Press release
Emerging Trends to Drive AI in Language Translation Market Growth at 24.9% CAGR Through 2029
AI in Language Translation
AI in Language Translation Market Size Growth Forecast: What to Expect by 2025?
The market size for AI in language translation has experienced dramatic growth lately. The forecast predicts it will rise from $2.34 billion in 2024 to $2.94 billion in 2025, showcasing a compound annual growth rate (CAGR) of 25.2%. The historical growth trend lines up with advancements in machine learning and neural networks, increased global integration, evolution of natural language processing (NLP) technologies, proliferation of the internet and digital content, as well as heightened computational power and expansion of cloud computing.
How Will the AI in Language Translation Market Size Evolve and Grow by 2029?
In the coming years, the market size for AI in language translation is predicted to undergo substantial growth. The market's growth rate is anticipated to reach a size of $7.16 billion in 2029, with an expected compound annual growth rate (CAGR) of 25.0%. This projected growth within the specified timeline can be credited to factors such as the rise in globalization, advances in natural language processing (NLP), a growing need for multilingual customer support, its incorporation with various other technologies, and the growth of e-commerce. Some prominent trends for the forecast period are the growing use of neural machine translation (NMT), the enhancement of multilingual competencies, incorporation with voice recognition and speech-to-text technologies, increased momentum in e-commerce and international business, and personalized and context-aware translations.
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What Drivers Are Propelling the Growth of AI in Language Translation Market Forward?
The growth of e-commerce is set to drive the AI in language translation market's expansion. Essentially, e-commerce involves the online purchase and sale of goods and services and covers various internet business models. It allows trade between businesses, consumers, and other organizations via digital channels. Factors such as ubiquitous internet and smartphone use, a surge in preference for online shopping, advancements in payment and logistic systems, along with the comfort of home shopping, are fueling e-commerce's growth. AI in language translation significantly enhances e-commerce by facilitating precise and effective multilingual communication, leading to improved customer experience and wider international coverage. For example, as per the U.S. Department of Commerce's Census Bureau, U.S. retail e-commerce sales hit a milestone of $289.2 billion in the first quarter of 2024. This indicates a 2.1% increase (0.7%) from the previous quarter in 2023. Therefore, the increasing popularity of e-commerce platforms and online shopping is accelerating the AI in language translation market's growth.
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Which Emerging Trends Are Transforming the AI in Language Translation Market in 2025?
Key players in the AI in language translation market, such as Smartling Inc., are enhancing their product offerings by introducing advanced and customizable language translators. These AI-based tools are designed to cater to unique requirements, including understanding specific industry terminology, regional dialects, or individual user preferences. Using the example of Smartling Inc., in May 2024, the US-based translation firm presented its AI Translation Toolkit to the market. This innovative tool aims at enhancing translation quality, decreasing expenses, and accelerating delivery times. Among its key features are the AI Translation Memory that enhances the storage capabilities of translation memory by up to 35 percentage points, delivering substantial savings to their customers. Additionally, the toolkit includes an AI Glossary Term Insertion feature that ensures the accurate and grammatically correct use of glossary terms, while also automating the process of content cleanups to reduce mistakes.
What Are the Key Segments in the AI in Language Translation Market?
The AI in language translationmarket covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Mode: Cloud-Based, On-Premise
3) By End-Use: Commercial Use, Personal Use
Subsegments:
1) By Software: Machine Translation Software, Neural Machine Translation (NMT) Software, Statistical Machine Translation (SMT) Software, Rule-Based Machine Translation Software, Cloud-Based Translation Software, Translation Memory Software, Post-Editing Software, AI-Powered Language Translation Apps
2) By Services: Translation As A Service (TaaS), AI-Powered Language Localization Services, Language Model Training Services, Post-Editing And Proofreading Services, Data Annotation Services, Consulting And Customization Services, Multilingual Support Services, Cloud Translation Platform Integration Services
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Who Are the Key Players Shaping the AI in Language Translation Market's Competitive Landscape?
Major companies operating in the AI in language translation market are Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Tencent Holdings Ltd., Amazon Web Services Inc., International Business Machines Corporation, Baidu Inc., Zebra Technologies, iFLYTEK, TransPerfect, Sogou Inc., Lionbridge, Appen Limited, DeepL, ABBYY LLC, Unbabel, Smartling, PhraseApp, SYSTRAN, Tilde, Lilt, Language I/O, Pangeanic, VerbalizeIt
What Geographic Markets Are Powering Growth in the AI in Language Translation Market?
North America was the largest region in the AI in language translation market in 2024. The regions covered in the AI in language translation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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