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PUBLISHER: IMARC | PRODUCT CODE: 1287481
PUBLISHER: IMARC | PRODUCT CODE: 1287481
Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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The global machine translation market size reached US$ 179.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 339.6 Million by 2028, exhibiting a growth rate (CAGR) of 11.42% during 2023-2028.
Machine translation (MT) refers to a sub-field of computational linguistics that translates source content into target languages. It is a fully automated software, which allows customization and enhances the overall output by limiting the scope of permissible substitutions. It is useful in domains wherein formal or formulaic language is employed. MT can work without human intervention to translate considerable amounts of information that cannot be translated conventionally. At present, the growth of adaptive machine translation, along with the reinvention of computer-aided translational tools, is offering lucrative opportunities to leading players in the industry.
The rising popularity of cloud-based applications represents one of the key factors strengthening the growth of the market. Cloud technology provides access to different services via cloud servers, thereby eliminating the need to invest in in-house hardware development or installations. Moreover, the increasing requirement of organizations to localize their content in different languages and capture international markets is positively influencing the sales of MT solutions across the globe. Furthermore, key players are focusing on the development of advanced MT solutions to expand their product portfolio. For instance, Lilt Inc., an Artificial Intelligence (AI) powered language service provider, recently launched an adaptive neural machine translation system to utilize a real-time feedback loop and enhance the productivity of a human translator. Besides this, machine translation services are being developed to disseminate healthcare information regarding the ongoing coronavirus disease (COVID-19) pandemic in various regional languages.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global machine translation market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on technology type, deployment type and application.
Breakup by Technology Type:
Statistical Machine Translation (SMT)
Rule-Based Machine Translation (RBMT)
Neural Machine Translation
Others
Breakup by Deployment Type:
On-Premises
Cloud-Based
Breakup by Application:
BFSI
Automotive
Electronics
Healthcare
IT and Telecommunications
Military and Defense
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Applications Technology Inc., Asia Online Pte Ltd., Cloudwords Inc., International Business Machines Corporation, Lionbridge Technologies Inc., Pangeanic, Raytheon Technologies Corporation, SDL Plc (RWS Holdings Plc), Smart Communications Inc. (PLDT Inc.), Systran and Welocalize Inc.
Key Questions Answered in This Report:
- How has the global machine translation market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global machine translation market?
- What are the key regional markets?
- What is the breakup of the market based on the technology type?
- What is the breakup of the market based on the deployment type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global machine translation market and who are the key players?
- What is the degree of competition in the industry?
Product Code: SR1623A182_Report
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Machine Translation Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Technology Type
- 6.1 Statistical Machine Translation (SMT)
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Rule-Based Machine Translation (RBMT)
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Neural Machine Translation
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Deployment Type
- 7.1 On-Premises
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Cloud-Based
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Application
- 8.1 BFSI
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Automotive
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Electronics
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Healthcare
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 IT and Telecommunications
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Military and Defense
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
- 8.7 Others
- 8.7.1 Market Trends
- 8.7.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Applications Technology Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Asia Online Pte Ltd.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Cloudwords Inc.
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 International Business Machines Corporation
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 Lionbridge Technologies Inc.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Pangeanic
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.7 Raytheon Technologies Corporation
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 SDL Plc (RWS Holdings Plc)
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.9 Smart Communications Inc. (PLDT Inc.)
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Systran
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.11 Welocalize Inc.
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.1 Applications Technology Inc.
Product Code: SR1623A182_Report
List of Figures
- Figure 1: Global: Machine Translation Market: Major Drivers and Challenges
- Figure 2: Global: Machine Translation Market: Sales Value (in Million US$), 2017-2022
- Figure 3: Global: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 4: Global: Machine Translation Market: Breakup by Technology Type (in %), 2022
- Figure 5: Global: Machine Translation Market: Breakup by Deployment Type (in %), 2022
- Figure 6: Global: Machine Translation Market: Breakup by Application (in %), 2022
- Figure 7: Global: Machine Translation Market: Breakup by Region (in %), 2022
- Figure 8: Global: Machine Translation (Statistical Machine Translation- SMT) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 9: Global: Machine Translation (Statistical Machine Translation- SMT) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 10: Global: Machine Translation (Rule-Based Machine Translation- RBMT) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Machine Translation (Rule-Based Machine Translation- RBMT) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Machine Translation (Neural Machine Translation) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Machine Translation (Neural Machine Translation) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Machine Translation (Others) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Machine Translation (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Machine Translation (On-Premises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Machine Translation (On-Premises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Machine Translation (Cloud-Based) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Machine Translation (Cloud-Based) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Machine Translation (BFSI) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Machine Translation (BFSI) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Machine Translation (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Machine Translation (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Machine Translation (Electronics) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Machine Translation (Electronics) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Machine Translation (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Machine Translation (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Machine Translation (IT and Telecommunications) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Machine Translation (IT and Telecommunications) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Global: Machine Translation (Military and Defense) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Global: Machine Translation (Military and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Global: Machine Translation (Others) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Global: Machine Translation (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: North America: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: North America: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: United States: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: United States: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: Canada: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: Canada: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: Asia-Pacific: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: Asia-Pacific: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: China: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: China: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: Japan: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: Japan: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: India: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: India: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: South Korea: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: South Korea: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: Australia: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: Australia: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: Indonesia: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: Indonesia: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: Others: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: Others: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: Europe: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: Europe: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: Germany: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: Germany: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: France: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: France: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: United Kingdom: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: United Kingdom: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Italy: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Italy: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Spain: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Spain: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Russia: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Russia: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Others: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Others: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: Latin America: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: Latin America: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Brazil: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Brazil: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Mexico: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 77: Mexico: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Others: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 79: Others: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 80: Middle East and Africa: Machine Translation Market: Sales Value (in Million US$), 2017 & 2022
- Figure 81: Middle East and Africa: Machine Translation Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 82: Middle East and Africa: Machine Translation Market: Breakup by Country (in %), 2022
- Figure 83: Global: Machine Translation Industry: SWOT Analysis
- Figure 84: Global: Machine Translation Industry: Value Chain Analysis
- Figure 85: Global: Machine Translation Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Machine Translation Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Machine Translation Market Forecast: Breakup by Technology Type (in Million US$), 2023-2028
- Table 3: Global: Machine Translation Market Forecast: Breakup by Deployment Type (in Million US$), 2023-2028
- Table 4: Global: Machine Translation Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 5: Global: Machine Translation Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Machine Translation Market: Competitive Structure
- Table 7: Global: Machine Translation Market: Key Players
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