Machine Translation Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Machine translation enables instant conversion for textual, image, and audio files from the source language to the target language. Growing Internet penetration, improvement in communication infrastructure, and rising need to reduce operational costs are the key driving factor for the machine translation market during the forecast period. Further, increasing the demand for cost-effective and high-speed translation fuels the growth of the machine translation market.

MARKET SCOPE

The "Global Machine Translation Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the machine translation market with detailed market segmentation by technology, deployment, application, and geography. The report provides key statistics on the market status of the leading machine translation market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on technology, the global machine translation market is segmented into Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation, and others.
  
•   On the basis of deployment, the market is segmented into on-premise and cloud.
  
•   Based on application, the market is segmented into automotive, BFSI, e-commerce, electronics, healthcare, IT and telecommunications, military and defense, and others.
  

MARKET DYNAMICS

Drivers:

•   Growing penetration of digitalization across industries, the rising need for machine translation services to facilitate communication between trading organizations is the significant factor driving the machine translation market's growth.
  
•   Rapid adoption of smart devices, growing demand to improve customer experience, and the adoption of cloud-based services is expected to provide lucrative growth opportunities for the machine translation market growth.
  

Restraints:

•   Lack of quality and accuracy, and accessibility of open source translation software may hamper the machine translation market growth.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The machine translation market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the machine translation market in these regions.

IMPACT OF COVID-19 ON MACHINE TRANSLATION MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the machine translation market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from machine translation market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the machine translation market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   AppTek
  
•   Cloudwords Inc.
  
•   IBM
  
•   Lionbridge Technologies, Inc.
  
•   Microsoft
  
•   PROMT LLC
  
•   Raytheon Technologies
  
•   Omniscien Technologies.
  
•   SYSTRAN S.A.
  
•   YANDEX LLC
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Machine Translation Report Scope