Latest News- Machine Translation Market: On-premises is expected to lead the Deployment segment during 2025-2029

The Machine Translation Market is being driven by Increasing demand for content localization

The Machine Translation Market is expected to grow at a CAGR of 16.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1498.6 million. In today's global business landscape, effective communication across linguistic borders is essential for companies and organizations to engage with customers, partners, and stakeholders. Multilingual AI technology, which includes advanced machine translation solutions, enables seamless communication by breaking down language barriers. Advertising agencies and marketing firms are leveraging this technology to offer customized advertising campaigns and localized content for diverse demographics. By integrating AI capabilities, these solutions provide valuable customer insights, including demographics and purchase history, to inform targeted marketing strategies. This not only streamlines processes but also expands market reach, making multilingual AI an indispensable tool for businesses operating in a globalized world. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • On-premises
  • Cloud
• Application
  • Defense
  • IT
  • Automotive
  • Healthcare
• Technology
  • SMT
  • NMT
  • RBMT
  • HMT
  • EBMT
• Usage
  • H2M translation
  • M2M translation
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
  • 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: 

• Increasing demand for content localization
• Rapid globalization of businesses is generating need for multilingual communication
• Increasing adoption of voice recognition technology

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

• Availability of open-source machine translation service tools
• Data privacy and security associated with machine learning services
• Ambiguity and complexities of natural human language

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Market Scope in Machine Translation Market Research Report

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Research Analysis Overview

The Machine Translation (MT) market is experiencing significant growth due to the integration of Artificial Intelligence (AI), Deep Neural Networks, and Natural Language Processing (NLP) technologies. Multilingual communication in digital content sectors like E-commerce, Travel, and Healthcare is driving this demand. Neural networks and deep learning techniques are revolutionizing Translation Theory, with AI-powered MT solutions outpacing human translators. Internet penetration, smartphone penetration, communication infrastructure, and Big Data are key factors fueling this trend. Language service providers are adapting to meet the needs of Internet users by offering more accurate and efficient MT services.

Market Research Overview

The global IT software market encompasses businesses specializing in the creation and distribution of application and system software. This sector includes enterprises developing software for industry-specific applications, as well as cloud-based solutions. Notably, the application software market focuses on firms producing software for business and consumer use, excluding those classified under interactive home entertainment and systems software. According to Technavio, the IT software market size is determined by the consolidated revenue of organizations providing various types of software, including cloud services. Key technologies driving growth in this sector include artificial intelligence, big data, deep learning techniques, and the integration of chatbots into communication channels and infrastructure.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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/