Machine Translation Market Expands with Neural Machine Translation Segment at a robust CAGR 19.58%
The
increasing global machine translation market is driven by globalization of
businesses and content localization, technological advancements in neural
machine translation (NMT) during the forecast period 2024-2028.
According
to TechSci Research report, “Global
Machine Translation Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028, The Global Machine Translation (MT)
Market is experiencing significant growth, driven by the ever-expanding need
for efficient and accurate language translation solutions across a wide range
of industries and applications. As the world becomes increasingly interconnected,
businesses and organizations are seeking ways to overcome language barriers and
effectively communicate with a global audience.
One
of the primary drivers of the MT market's growth is the globalization of
businesses. Companies are expanding their operations to international markets,
and this requires the ability to communicate in multiple languages. MT
solutions offer a cost-effective and scalable way to translate a variety of
content types, including websites, product descriptions, customer support, and
marketing materials, into different languages.
Technological
advancements in Neural Machine Translation (NMT) have played a pivotal role in
transforming the MT landscape. NMT models, powered by artificial neural
networks, have greatly improved translation quality by capturing context,
idiomatic expressions, and nuances in language. This breakthrough has made MT
more accurate and suitable for critical applications such as legal documents,
medical records, and technical content.
The
rapid expansion of digital content, e-commerce, and online communication has
further fueled the demand for MT. E-commerce platforms, social media networks,
and digital marketplaces are leveraging MT to facilitate cross-border trade and
enhance user experiences. Content creators, media outlets, and online learning
platforms are using MT to engage with global audiences and democratize access
to knowledge.
Integration
of MT into Content Management Systems (CMS) has streamlined the localization
process for businesses. This integration allows content creators to automate
the translation of web pages, blog posts, product listings, and more. It
simplifies workflows and accelerates the time-to-market for multilingual
content, especially important in industries where speed is a competitive
advantage.
Cost-effectiveness
is another key driver of MT adoption. Traditional human translation services
can be expensive and time-consuming, especially for organizations with tight
budgets or high volumes of content. MT offers a cost-effective alternative,
allowing businesses to allocate resources efficiently and translate content at
scale.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Machine
Translation Market."
The
global machine translation market is segmented into technology, deployment
model, application, and region. Based on technology, the market is segmented
into statistical machine translation, rule based machine translation, neural
machine translation. Based on deployment model, the market is segmented into on
premises, cloud. Based on application, the market is segmented into Automotive,
BFSI, e commerce, electronics, healthcare, IT & telecommunications,
military & defense, others. Based on region, the market is further
bifurcated into North America, Asia-Pacific, Europe, South America, Middle East
& Africa.
Based
on application, IT & Telecommunications dominated in the global machine
translation market in 2022. The IT & Telecommunications industry operates
in a highly globalized environment where communication and content must be
delivered in multiple languages to serve diverse customer bases. This industry
routinely deals with user manuals, technical documentation, software
localization, customer support, and website content. MT solutions streamline
the translation of this vast amount of content, allowing companies to
efficiently serve customers in different language regions.
In
the IT & Telecommunications sector, real-time communication is essential.
This includes instant messaging, customer support chatbots, and live chat
services. MT systems are integrated into these platforms to provide instant
translation, enabling seamless communication between users who speak different
languages. This real-time translation capability is crucial for addressing
customer inquiries promptly and effectively.
IT
& Telecommunications companies often collaborate on international projects,
develop software with global teams, and engage in cross-border partnerships. MT
facilitates global collaboration by breaking down language barriers, allowing
teams to work together efficiently and share knowledge across borders.
Key
market players in the global machine translation market are:
-
- Google AI
- Microsoft Corporation
- Amazon Web Services
- Facebook AI
- Lionbridge Technologies Inc.
- SDL PLC
- IBM Corporation
- Lilt Inc.
- DeepL GmbH
- MateCat
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“The
Global Machine Translation Market is experiencing remarkable growth, driven by
increasing demand for multilingual content across various industries. With
businesses expanding their global presence, the need for efficient and
cost-effective language translation solutions is on the rise. Machine
translation technologies, powered by AI and neural networks, are rapidly
advancing, improving translation quality and reducing human intervention. Key
players like Google, Microsoft, and Amazon are investing heavily in this
market, offering cloud-based translation services and APIs. The COVID-19
pandemic has further accelerated the adoption of machine translation, as remote
collaboration and communication became essential. This market is poised for
continued expansion, offering lucrative opportunities for both established and
emerging players.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Machine
Translation Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, By Technology (Statistical Machine Translation, Rule Based Machine
Translation, Neural Machine Translation), By Deployment Model (On Premises,
Cloud), By Application (Automotive, BFSI, E Commerce, Electronics, Healthcare,
IT & Telecommunications, Military & Defense, Others), By Region, and By
Competition, 2018-2028,”
has evaluated the future
growth potential of Global Machine Translation Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Machine Translation Market.
Contact
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Techsci Research
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