Global Machine Translation Market 2024-2028

Global Machine Translation Market 2024-2028

The machine translation market is forecasted to grow by USD 1233.9 mn during 2023-2028, accelerating at a CAGR of 15.89% during the forecast period. The report on the machine translation market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for content localization, the rapid globalization of businesses is generating the need for multilingual communication, and increasing adoption of voice recognition technology.

Technavio's machine translation market is segmented as below:

By Application

• Defense
• IT
• Automotive
• Healthcare

By Deployment

• On-premises
• Cloud

By Geographical Landscape

• North America
• Europe
• APAC
• South America
• Middle East and Africa

This study identifies the rising use of multilingual AI as one of the prime reasons driving the machine translation market growth during the next few years. Also, the growing localization of video content and the growing adoption of mobile translation will lead to sizable demand in the market.

The report on the machine translation market covers the following areas:

• Machine translation market sizing
• Machine translation market forecast
• Machine translation market industry analysis

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading machine translation market vendors that include Alphabet Inc., ARGOS TRANSLATIONS Sp. z o.o., Babylon Software Ltd., Cloudwords Inc., CSOFT International Inc., Global Lingo Ltd., Honyaku Center Inc., International Business Machines Corp., Lingotek Inc., Lingua Custodia, Lionbridge Technologies LLC, Microsoft Corp., Omniscien Technologies, Promt, SYSTRAN SA, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., Welocalize Inc., and RWS Holdings PLC. Also, the machine translation market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.