Machine Translation Market Size By Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation (NMT), Hybrid Machine Translation (HMT), Example-based Machine Translation (EBMT)), By Deployment Model

Machine Translation Market Size By Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation (NMT), Hybrid Machine Translation (HMT), Example-based Machine Translation (EBMT)), By Deployment Model (On-premise, Cloud), By Application (Automotive, BFSI, E-Commerce, Electronics, Healthcare, IT & Telecommunications, Military & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The machine translation market is set to observe enormous growth by 2030 owing to rising demand for high-speed and cost-efficient translation. In addition, prevalent adoption of smart devices globally and the growing need for localization of marketing strategies & content among businesses are likely to boost market growth through the review period.

Notably, major players in the industry have been broadening their product portfolios to cater to customer demands, coupled with continuous research on a more localized machine system, thereby fostering product outlook. For instance, in May 2022, a research team at Google, the Alphabet-owned tech leader, in its new paper titled “Building Machine Translation Systems for the Next Thousand Languages” proposed a practical machine translation system that can translate over a thousand languages. The research focused on including data-driven filtering techniques, developing practical MT models for over hundred high resource languages and studying the limitations of the languages to deliver the best outcomes.

The machine translation market has been categorized on the basis of deployment model, application, technology, and region.

In terms of technology, the market has been bifurcated into HMT, NMT, SMT, EBMT, and RBMT. The SMT market is expected to grow steadily through the forecast period due to high penetration of automation across large enterprises to enhance productivity and reduce human dependency in terms of translation.

Growing focus on technological advancement and innovation, leading to new solution launches, is likely to propel RBMT market growth. Additionally, mounting adoption of example-based machine translation technology as a result of rising demand for real-time language translation technology is set to augment EMBT market growth.

With regards to deployment model, the machine translation market has been split into cloud and on premise. The cloud segment is estimated to witness a positive outlook as a result of the growing adoption of cloud-based solutions across large organizations and SMEs.

The market has been segmented with respect to application into military & defense, automotive, IT & telecommunications, BFSI, healthcare, e-commerce, electronics, and others. The automotive segment is anticipated to contribute massively to global machine translation market growth in the forthcoming years due to rising demand for automotive translation and localization in response to increasing focus of vehicle manufacturers on entering international markets.

The evolving electronics industry across the globe would fuel the demand for cutting-edge machine translation solutions for technical document translations, which is likely to impel the growth of the electronics segment. The healthcare segment is estimated to showcase solid growth through the study timeline supported by growing penetration of digitalization across the healthcare sector.

Moreover, the military & defense segment is primed to register significant gains by 2030 on account of the advancement of the sector and the deployment of technologically advanced solutions to improve security. The others segment is foreseen to grow at a stable pace through 2030. Among other applications, the media & entertainment sector is adopting machine translation solutions for automated subtitling, editing, live captioning, and asset management, which is esteemed to promote segmental growth over the analysis period.

From the regional point of view, the Latin America machine translation market is projected to grow sizably up to 2030 due to soaring focus on improving the customer experience in the BFSI sector. Meanwhile, rise in competition attributed to the entry of new players in the industry would drive technology innovation and improve the affordability of the solutions in MEA, which is foreseen to foster market outlook in the Middle East & Africa region.