The machine translation market in 2021 was worth around $169.11 million, which is on track to hitting $319.44 million by 2030, progressing at a 7.1% CAGR from 2021 to 2030, as per P&S Intelligence.
PaaS, SaaS, and on-demand computing are a few of the important methods utilized by both commercial and academic sectors to access such software. The ability of cloud-based machine translation systems to lower operating costs has made their integration with cloud computing a significant trend.
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North America Leads Global Machine Translation Utilization
North America accounts for a more than 44% share in the global industry. This is because the regional military and homeland security authorities increasingly using this technology for translation and interpretation.
The technology facilitates communication between the forces of different nations in joint operations and training exercises, as well as making it simpler for soldiers to decipher the communications of attackers who speak a foreign language.
Due to Large Clientele, APAC Will Have Fastest Adoption Rise
In the coming years, APAC is predicted to have the highest growth rate, of over 7.5%. The setup of businesses by overseas firms, large clientele, rise in the count of high-net-worth people, surge in the income levels, presence of various languages, and growth in the emphasis on digital activities by SMEs and large corporations are all major contributors to the growth.
Usage of Neural Technology Growing among Businesses
The category of neural machine translation is projected to experience the highest CAGR in the years to come. This is owing to the burgeoning data quantities, growing pace of technical developments, and rising need for this technology from organizations.
Thus, in April 2022, AppTek LLC debuted its NMT system, which leverages metadata as the input to tailor the MT output. It provides localization experts with more-dependable machine translations influenced by users’ inputs.
Military and Defense Organizations Create Robust Demand for Machine Translation Solutions
Military and defense applications hold an over 10% share. Military and defense forces need to translate large quantities of content quickly, to connect with multilingual people in real time, because there are hundreds of languages spoken around the world.
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For most professions, communication is essential, but for defense and military professionals, it may be the difference between life and death. This is due to the significant obstacle that language presents to military activities and defense research organizations.
E-Commerce Applications’ Revenue Contribution Rapidly Growing
In the future, the e-commerce sector is predicted to have the fastest growth. When retail businesses were forced to close due to the COVID-19 epidemic, customers were left with little choice except to shop online for their groceries, gadgets, clothing, and other necessities. This drove the need of online shopping firms to connect with people in their mother tongues, which resulted in a significant utilization of the machine translation technology.
Global Machine Translation Market Report Coverage
- Statistical Machine Translation
- Rule-based Machine Translation
- Neural Machine Translation
By Deployment Type
- Military and Defense
- Travel and hospitality
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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