Machine Translation Market: Overview
The market size for machine translation was USD 752.5 million in 2021, and it is projected to grow at a CAGR of 30.5 percent during the forecast period. The increased requirement for content localization among businesses will drive the growth of the machine translation sector. The traditional method of hiring human translators to localize material accurately for a specific locale or population is time-consuming and costly. Companies have responded by investing in machine translation software, which allows them to quickly translate content for a specific audience. Rising Internet penetration and the increasing desire to save operational expenses are projected to fuel market expansion in the coming years. By April 2022, there were more than five billion internet users globally or 63.1 percent of the world's population. Increased smartphone usage and advancements in communication infrastructure have also aided industry expansion. The industry is shifting away from human translators and toward machine translation (MT), a more efficient instrument for delivering similar language conversion at a lower time and cost. Advances in MT technology and innovative implementation methodologies like crowdsourcing are predicted to lower the cost of MT while increasing its efficiency.
With the ease of communication, linguistic diversity, hyper-globalization, and democratization of knowledge, MT has evolved over time. Modern Artificial Intelligence (AI) tools that aid in efficient machine learning has also been added to the technology. Globally, 4.2 billion digital voice assistants will be in use in 2020. By 2024, the number of people using digital assistants is anticipated to double to 8.4 billion. The need for such social connection has fueled the demand for MT service upgrading. Globalization and communication technology integration has generated prospects for machine translation as a service. The machine translation market is experiencing excess demand with the increased usage of computer-assisted tools. As a result, the need to leverage technology to facilitate a more effective translation process is constantly growing.
Additionally, the text is translated faster thanks to machine translation technologies. A few translation agencies use it to provide multilingual material. Additionally, this technology increases translators' productivity in terminology, localization, and translation work. Google Translate, which supports over 130 languages and is intimately associated with the search engine and Android OS, is one of the most broadly used machine translation systems. Greater accuracy of translated text can be achieved by using expert linguists to perform post-editing of machine-translated content.
Machine Translation Market: COVID-19 Impact
In 2020, the market was anticipated to slow down, with numerous businesses experiencing a financial crisis and negative effects on revenue growth. The severe health effects of COVID-19 and the public health measures used to stop its spread have significantly impacted civilization. Many of these problems stem from people's thirst for knowledge and the solutions that have made academics and the general public jaded by information. Machine translation language processing, an area of artificial intelligence that translates human language, can meet many information needs resulting from the COVID-19 pandemic.
Several industries aim to implement various machine translation technologies and services to support digital transformation programs that address mission-critical procedures, optimize organizational issues, and differentiate consumer experiences. This is in the meantime as governments contain the virus spread and the increased demand for improving consumer interactions and customized relationships.
Machine Translation Market: Drivers
Growing Interest in Big Data to Drive Market’s Growth
Big Data, which deals with massive data sets that may be computationally examined to identify trends, patterns, and relationships relating to human behavior and interactions, plays a major role in machine translation. In this case, machine translation produces translations more quickly. Companies have been moving away from translation technology and toward cloud-based systems in recent years. Millions of human translators are accessible over the cloud, and their ability to swiftly accumulate translation memory improve machine translation. By the end of 2020, approximately 440 billion business transactions were occurring daily. Machine translation fuels the growth of the machine translation market by providing a speed balance that can be adjusted for businesses- and consumer-focused big data solutions.
Large Businesses are Using Machine Translation at Rapid Rate propelling Market’s Growth
Machine translation has become increasingly prevalent among businesses and Language Service Providers (LSPs) in recent years. Many corporations have invested in machine translation technologies to strengthen their businesses. For instance, the software-as-a-service (SaaS) business Smartcat raised $7 million in fundraising in 2018. With the help of this finance, the business could interface with more than 10 machine translation tools, including the statistical and neural versions of Google Translate, Microsoft Translator, Amazon Translator, Baidu, and Yandex Translate. This will drive the market for machine translation.
Machine Translation Market: Restraints
Content Localization is Main Obstacle in Expansion of Machine Translation Market
The machine translation faces difficulties since it cannot recognize cultural cues, context clues, and regional colloquial speech. As a result, the information may appear inconsistent, robotic, and not quite culturally appropriate. With word-for-word translations, there is a chance that marketing and brand messaging will be diluted. In addition, it gives outcomes of varying quality depending on how difficult the assignment is.
