Machine Translation Market Size - By Technology (SMT, RBMT, NMT, HMT, EBMT), Deployment Model (On-premises, Cloud), Application (Automotive, BFSI, E-commerce, Electronics, Healthcare, IT & Telecommunications, Military & Defense) & Global Forecast, 2023 -

Machine Translation Market Size - By Technology (SMT, RBMT, NMT, HMT, EBMT), Deployment Model (On-premises, Cloud), Application (Automotive, BFSI, E-commerce, Electronics, Healthcare, IT & Telecommunications, Military & Defense) & Global Forecast, 2023 - 2032

Global Machine Translation Market will witness 22.8% CAGR between 2023 and 2032. Rising startup companies investing in the industry support market growth. For instance, in October 2023, Intento, a startup specializing in machine translation and AI, successfully secured $8 million in Series A funding. This latest funding round marks a significant milestone for the California-based company, bringing its total funding to $12.3 million since its initial seed funding in 2020. Intento intends to utilize these funds to accelerate the expansion of its Enterprise Language Hub, a generative AI platform that has seen a remarkable two-fold increase in deal velocity throughout 2023.

As startups expand their global reach, they require efficient and cost-effective translation solutions. Machine translation technology offers a scalable and accessible way to bridge language barriers, making it an attractive option for businesses seeking to engage with international audiences. This surge in startup investment supports the machine translation market outlook.

The overall Machine Translation Market is classified based on technology, application, and region.

Statistical machine translation (SMT) segment will exhibit significant growth from 2023 to 2032. SMT relies on statistical models to translate text, making it highly adaptable and effective. As global communication and content localization become increasingly vital, businesses and language service providers seek accurate and efficient translation solutions. This demand for SMT reflects the technology's capacity to enhance cross-lingual communication and caters to its contribution to the machine translation market growth.

Automotive segment will register a noteworthy CAGR from 2023 to 2032. Automotive companies are increasingly using machine translation to bridge language gaps in international operations. This is vital for tasks like translating technical documents, communicating with global partners, and serving multilingual customers. The machine translation market demand in the automotive industry highlights its role in facilitating efficient and seamless cross-border communication and business processes.

Europe machine translation market will showcase an appreciable CAGR from 2023 to 2032. The region's cultural and linguistic diversity, in line with the flourishing global trade, has driven the need for effective translation solutions. European businesses are turning to machine translation to enhance cross-border communication, cater to multilingual customer bases, and streamline international operations. This demand underscores the technology's vital role in promoting efficient global interactions and business expansion in Europe.