The global machine translation market size was US$ 712.0 million in 2021 and is forecast to reach US$ 2160.3 million by 2030. The global machine translation market is expected to grow at a compound annual growth rate (CAGR) of 14.3% during the forecast period from 2022-2030. 

Factors Influencing

• The growing influence of businesses, mainly in the emerging economies, and the creation of massive online content are contributing to the growth of the global machine translation market. 
• The growing use of cloud-based applications is forecast to fuel the growth of the global machine translation market. 
• The machine translation (MT) industry is forecast to witness rapid growth because of the increasing demand for content localization. Moreover, the expansion of companies outside the local market is forecast to benefit the global machine translation market. 
• The cost-efficiency of machine translation systems is forecast to boost the growth of the global machine translation market. 
• Growing threats related to free translation service providers may slow down the market growth.
• The development of advanced machine translation systems to cater to consumer needs would accelerate the market growth. Lilt Inc. introduced an adaptive neural machine translation system to increase the potential of a human translator and offer opportunities for establishing effective communication in a particular language. 

Geographic Analysis

Regionally, North America is expected to emerge as the largest revenue contributor in the global machine translation market. It is due to the increasing demand for machine translation from the military and defense sector and the growing use of cloud-based technologies. 

Apart from that, the Asia-Pacific region would register significant growth in the global machine translation market due to the large customer base, developing overseas businesses, increasing number of high net worth individuals (HNWIs). Moreover, the region is home to a large number of cultures and languages. As a result, it would propel the growth of the Asia-Pacific machine translation market. 

COVID-19 Impact Analysis

The global machine translation market has gained traction, owing to the increasing demand for content localization and high-speed translation. The players in the global machine translation market witnessed favorable growth opportunities in the healthcare sector. The systems, such as Google AI and ML translation, helped people understand the information related to the COVID-19 spread. Moreover, India's MyGov COVID-19 website was updated to translate the information into 10 different languages. As a result of growing demands, the COVID-19 pandemic is forecast to have a positive impact on the global machine translation market. 

Competitors in the Market

• Microsoft Corporation
• Baidu
• Google LLC
• Alibaba Cloud
• Amazon
• Systran International
• International Business Machines Corporation (IBM)
• Lionbridge Technologies Inc.
• SDL Plc
• Honyaku Center Inc.
• Other prominent players

Market Segmentation

Insight by Technology

• Statistical Machine Translation (SMT)
• Rule-Based Machine Translation (RBMT)
• Neural Machine Translation (NMT)
• Others

Insight by Deployment Type

• On-Premises
• Cloud

Insight by Application

• Military & Defense
• Healthcare & Life Sciences
• Automotive, Travel & Hospitality
• Legal & Law Firms
• Banking & Finance
• Electronics
• It & Telecom Services
• Retail & Manufacturing
• Media & Entertainment
• Others

Insight by Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America