Machine Translation Market Size (2024 - 2029)

Machine Translation Market Analysis

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 increased demand for content localization among businesses will boost the growth of the machine translation sector. The conventional approach of utilizing human translators to correctly localize content for a specific place or population takes time and money. This has led businesses to spend money on machine translation software, which enables them to translate content for a particular audience quickly. As more companies make their goods and services available in other markets, there will be an increase in the need for translation and localization services in the coming years.
• This continual rise may be explained by the development of emerging economies and the globalization of several businesses that aim to offer their information, goods, and services in as many languages as possible. This limitation may push translation companies to rely more heavily on machine translation software.
• Additionally, the text is translated faster thanks to machine translation technologies. A few translation agencies use it to provide multilingual material. This technology increases translators' productivity regarding terminology, localization, and translation work. One of the most widely used machine translation technologies is Google Translate, which covers about 130 languages and is closely related to the search engine and Android OS.
• The market for machine translation is experiencing excessive demand due to the growing use of computer-assisted tools. Because of this, technology is increasingly needed to enable a more efficient translation process.
• Machine translation (MT) separates the structure of a source language into elements that can be translated into a word of the same structure in the target language. The most significant defect of machine translation is its low quality and often inaccurate translations. Machine translators need help understanding context or the creative use of language, such as slogans and metaphors, resulting in a word-for-word translation that makes little sense when translated into different languages.
• Nearly all translation-related areas were impacted by COVID-19, including demand, income, and employment practices. Despite the difficulties that translators encounter, the interpreting industry was impacted the worst, with a 24% decline in revenue compared to an 8% decline for translators.

Machine Translation Industry Segmentation

Machine translation (MT) refers to fully automated software that can translate source content into target languages. Humans may use MT to help them render text and speech into another language; The MT software may operate without human intervention. MT tools are often used to translate vast amounts of information, involving millions of words that could not be translated the traditional way. The quality of MT output can vary considerably, and MT systems require training in the desired domain and language pair to increase quality.

The Machine Translation Market is segmented by Technology (Statistical Machine Translation, Rule-based Machine Translation, and Neural Machine Translation), Deployment (On-premise and Cloud), End-user Vertical (Automotive, Military and Defense, Healthcare, IT, and E-commerce), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.