The Machine Translation Market size is estimated at USD 716.05 million in 2024, and is expected to reach USD 927.01 million by 2029, growing at a CAGR of 5.30% during the forecast period (2024-2029).
Due to the growing usage of computer-assisted tools, the machine translation business is experiencing excess demand. Therefore, the need to use technology to improve translation efficiency is constantly growing.
The machine translation market is competitive and consists of several major players. Current market leaders in terms of market share include companies like IBM Corporation, Microsoft Corporation, Lionbridge Technologies Inc., etc. The majority of well-known companies are, however, increasing their market position by gaining new contracts in order to tap into new markets as a result of the increased innovation in machine translation.
In January 2023, Siemens expanded its digitalization portfolio for the Indian machine tool industry to enhance value proposition and profitability for customers, where it expanded its portfolio of the machine tool industry, which will enable manufacturers and users of machine tools to design, realize, and optimize machines and components faster, react flexibly to market demands, and enhance productivity across various user industries.
In August 2022, RWS announced the partnership with Language Weaver, where Reynen Court offers a platform that combines a content-rich app store and a powerful control panel that simplifies the process for law firms and legal departments to source, evaluate, deploy, monitor and manage legal technology applications. The platform offers Language Weaver, RWS's state-of-the-art machine translation technology, to legal firms looking to improve multilingual communications and eDiscovery. Reynen Court clients benefit from access to 3,000 language combinations within Language Weaver's secure environment.
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