The global machine translation market is anticipated to grow at a significant CAGR during the forecast period. Machine translation is used for various common purposes including for professional translation, for translation of tweets, blog comments, blog posts, forums, or message boards, and many more. Machine translation with the use of machine translation engines can find a substitution of any word in one language to another choice of language. However, for more accurate translation the recognition of whole phrases and their closest counterparts in the target language is required by the machine translation software.

The major factor contributing to the growth of the global machine translation market include a surge in the number of IT companies that are highly inclined towards automated translation technologies for the effective use of their data. Moreover, the radical changes in the roles of IT and analytics in various businesses in recent years will also aid the machine translation market considerably.  Additionally, the emergence of AI technology is presenting new opportunities to the machine translation market as it is enabling data analytics services to get automated. However, the high cost associated with the implementation and maintenance of machine translation will restrict the growth of the machine translation market to some extent during the forecast period.

Segmental Outlook 

The global machine translation market is segmented on the basis of technology and end-user. Based on technology, the market is sub-segmented into statistical machine translation, rule-based machine translation, and others. Based on the end-user, the market is sub-segmented into automotive, IT & telecommunication, healthcare, military & defense, and others.

Global Machine Translation Market Share by Technology, 2018 (%)

Statistical Machine Translation will be the Largest Segment by Technology

The statistical machine translation segment is anticipated to hold a significant share in the market owing to the increasing demand to effectively manage the extensive amount of data generated all across the globe. In addition, the statistical machine translation requires less virtual space than other models hence it is easier to operate and train on smaller systems which makes it a convenient choice for companies. Additionally, statistical machine translation lets the user train and add new languages very fast in comparison to other machine translation models. 

Regional Outlooks

The global machine translation market is further segmented on the basis of geography into North America, Europe, Asia-Pacific, and Rest of the World. North America is estimated to hold the largest market share in the machine translation market during the forecast period. The growth of the region is attributed to the surge in the present technologically advanced players such as Google LLC and IBM Corp. Along with the key players, the number of startups that are working in natural language processing platforms such as Sound Hound and Tact.ai is growing rapidly which is anticipated to grow the machine translation market in the region.

Global Machine Translation Market Growth by Region, 2019-2025

Asia-Pacific will Augment with the Fastest Growth Rate in the Machine Translation Market 

Asia-Pacific is anticipated to grow at a considerable growth rate in the global machine translation market due to the presence of linguistically diverse developing countries such as China and India. The linguistical diversity in the region is raising the demand for content translation coupled with the rise in IT and other sector companies in the Asia-Pacific. Machine translation reduces the language barrier between the developing economies of the region with the developed economies and hence presenting new opportunities for the region to grow in the near future.

Market Players Outlook

Some of the key players operating in the global machine translation market include Google LLC, IBM Corp., Microsoft Corp., SDL PLC, Lionbridge Technologies Inc., Venga Global, and others. The market players are considerably contributing to market growth by adopting various strategies to stay competitive in the market.

Recent Activities

• In June 2018, SDL PLC announced the launch of SDL Enterprise Translation Server 8.0. With this launch, the company provides a more secure, scalable, and adaptable Neural Machine Translation (NMT) solution on the market. This solution comes with the dictionary feature enabling businesses to add specific terminology controls, and the ability to automatically translate text on images. 
• In November 2018, SDL PLC announced a major enhancement to its Machine Translation offering by bringing Neural Machine Translation 2.0 into a secure Cloud environment. Additionally, it is enabled to use cloud capabilities to seamlessly integrate with on-premise solutions and provide secure ground to cloud deployment options for brands with Linguistic AI capabilities.
• In September 2017, Yandex. Translate launched a hybrid machine translation system. This system is designed to combine neural and statistical approaches with machine translation to deliver a higher quality translation that utilizes the complementary strengths of both translation models.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global machine translation market. Based on the availability of data, information related to products& services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.