Machine Translation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Machine Translation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Machine Translation Market is expected to reach a CAGR of 7.1% during the period 2022-2027. The machine translation market is witnessing excess demand due to the increasing use of computer-assisted tools. Therefore, the necessity to use the technology in favor of a more efficient translation process is continuously increasing.

Key Highlights

• The expansion of the machine translation industry will be fueled by the growing need for content localization among companies. The traditional methodology of using human translators to localize material accurately for a particular location or population is time-consuming and expensive. This has prompted companies to invest in machine translation software, which allows them to translate information for a specific audience swiftly. The demand for translation and localization services will rise in the future years as more enterprises make their products and services available in numerous markets.
• The rise of emerging economies and the globalization of many firms who wish to give their content, products, and services in as many languages as possible might be linked to this steady increase. As a result of this restriction, translation companies may be forced to rely more heavily on machine translation tools.
• Moreover, machine translation technologies translate the content at considerably higher speeds. A couple of translation companies use it to create multilingual content. Furthermore, this technology boosts translator productivity when it comes to translation, localization, and terminology work. Google Translate, which supports roughly 130 languages and is tightly linked with the search engine and Android OS, is one of the most frequently used machine translation technologies.
• The machine translation market is witnessing excess demand due to the increasing use of computer-assisted tools. Therefore, the necessity to use the technology in favor of a more efficient translation process is continuously increasing.
• COVID-19 has impacted nearly every area of translation, particularly demand, income, and employment methods. Despite the challenges translators face, the interpreting profession has been hit the hardest in the sector, with a 24% drop in revenue compared to an 8% drop for translators.

Key Market TrendsNeural Machine Translation is Expected to Drive the Market Growth

• In the past few years, one of the most exciting developments in the automated translation domain has been the development of neural machine translation (NMT). The technology uses large quantities of data fed into an artificial neural network to predict the likelihood of a sequence of words, typically modeling the entire sentences in a single integrated model. The model learns by doing, in other words, artificial translation intelligence.
• NMT is also being improved continuously and refined and is anticipated to become even better in the next few years. They are expected to be embedded in the analytics and other software solutions used across the industry that can use these solutions even more efficiently, where the queries can be done in natural language while the machine answers them. This can significantly cut the cost of organizations adopting them, prompting them to go for these solutions.
• Companies are increasingly focusing on developing advanced machine translation systems to meet growing consumer needs. For instance, In July 2022, Amazon announced the launch of the latest version of its Sockeye toolkit, Sockeye 3, for the efficient training of more robust and faster neural machine translation (NMT) models. Sockeye 3 achieves speeds up to 126 percent faster than other PyTorch implementations on GPUs and up to 292 percent faster on CPUs.
• The Neural machine translation can process thousands of user-generated comments significantly less and deliver accurate, actionable results in record time. This will enable the organizations to interact more meaningfully with customers worldwide, which is critical for an effective global marketing strategy.

North America to Hold Maximum Market Share

• North America is one of the most important markets for machine translation, owing to rising demand in the US IT sector, which accounts for most of the regional demand. Some of the region's most well-known IT firms are among the early adopters of this technology to fulfill the needs of global customers.
• The presence of several service providers and a favorable government characterized the region's growth. In the United States, for example, Microsoft Corporation and Google Inc.'s SMT services and free internet engines have grown in prominence. Furthermore, the technical behemoths' increased investments and breakthroughs in artificial intelligence and machine learning will likely boost the North American machine translation industry.
• The prominent players in the market are based in North America, which is one of the significant factors leading to the region's high market share. Some major businesses in the North American region have joined together to reap the benefits of the most recent technological developments that can be incorporated into their business models. For example, in its eDiscovery service offerings, Inventus has fully integrated automatic machine translation. Iconic Translation Machines Ltd, a leading translations software vendor, has teamed with Inventus to deliver Iconic's newest Neural Machine Translation on-premise or in the cloud.
• A few organizations in the region are concentrating on technological advancements. For example, Facebook is devoting significant resources to machine translation (MT). In addition to improving quality estimation and several other efforts, Facebook is now working on two more that will share information with the larger open-source community, allowing developers to improve the technology.
• Furthermore, in terms of volume, the region is a large market for smartphones and other consumer gadgets, such as tablets and laptops. The number of devices is likely to grow much more with the introduction of 5G. The increased use of these gadgets and the availability of virtual assistants in these devices are driving up the demand for machine translation.

Competitive Landscape

The machine translation market is competitive and consists of several major players. Regarding market share, some major players, like IBM Corporation, Microsoft Corporation, Lionbridge Technologies Inc., etc., currently dominate the market. However, with the growing innovation in machine translation, most prominent companies are expanding their market presence by securing new contracts, thereby tapping into the new markets. Some of the recent developments in the market are:

• May 2022 - Google announced that Google translate now has the capability to translate words, sentences, and entire websites in 133 languages. The company has added 24 languages for translation. A few newly added languages were created from Zero-Shot Machine Translation, a machine learning model that only sees monolingual text.
• March 2022 - XTM International. a provider of translation management software to global blue-chip clients, announced its partnership with NMT provider SYSTRAN to deliver AI-matched TM. The new feature, released as part of XTM Cloud 13.0, works by providing mid-level fuzzy (partial) translation matches from Translation Memory to the Machine Translation engine, adding relevant missing text to produce an accurate translation.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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