U.S. markets closed
  • S&P 500

    4,283.74
    +9.70 (+0.23%)
     
  • Dow 30

    33,999.04
    +18.72 (+0.06%)
     
  • Nasdaq

    12,965.34
    +27.22 (+0.21%)
     
  • Russell 2000

    2,000.73
    +13.41 (+0.68%)
     
  • Crude Oil

    90.59
    +0.09 (+0.10%)
     
  • Gold

    1,771.40
    +0.20 (+0.01%)
     
  • Silver

    19.42
    -0.04 (-0.20%)
     
  • EUR/USD

    1.0091
    -0.0001 (-0.0101%)
     
  • 10-Yr Bond

    2.8800
    -0.0130 (-0.45%)
     
  • Vix

    19.56
    -0.34 (-1.71%)
     
  • GBP/USD

    1.1935
    +0.0002 (+0.0155%)
     
  • USD/JPY

    135.8400
    -0.0220 (-0.0162%)
     
  • BTC-USD

    23,224.39
    -105.56 (-0.45%)
     
  • CMC Crypto 200

    558.74
    +1.01 (+0.18%)
     
  • FTSE 100

    7,541.85
    +26.10 (+0.35%)
     
  • Nikkei 225

    28,942.14
    -280.63 (-0.96%)
     

Machine Translation Market to Record a CAGR of 14.48%, Increasing Demand for Content Localization to Drive Growth - Technavio

·13 min read

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.

Technavio has announced its latest market research report titled Machine Translation Market by Application and Geography - Forecast and Analysis 2022-2026
Technavio has announced its latest market research report titled Machine Translation Market by Application and Geography - Forecast and Analysis 2022-2026

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).

Get a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format

Vendor Insights

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:

  • 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 report provides a full list of key vendors, their strategies, and latest developments. Request a PDF Sample Now

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.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

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.

Technavio provides major drivers and challenges that will shape the future of the market. View our Sample Report

Customize Your Report

Don't miss out on the opportunity to speak to our analyst and know more insights about this market report. Technavio can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.

Related Reports:

Learning Management Systems Market for Higher Education by Deployment and Geography - Forecast and Analysis 2022-2026

Language Translation Software Market by Solution and Geography - Forecast and Analysis 2022-2026

Machine Translation Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 14.48%

Market growth 2022-2026

USD 850.62 million

Market structure

Fragmented

YoY growth (%)

13.0

Regional analysis

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

Competitive landscape

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.

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

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.

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

  • 9.1 Overview

  • 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 Appendix

  • 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

About Us:

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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: media@technavio.com 
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)
Technavio (PRNewsfoto/Technavio)
Cision
Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/machine-translation-market-to-record-a-cagr-of-14-48-increasing-demand-for-content-localization-to-drive-growth---technavio-301597552.html

SOURCE Technavio