The machine translation market is expected to reach $7.5 billion by 2030, according to Global Market Insights Inc.
The increasing complexity of customer translation requirements will propel the growth of hybrid machine translation segment. In this technology, multiple machine translation processes are used and combined into a single machine translation system to achieve high quality content. With increasing emphasis on improving the customer experience, deploying single translation systems is not always effective. This may impact the overall accuracy of the translated data. The technology is categorized into different methodologies including multi-engine translation, statistical rule generation, and multi-pass. These approaches are used to solve unique translation system issues and create a custom model for industry-specific solutions.
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The BFSI sector will witness growth in the market due to the introduction of new policies and subsidized loans for the agriculture industry. Government authorities are focusing on supporting farmers through these initiatives. For example, in February 2022the Indian government has increased the agricultural credit target to about $232.2 billion for the financial year 2022-23 from $212.9 billion during the 2021-2022 financial year. This will encourage more farmers to open bank accounts, from different rural areas of the country, to take advantage of monetary support. This factor will encourage the banking sector to integrate its web pages or applications with advanced automatic translation systems in several languages to allow users to clearly understand the information.
The booming automotive sector in Europe will feed the machine translation market demand during the estimated period. Global automakers are strengthening their presence in the region to strengthen their positioning and expand their customer base. For example, in March 2022Tesla inaugurated a new Gigafactory in Berlin to meet the demand for electric vehicles (EVs) in Europe. The plant is estimated to produce nearly 500,000 vehicles at the site each year, employing over 12,000 people. Companies in the industry use machine translation technology for business communication, training materials for operations, and translating technical documents. MT helps them streamline communication and reduce overall cost.
Some major findings of the Machine Translation Market report are:
- The integration of AI in machine translation solutions will drive the growth of the market. AI-based technology enables accurate, smooth and automatic translation from a natural or written language to another target language. It evaluates the quality of automatically translated content.
- An increasing focus on content localization for better business-to-business communication will drive the growth of the industry. Several companies from different sectors are investing in translation technology for documents, manuals and key information to avoid financial and operational loss.
- The increasing use of machine translation technology in the e-commerce sector will drive the expansion of the industry. Through these solutions, market players are focusing on offering multilingual applications to end users, enabling a wide range of customers to understand terminology in their preferred language.
- The growing focus of technology vendors on expanding their language and dialect lists will accelerate the size of the market. This factor will allow more customers to use these services for different applications.
- The growing adoption of cloud services in SMBs and large organizations will drive the deployment of machine translation technology. Businesses across different industries are using cloud technology because of its scalability, flexibility, and data security aspects. MT solutions can be easily integrated into existing cloud infrastructure.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 360º Overview of Machine Translation Industry, 2018-2030
2.1.1 Trade trends
2.1.2 Regional trends
2.1.3 Technology trends
2.1.4 Deployment Model Trends
2.1.5 Application trends
Chapter 3 Machine Translation Industry Overview
3.2 Impact of the coronavirus pandemic (COVID-19)
3.3 Ukraine–Russia impact of war
3.4 Industry Ecosystem Analysis
3.5 Technology and innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.8 Investment portfolio
3.9 Analysis of growth potential
3.10 Porter’s analysis
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, in the United States, is a global provider of market research and consulting services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights Inc.