Machine Translation Market by Application and Geography - Forecast and Analysis 2022-2026
- Published: May 2022
- Pages: 120
- SKU: IRTNTR40205
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The machine translation market share is expected to rise to USD 850.62 million from 2021 to 2026, at a progressing CAGR of 14.48%.
This machine translation market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers machine translation (MT) market segmentations by the following:
- Application - Defense, IT, automotive, and healthcare
- Geography - North America, Europe, APAC, South America, and Middle East and Africa
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.
What will the Machine Translation Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Machine Translation Market Size for the Forecast Period and Other Important Statistics
Machine Translation Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing demand for content localization is notably driving the MT market growth, although factors such as open-source machine translation service tools may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the machine translation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Machine Translation Market Driver
One of the key factors driving the global machine translation market growth is the increasing demand for content localization. Content localization is expected to exploit numerous new opportunities, especially in catering to customers globally by providing content in their own native language. Media entertainment is a major end-user industry using digitalization and localization of content. Some recent developments in the field of content localization have been listed below.
- One of the leading companies in the media localization industry, Iyuno Sweden Holding II AB, acquired SDI Media Group, Inc. in March 2021.
- In April 2022, Iyuno-SDI Group acquired the Ortana Media Group.
- In April 2021, SoftBank Vision Fund 2 announced that it had invested USD 160 million in Iyuno-SDI Group, a content localization company.
Such activities will drive the demand for machine translation during the forecast period.
Key Machine Translation Market Trend
The use of multilingual AI is one of the key machine translation market trends that is expected to impact the industry positively in the forecast period. The incorporation of AI provides information about customers' demographics, as well as social and purchase history. Such data and insights are used to customize advertisements and localize content and websites as per the demography of the audience. This encourages vendors to invest and develop software and services that will help them achieve operational efficiency. For instance;
- In January 2021, SYSTRAN announced the release of industry-specific translation models, which will support industry-specific translations for agriculture, education, finance, IT, legal and health sectors.
- In June 2021, the company launched SYSTRAN Translate PRO. The software supports over 325 language combinations.
Key Machine Translation Market Challenge
One of the key challenges to the global machine translation market growth is the open-source machine translation service tools. A single license for SDL Trados Studio can cost thousands of dollars. Thus, many SMEs opt for open-source translation services. The availability of free translation software, ranging from free CAT tools to machine translation engines, further pressurizes vendors' pricing strategies. Some examples of open-source CAT tools are as follows:
- Omega T
- Open TM2
- Anaphraseus
Companies such as SYSTRAN SA (SYSTRAN) and Google are among the few LSPs that provide free online translation services. They provide free translation of websites and web pages, along with a free translation of emails and files. Such factors may limit the market growth in the coming years.
This machine translation market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global machine translation market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the machine translation market during the forecast period.
Who are the Major Machine Translation Market Vendors?
The report analyzes the market's competitive landscape and 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.
- Welocalize Inc.
This statistical study of the machine translation market encompasses successful business strategies deployed by the key vendors. The machine translation market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
Product Insights and News
- 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.
- Alphabet Inc. - Google services segment of the company includes products and services such as Google Ads, Android, Chrome, Google Maps, Google Play, Search, YouTube, and hardware.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The machine translation market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Machine Translation Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the machine translation market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Machine Translation Market?
For more insights on the market share of various regions Request for a FREE sample now!
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 presence of a large number of technical giants, such as Google and Microsoft, which have invested huge amounts in machine translation will facilitate the machine translation market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in Q1 2020 adversely affected the business activities of end-users, such as automotive and IT. The surge in the number of COVID-19 cases in various countries in the region compelled governments to introduce emergency legislation, which led to the shutdown of manufacturing, transportation, IT and corporate offices, universities and schools, and retail business units. However, cloud-based software providers gained substantially from the current pandemic outbreak, as the majority of IT employees worked from home. This created the need for organizations to partner with vendors of machine translation software to avail of their solutions. This positively impacted the growth of the regional market in 2020. During the forecast period, a rise in autonomous vehicle production and defense spending are expected to further drive the growth of the regional market.
What are the Revenue-generating Application Segments in the Machine Translation Market?
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The machine translation market share growth by 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.
This report provides an accurate prediction of the contribution of all the segments to the growth of the machine translation market size and actionable market insights on post COVID-19 impact on each segment.
You may be interested in:
Language Translation Software market - The market share is expected to increase by USD 9.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 15.3%.
