Latest News- AI-Enabled Translation Services Market: NMT is expected to lead the Technology segment during 2025-2029

The AI-Enabled Translation Services Market is being driven by Transformative advancements in AI and large language models

The AI-Enabled Translation Services Market is expected to grow at a CAGR of 16.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 3786.3 million. The AI-enabled translation services market is undergoing a significant transformation, transitioning from a text-centric approach to a multimodal one that incorporates speech, audio, and video. This evolution is fueled by the increasing prevalence of rich media in corporate communications, marketing, and entertainment. Breakthroughs in AI technology, enabling the processing and generation of information across various formats, are driving this change. The market is expanding beyond text-based translation to provide dynamic, scalable solutions for localizing the expanding repository of global audio-visual content. This shift goes beyond adding new features; it signifies a broadening of the market's scope and value proposition. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • NMT
  • Hybrid machine translation
  • Statistical machine translation
  • Ruled-based machine translation
• Deployment
  • Cloud-based
  • On-premises
• Application
  • E-commerce and retail
  • Healthcare and pharmaceuticals
  • Legal and financial services
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Transformative advancements in AI and large language models
• Unprecedented globalization and the proliferation of digital content
• Escalating demand for personalized and real-time customer experiences

However, the market also witnesses some limitations, which are as follows:

• Ensuring accuracy, nuance, and overcoming AI hallucinations
• Navigating data security, privacy, and regulatory compliance
• Addressing ethical concerns, inherent bias, and copyright uncertainty

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Market Scope in AI-Enabled Translation Services Market Research Report

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Research Analysis Overview

The AI-Enabled Translation Services Market encompasses language identification, ensuring translation accuracy and efficiency. It includes vocabulary expansion and domain adaptation for enhanced translation consistency. Specialized translations, such as technical and cultural adaptations, are facilitated. Linguistic quality and fluency assessment are prioritized, with translation platforms offering APIs and documentation. Data security protocols safeguard information, while automation streamlines translation processes. Custom language models and neural network architectures are deployed for model evaluation and performance benchmarking. Preprocessing and feature engineering optimize data, and editing and quality control ensure translation workflow excellence.

Market Research Overview

The AI-Enabled Translation Services Market is a segment of the larger IT software industry, specifically focusing on application software that utilizes neural machine translation and natural language processing technologies for machine translation services. This market caters to businesses requiring translation services for various language pairs, prioritizing high machine translation quality. Technavio's market analysis encompasses companies offering these advanced translation solutions, contributing to the global application software market's growth. These companies provide cloud-based software, enterprise software, and technical solutions, with a focus on delivering accurate and efficient translations for diverse industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/