NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Machine translation refers to a fully automated software that is capable of translating any content from the source language into any target language. Machine translation tools can be used with or without human intervention.
According to the report "Machine Translation Market by Application and Geography - Forecast and Analysis 2022-2026", the market will witness a YOY growth of 13% in 2022 and a CAGR of 14.48% during the forecast period. The report is segmented by application (defense, IT, automotive, and healthcare) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
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The machine translation market is fragmented, and the vendors are deploying growth strategies such as technological innovation to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
ARGOS TRANSLATIONS Sp. z o.o.
Babylon Software Ltd.
CSOFT International Inc.
Global Lingo Ltd.
Honyaku Center Inc.
International Business Machines Corp.
Lionbridge Technologies LLC
RWS Holdings PLC
thebigword Group Ltd.
TransPerfect Global Inc.
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Geographical Market Analysis
North America will provide maximum growth opportunities in the machine translation market during the forecast period. According to our research, the region will contribute 30% of the global market growth during the forecast period. The US and Canada are the two major markets for machine translation in North America. The growth of this region is attributed to factors such as the presence of a large number of technical giants, including Google and Microsoft, which have invested significantly in machine translation.
Key Segment Analysis
The machine translation market share growth by the defense segment will be significant during the forecast period. This growth is driven by factors such as the need for improved electronic warfare abilities, including superior intelligence, stealth capabilities, and precision attack.
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Key Market Drivers & Challenges
The increasing demand for content localization is driving the growth of the market. Content localization helps in catering to customers across the world by providing content in different languages. Media entertainment is a major end-user of digitalization and localization of content.
The open-source machine translation service tools are challenging the growth of the market. A license for SDL Trados Studio can cost thousands of dollars. Hence, many SMEs are opting for open-source translation services. This puts pressure on the pricing strategies of vendors. SYSTRAN SA (SYSTRAN) and Google are some of the companies that provide free online translation services.
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Machine Translation Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 14.48%
Market growth 2022-2026
USD 850.62 million
YoY growth (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 30%
Key consumer countries
US, Canada, China, Germany, and UK
Leading companies, Competitive strategies, Consumer engagement scope
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.
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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Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Application
5.1 Market segments
5.2 Comparison by Application
5.3 Defense - Market size and forecast 2021-2026
5.4 IT - Market size and forecast 2021-2026
5.5 Automotive - Market size and forecast 2021-2026
5.6 Healthcare - Market size and forecast 2021-2026
5.7 Market opportunity by Application
6 Customer Landscape
6.1 Customer landscape overview
7 Geographic Landscape
7.1 Geographic segmentation
7.2 Geographic comparison
7.3 North America - Market size and forecast 2021-2026
7.4 Europe - Market size and forecast 2021-2026
7.5 APAC - Market size and forecast 2021-2026
7.6 South America - Market size and forecast 2021-2026
7.7 Middle East and Africa - Market size and forecast 2021-2026
7.8 US - Market size and forecast 2021-2026
7.9 China - Market size and forecast 2021-2026
7.10 Germany - Market size and forecast 2021-2026
7.11 UK - Market size and forecast 2021-2026
7.12 Canada - Market size and forecast 2021-2026
7.13 Market opportunity by geography
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
8.4 Market trends
9 Vendor Landscape
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
10.1 Vendors covered
10.2 Market positioning of vendors
10.3 Alphabet Inc.
10.4 Cloudwords Inc.
10.5 Honyaku Center Inc.
10.6 International Business Machines Corp.
10.7 Lionbridge Technologies LLC
10.8 Microsoft Corp.
10.9 Omniscien Technologies
10.10 RWS Holdings PLC
10.11 SYSTRAN SA
10.12 TransPerfect Global Inc.
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
11.3 Currency conversion rates for US$
11.4 Research methodology
11.5 List of abbreviations
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