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

NEW YORK, Aug. 29, 2022 /PRNewswire/ -- 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.

Browse for Technavio "INFORMATION TECHNOLOGY MARKET" Research Reports

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

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

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SOURCE Technavio

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