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 globalized business landscape, effective communication across linguistic borders is essential for companies and organizations to engage with customers, partners, and stakeholders worldwide. Multilingual AI technology, specifically machine translation, plays a pivotal role in breaking down language barriers. By automating translation tasks, this advanced technology not only enhances access to information and services for non-dominant language speakers but also streamlines business processes. Advertising agencies and marketing firms leverage AI-powered machine translation solutions to customize advertisements and localize content based on audience demographics, social trends, and purchase history. This data-driven approach enables businesses to deliver targeted and personalized marketing campaigns, thereby fostering stronger customer relationships and expanding market reach. 

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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
  • Statistical Machine Translation (SMT)
  • Neural Machine Translation (NMT)
  • Rule-Based Machine Translation (RBMT)
  • Hybrid Machine Translation (HMT)
  • Example-based Machine Translation (EBMT)
• Usage
  • H2M translation
  • M2M translation
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • 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: 

• 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 encompasses various techniques such as Statistical Machine Translation (SMT), Rule-Based Machine Translation (RBMT), Phrase-Based Machine Translation (PBMT), and Hybrid Machine Translation. Quality evaluation is crucial, with metrics like BLEU score and NIST score used for assessment. Translation error analysis, research, technology, and resources like parallel and monolingual corpora are integral. Translation quality and efficiency metrics, cost optimization, workflow optimization, automation tools, platform integrations, management systems, localization, global content management, multilingual websites, marketing, customer service, cross-cultural communication, and global business are key areas of focus.

Market Research Overview

The Machine Translation market is a segment of the IT software industry, focusing on the development and implementation of software solutions for translating text from one language to another. This market encompasses companies providing Translation Memory systems, Neural Machine Translation, and Machine Translation APIs. These solutions facilitate seamless communication across language barriers, enabling businesses to expand their reach and enhance global collaboration. Companies offering these services generate revenue through licensing, subscription, and customization of their software, contributing significantly to the IT software market's growth. Language pairs supported and translation quality are essential factors in the selection of machine translation services by businesses.. 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/