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Machine Translation Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.48% |
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Market growth 2022-2026 |
$ 850.62 million |
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Market structure |
Fragmented |
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YoY growth (%) |
13.0 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 30% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Machine Translation Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive machine translation market growth during the next five years
- Precise estimation of the machine translation market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the machine translation industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough 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
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Application
- 5.1 Market segments
- Exhibit 24: Chart on Application - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
- 5.2 Comparison by Application
- Exhibit 26: Chart on Comparison by Application
- Exhibit 27: Data Table on Comparison by Application
- 5.3 Defense - Market size and forecast 2021-2026
- Exhibit 28: Chart on Defense - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Defense - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Defense - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Defense - Year-over-year growth 2021-2026 (%)
- 5.4 IT - Market size and forecast 2021-2026
- Exhibit 32: Chart on IT - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on IT - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on IT - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on IT - Year-over-year growth 2021-2026 (%)
- 5.5 Automotive - Market size and forecast 2021-2026
- Exhibit 36: Chart on Automotive - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Automotive - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Automotive - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Automotive - Year-over-year growth 2021-2026 (%)
- 5.6 Healthcare - Market size and forecast 2021-2026
- Exhibit 40: Chart on Healthcare - Market size and forecast 2021-2026 ($ million)
- Exhibit 41: Data Table on Healthcare - Market size and forecast 2021-2026 ($ million)
- Exhibit 42: Chart on Healthcare - Year-over-year growth 2021-2026 (%)
- Exhibit 43: Data Table on Healthcare - Year-over-year growth 2021-2026 (%)
- 5.7 Market opportunity by Application
- Exhibit 44: Market opportunity by Application ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 46: Chart on Market share by geography 2021-2026 (%)
- Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 48: Chart on Geographic comparison
- Exhibit 49: Data Table on Geographic comparison
- 7.3 North America - Market size and forecast 2021-2026
- Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 APAC - Market size and forecast 2021-2026
- Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.10 Germany - Market size and forecast 2021-2026
- Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.11 UK - Market size and forecast 2021-2026
- Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)
- 7.12 Canada - Market size and forecast 2021-2026
- Exhibit 86: Chart on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 87: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 88: Chart on Canada - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on Canada - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 90: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 91: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 93: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 94: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 95: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 96: Matrix on vendor position and classification
- 10.3 Alphabet Inc.
- Exhibit 97: Alphabet Inc. - Overview
- Exhibit 98: Alphabet Inc. - Business segments
- Exhibit 99: Alphabet Inc. - Key news
- Exhibit 100: Alphabet Inc. - Key offerings
- Exhibit 101: Alphabet Inc. - Segment focus
- 10.4 Cloudwords Inc.
- Exhibit 102: Cloudwords Inc. - Overview
- Exhibit 103: Cloudwords Inc. - Product / Service
- Exhibit 104: Cloudwords Inc. - Key offerings
- 10.5 Honyaku Center Inc.
- Exhibit 105: Honyaku Center Inc. - Overview
- Exhibit 106: Honyaku Center Inc. - Product / Service
- Exhibit 107: Honyaku Center Inc. - Key offerings
- 10.6 International Business Machines Corp.
- Exhibit 108: International Business Machines Corp. - Overview
- Exhibit 109: International Business Machines Corp. - Business segments
- Exhibit 110: International Business Machines Corp. - Key offerings
- Exhibit 111: International Business Machines Corp. - Segment focus
- 10.7 Lionbridge Technologies LLC
- Exhibit 112: Lionbridge Technologies LLC - Overview
- Exhibit 113: Lionbridge Technologies LLC - Product / Service
- Exhibit 114: Lionbridge Technologies LLC - Key offerings
- 10.8 Microsoft Corp.
- Exhibit 115: Microsoft Corp. - Overview
- Exhibit 116: Microsoft Corp. - Business segments
- Exhibit 117: Microsoft Corp. - Key news
- Exhibit 118: Microsoft Corp. - Key offerings
- Exhibit 119: Microsoft Corp. - Segment focus
- 10.9 Omniscien Technologies
- Exhibit 120: Omniscien Technologies - Overview
- Exhibit 121: Omniscien Technologies - Product / Service
- Exhibit 122: Omniscien Technologies - Key offerings
- 10.10 RWS Holdings PLC
- Exhibit 123: RWS Holdings PLC - Overview
- Exhibit 124: RWS Holdings PLC - Business segments
- Exhibit 125: RWS Holdings PLC - Key news
- Exhibit 126: RWS Holdings PLC - Key offerings
- Exhibit 127: RWS Holdings PLC - Segment focus
- 10.11 SYSTRAN SA
- Exhibit 128: SYSTRAN SA - Overview
- Exhibit 129: SYSTRAN SA - Product / Service
- Exhibit 130: SYSTRAN SA - Key offerings
- 10.12 TransPerfect Global Inc.
- Exhibit 131: TransPerfect Global Inc. - Overview
- Exhibit 132: TransPerfect Global Inc. - Product / Service
- Exhibit 133: TransPerfect Global Inc. - Key news
- Exhibit 134: TransPerfect Global Inc. - Key offerings
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 135: Inclusions checklist
- Exhibit 136: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 137: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 138: Research methodology
- Exhibit 139: Validation techniques employed for market sizing
- Exhibit 140: Information sources
- 11.5 List of abbreviations
- Exhibit 141: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
Frequently Asked Questions?
- US
- Canada
- China
- Germany
- UK
- increasing demand for content localization
- Use of multilingual AI
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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