Machine Translation Market to Grow by USD 850.62 Million from 2021 to 2026, Use of Multilingual AI is One of the Key Trends

The MACHINE TRANSLATION MARKET is set to progress at a CAGR of 14.48% from 2021 to 2026, as per the latest report by Technavio. The Y-O-Y growth rate of 2022 is estimated at 13%. The increasing demand for content localization will offer immense growth opportunities. However, the open-source machine translation service tools will hamper the market growth.

The machine translation market report also offers information on several market vendors, including Alphabet Inc., ARGOS TRANSLATIONS Sp. z o.o., Babylon Software Ltd., Cloudwords Inc., CSOFT International Inc., Global Lingo Ltd., Honyaku Center Inc., International Business Machines Corp., Lingotek Inc., Lingua Custodia, Lionbridge Technologies LLC, Microsoft Corp., Omniscien Technologies, Promt, RWS Holdings PLC, SYSTRAN SA, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., and Welocalize Inc. among others. Moreover, this statistical study of the machine translation market provides the latest product insights and news. For instance –

• Alphabet Inc. – The company offers machine translation namely Google Translate which is a high-impact, research-driven product that bridges language barriers and makes it possible to explore the multilingual web in 90 languages. Google services segment of the company includes products and services such as Google Ads, Android, Chrome, Google Maps, Google Play, Search, YouTube, and hardware.

Browse Summary of the MACHINE TRANSLATION MARKET Research Report to Learn More

• Application
  • Defense
  • IT
  • Automotive
  • Healthcare

The machine translation market share growth in the defense segment will be significant during the forecast period. One of the major driving factors behind the growth of the global machine translation market is the need for improved electronic warfare abilities, including superior intelligence, stealth capabilities, and precision attack.

• Geography
  • North America
  • Europe
  • APAC
  • South America
  • Middle East and Africa

30% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for machine translation in North America. However, market growth in this region will be slower than the growth of the market in other regions.

The machine translation market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market. Moreover, to make the most of the opportunities and recover from post COVID-19 impact, market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. The report also covers the following areas:

• Machine Translation Market size
• Machine Translation Market trends
• Machine Translation Market analysis

Machine Translation Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist machine translation market growth during the next five years
• Estimation of the machine translation market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the machine translation market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of machine translation market vendors

Browse Summary of the LANGUAGE TRANSLATION SOFTWARE MARKET Report by Solution and Geography – Forecast and Analysis 2022-2026: The market value is set to grow by USD 14.70 billion, progressing at a CAGR of almost 41% from 2020 to 2025, as per the latest report by Technavio. The increased adoption of mobile translation is notably driving the language translation software market growth, although factors such as threat from open-source language translation software providers may impede the market growth.

Browse Summary of the SPEECH TO SPEECH TRANSLATION MARKET Report by Type and Geography – Forecast and Analysis 2022-2026: The market value is set to grow by USD 238.93 million, progressing at a CAGR of 9.64% from 2021 to 2026, as per the latest report by Technavio. The growing use of AI integrated with speech-to-speech translation is one of the key trends supporting the speech-to-speech market size growth.