot – Alibaba Cloud
Table 48 Snapshot – Amazon
Table 49 Snapshot – Systran International
Table 50 Snapshot – International Business Machines Corporation (IBM)
Table 51 Snapshot – Lionbridge Technologies Inc.
Table 52 Snapshot – SDL Plc
Table 53 Snapshot – Honyaku Center Inc.
List of Figures
Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Machine Translation Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Machine Translation Market Highlight
Figure 12 Global Machine Translation Market Size, by Technology, 2015 – 2025 (USD Million)
Figure 13 Global Machine Translation Market Size, by Deployment Type, 2015 – 2025 (USD Million)
Figure 14 Global Machine Translation Market Size, by Application, 2015 – 2025 (USD Million)
Figure 15 Global Machine Translation Market Size, by Region, 2015 – 2025 (USD Million)
Figure 16 North America Machine Translation Market Highlight
Figure 17 North America Machine Translation Market Size, by Technology, 2015 – 2025 (USD Million)
Figure 18 North America Machine Translation Market Size, by Deployment Type, 2015 – 2025 (USD Million)
Figure 19 North America Machine Translation Market Size, by Application, 2015 – 2025 (USD Million)
Figure 20 North America Machine Translation Market Size, by Country, 2015 – 2025 (USD Million)
Figure 21 Europe Machine Translation Market Highlight
Figure 22 Europe Machine Translation Market Size, by Technology, 2015 – 2025 (USD Million)
Figure 23 Europe Machine Translation Market Size, by Deployment Type, 2015 – 2025 (USD Million)
Figure 24 Europe Machine Translation Market Size, by Application, 2015 – 2025 (USD Million)
Figure 25 Europe Machine Translation Market Size, by Country, 2015 – 2025 (USD Million)
Figure 26 Asia-Pacific Machine Translation Market Highlight
Figure 27 Asia-Pacific Machine Translation Market Size, by Technology, 2015 – 2025 (USD Million)
Figure 28 Asia-Pacific Machine Translation Market Size, by Deployment Type, 2015 – 2025 (USD Million)
Figure 29 Asia-Pacific Machine Translation Market Size, by Application, 2015 – 2025 (USD Million)
Figure 30 Asia-Pacific Machine Translation Market Size, by Country, 2015 – 2025 (USD Million)
Figure 31 RoW Machine Translation Market Highlight
Figure 32 RoW Machine Translation Market Size, by Technology, 2015 – 2025 (USD Million)
Figure 33 RoW Machine Translation Market Size, by Deployment Type, 2015 – 2025 (USD Million)
Figure 34 RoW Machine Translation Market Size, by Application, 2015 – 2025 (USD Million)
Figure 35 RoW Machine Translation Market Size, by Country, 2015 – 2025 (USD Million)
Global Machine Translation Market Coverage
Technology Insight and Forecast 2015-2025
Deployment Type Insight and Forecast 2015-2025
Application Insight and Forecast 2015-2025
Geographical Segmentation
Machine Translation Market by Region
North America
Europe
Asia-Pacific (APAC)
Rest of the World (RoW)
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