Machine Translation Market: Segment Overview
With Growing Amount of Data, Neural Machine Translation to Dominate Market
One of the most interesting advancements in machine translation in recent years has been the creation of neural machine translation (NMT). The method predicts the likelihood of a set of words using massive amounts of data supplied into an artificial neural network, often modeling the full sentence in a single integrated model. In other words, in artificial translation intelligence, the model learns by doing. NMT is also constantly being enhanced and refined, and it's expected to improve over the coming several years. They are anticipated to be integrated with analytics and other industry-wide software solutions, allowing for natural language inquiries and machine responses, increasing the efficiency with which these solutions are used. Organizations may choose these solutions due to the large cost savings associated with their adoption. The Neural machine translation can translate thousands of user-generated comments much more quickly and accurately while producing findings that can be used. As a result, the businesses will be able to engage with clients globally more meaningfully, which is essential for a successful global marketing strategy.
With Growing Technological Development in Automobile Sector, Automobiles to Dominate Market
In the forecast period, the automotive application represented a major revenue share. Despite ongoing technological developments, automakers still view machine translation as a point of differentiation. They are investigating new strategies for performance delivery and installing software that can be upgraded often for widespread use in automobiles. Technology-focused automaker Tesla, Inc. already uses such advantages, and many more are sure to follow suit. Solution suppliers collaborate with language service providers to deliver automotive catalog material in several languages. For instance, in just four weeks, KantanMT and Milengo GmbH will localize 300,000 words into three languages. Thanks to this relationship, the car sector now offers catalog information in various languages.
Machine Translation Market: Regional Landscape
North America to Acquire Major Market Share due to Increased Investment by tech Giants in Machine Learning
North America is one of the most significant markets for machine translation because the US IT industry, which drives most regional demand, is seeing increased demand. To meet the demands of international consumers, some of the most well-known IT companies in the area were among the first to implement this technology. The region's expansion was defined by the presence of various service providers and a supportive government. The SMT services and free internet search engines provided by Microsoft Corporation and Google Inc. have grown in prominence in the US. Furthermore, the machine translation market in North America will probably grow due to the tech giants' increased investments in and advancements in machine learning and artificial intelligence.
A few businesses in the area are focusing on technological development. Facebook is heavily funding machine translation (MT). Facebook is currently working on two other projects that will share information with the greater open-source community and enable developers to improve the technology, increasing quality estimation and several other initiatives. Additionally, the region has a sizable market for smartphones and other consumer electronics like laptops and tablets in terms of volume. With the launch of 5G, the number of devices will probably increase significantly. By the end of 2019, there were 1.3 million 5G service subscribers in the US. By 2024, it's anticipated that there will be close to 168 million subscribers. The demand for machine translation is rising due to the increased use of these gadgets and the inclusion of virtual assistants in these gadgets.
Asia-Pacific (APAC) is predicted to be the fastest expanding machine translation market. The rapid expansion of international businesses, attractive clientele, expanding numbers of high-net-worth individuals (HNWIs), rising income levels, and the predominance of various languages are the primary drivers of this market's growth in the APAC region. India and China have experienced significant expansion in recent years. The demand for translated content has increased due to the Asia Pacific region's multilingual culture. Solution suppliers have greatly catered to regional demand. Machine translation is anticipated to be widely adopted in the market in China. In their 13th five-year plan, which covers 2016 to 2020, the Chinese government unveiled plans to integrate innovative technologies into the country's growth strategy. Expanding regional and international organizations' aid will accelerate the entry of new firms into the market.
Global Machine Translation Market: Competitive Landscape
In May 2022, Google Translate can now translate words, phrases, and full websites in 133 languages, according to the company. The organization has expanded its translation capabilities to include 24 languages. A few new languages were created using Zero-Shot Machine Translation, a machine learning model that only examines monolingual text. In March 2022, XTM International, a global blue-chip client of translation management software, established cooperation with NMT provider SYSTRAN to supply AI-matched TM. To function for the new feature, which is part of XTM Cloud 13.0, Translation Memory sends mid-level fuzzy (partial) translation matches to the Machine Translation engine, which then fills in any missing text to provide an accurate translation.
Few of the players in the Machine Translation Market include AWS (Amazon.com, Inc.), Alibaba Cloud, AppTek LLC, Baidu, Google LLC (Alphabet Inc.), Cloudwords Inc., Microsoft Corporation, IBM Corporation, Moravia IT s.r.o. (RWS Holdings), Lionbridge Technologies, Inc., Omniscien Technologies, Raytheon BBN Technologies Corp. (Raytheon Technologies), Smart Communications, Inc., Systran International, and Tencent Cloud TMT.
Global Machine Translation Market is Segmented as Below:
By Deployment Model
Key Elements Included In The Study: Global Machine Translation Market
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