Machine Translation Market by Application and Geography - Forecast and Analysis 2020-2024
Global Machine Translation Market: About this market
Technavio’s machine translation market analysis considers sales from the defense, IT, automotive, and healthcare. Our study also finds the sales of machine translation in APAC, Europe, MEA, North America, and South America. In 2018, the defense segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as technological advances will play a significant role in the defense segment to maintain its market position. Also, our global machine translation market report looks at factors such as increased demand for content localization, globalization of businesses, increased government spending on language services, and increasing adoption of voice search. However, open-source machine translation service tools, market fragmentation, and data privacy and security risks in online translation services may hamper the growth of the machine translation industry over the forecast period.
Global Machine Translation Market: Overview
Globalization of business
The expansion of businesses across the world has increased the need for individuals that are proficient in translation services. Business expansions have made it necessary for companies to translate their documents to comply with regional trade tariffs and laws. Companies are also focusing on expanding their customer base by localizing their services, marketing strategies, and marketing content. These factors have increased the demand for language translation and interpretation services which will lead to the expansion of the global machine translation market at a CAGR of over 19% during the forecast period.
Increase in localization of video content
The demand for video content translations is expected to increase significantly during the forecast period due to the growing consumer preference for product and service-specific videos. Corporate organizations are increasingly using machine video translation services to attract customers through visual and audio content. In addition, the rising demand for webinars and tutorials in local languages has further increased the need for translating video content. This trend is encouraging many market vendors to provide quick and efficient translation services with flexible solutions to offer high-quality video content across various languages and cultures. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global machine translation market during the forecast period 2020-2024, click here.
With the presence of several major players, the global machine translation market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading machine translation manufacturers, that include Alphabet Inc., Asia Online Pte Ltd., Cloudwords Inc., Honyaku Center Inc., International Business Machines Corp., Lionbridge Technologies Inc., Microsoft Corp., SDL Plc, SYSTRAN SA, and TransPerfect Global Inc.
Also, the machine translation market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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