Machine Translation Market is Witnessing Significant Growth as a Result Of the Growing Demand for Content Localization

The machine translation market size is projected to reach $195.4 million by 2023, growing at a CAGR of 6.7% during 2017-2023. The market is growing mainly due to the emerging demand for content localization, growing volumes of big data, and growing need for cost-effective and high-speed translation. Machine translation finds application in military & defense, healthcare & life sciences, automotive, travel & hospitality, legal & law firms, banking & finance, electronics, IT & telecom services, retail & manufacturing, media & entertainment, and others. The top four applications including military & defense, healthcare & life sciences, automotive, and travel & hospitality contributed nearly 40% to the global machine translation market in 2016. Among the various applications, military & defense generated the highest demand with a market share of 10.1% in 2016, closely followed by healthcare & life sciences. Retail & manufacturing is expected to witness the fastest growth in demand during the forecast period. The growing adoption of machine translation among retailers to grow their influence and sales across borders and implement a go-to-market strategy is the key factor driving the growth of the market for machine translation in retail and manufacturing.

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It has been observed that the volume of data has been increasing across various industries. Switching from analogue to digital technologies and increase in the number of mobile devices and applications are some of the major factors that are likely to fuel the volume of data. The growing volume of big data across the internet is generating the demand for cost-efficient and high-speed translation. According to a research, human translators across the globe can address less than one millionth part of the content generated every day. As MT can cope with high volume of data, perform at high speed and reduce cost associated with translation, many language service providers (LSPs) are increasingly incorporating MT tools with human translation to provide better customer experience and close this gap. Also, with the growing demand of machine translation, the machine translation market has been incorporating further developments such as custom machine translation (CMT). The digital universe is expected to reach zettabytes of data by 2020, which is further expected to increase the importance of machine translation in the years to come.

Asia-Pacific (APAC) is likely to emerge as the fastest growing market for machine translation, registering a CAGR of 7.5% during the forecast period. The growth of this market in the APAC region can mainly be attributed to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages. Among all the countries in the Asia-Pacific region, Japan accounted for the largest share of 22.8% of the regional machine translation market. China and India are the most populous nations and spending power of these countries make them attractive destination for business.

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The key players in the machine translation market are International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc., Google Inc., SYSTRAN, TransPerfect Translations International Inc., PROMT Ltd, Microsoft Corporation, Honyaku Center Inc., and Venga Global.

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