Machine Translation Market Anticipated To Grow At 19.6% CAGR Through 2029: Industry Report

EINPresswire/ -- How Big Is The Machine Translation Market In 2025?
The expansion of the machine translation industry has been significant in the past few years. The market capitalization is projected to increase from $1.90 billion in 2024 to $2.28 billion in 2025, indicating a compound annual growth rate (CAGR) of 20.0%. This upward trend during the historical period is due to the popularization of rule-based machine translation, the internet's expansion, the internationalization of businesses, increased demand for localization in software and websites, and programs for academia and research.

The machine translation sector is projected to experience a swift surge in growth in the coming years. By 2029, this market is anticipated to be worth $4.67 billion, at a compound annual growth rate of 19.6%. This considerable growth during the forecast period can be linked to the growing requirements for instant translation, increased utilization of machine translation in automating customer service, the rise of e-commerce and digital content, expansion of social media outlets, and the advent of multilingual AI assistants. Major tendencies within this forecast period will encompass advancements in neural machine translation methods, creativity in systems that can recognize context-aware translations, the integration of machine translation with virtual assistants, enhancements in real-time speech translation technology, and the inclusion of machine translation instruments in enterprise resource planning systems.

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What Are The Key Driving Factors For The Growth Of The Machine Translation Market?
The anticipated expansion of the machine translation market is being fueled by the increasing use of smartphones. Smartphone connections refer to all active mobile subscriptions connected to smartphones that enable users to make use of voice, messaging, and internet services. The surging number of smartphone connections can be credited to an increase in internet accessibility, positioning mobiles as the primary route to digital services and reinforcing worldwide acceptance and connectivity. The facilitation of machine translation is improved by smartphones, allowing users to swiftly translate text, speech, or images regardless of location. This smooths out communication gaps across languages in various aspects including travel, commerce, education, and live multi-language interactions without a computer being necessary. For example, the Ericsson Mobility Report from a telecommunications company in Sweden reported that international smartphone subscriptions reached 6.93 billion in 2023 and climbed up to 7.13 billion in 2024. As a result, the surging penetration of smartphones is contributing to the expansion of the machine translation market.

Who Are The Key Players In The Machine Translation Industry?
Major players in the Machine Translation Global Market Report 2025 include:
• Google LLC
• Microsoft Corporation
• Alibaba Group
• Meta Platforms Inc.
• Amazon Web Services Inc.
• Tencent Holdings Limited
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• DeepL SE

What Are The Top Trends In The Machine Translation Industry?
Leading companies in the machine translation market are prioritizing the introduction of innovative solutions such as generative pre-training (GPT) based models to boost the quality and precision of translation across different languages, providing a more refined and human-like interpretation. The GPT-based model is an AI system that utilizes a pre-trained transformer structure to deliver high precision and contextually aware language translations with applications in various fields. For example, Lilt Inc., an American company specializing in AI-driven translation and localization, launched the Contextual AI Engine for Translation in March 2023. This GPT-based model is engineered for authenticated enterprise-level translation and outperforms GPT-4 and Google Translate in terms of performance and accuracy. This innovative engine employs in-context learning, adapting instantly to feedback from human translators and context-specific data, resulting in top-notch translations suited for various sectors like legal, marketing, and product localization. This solution trumps Google Translate and GPT-4 with superior accuracy, decreased latency, and drastically lower computing expenses. Furthermore, this engine is designed for real-time translation processes, merging human review with sophisticated AI to constantly enhance the quality of translations.

What Segments Are Covered In The Machine Translation Market Report?
The machine translation market covered in this report is segmented

1) By Type: Rule-Based Machine Translation (RBMT), Statistical Machine Translation (SMT), Example-Based Machine Translation (EBMT), Hybrid Machine Translation (HMT), Neural Machine Translation (NMT)
2) By Language Pairs: English-Chinese, English-Spanish, English-French, English-Japanese, English-German
3) By Deployment Type: On-Premises, Cloud
4) By Application: E-Commerce And Retail, Travel And Hospitality, Legal And Government, Manufacturing And Automotive, Healthcare

Subsegments:
1) By Rule-Based Machine Translation: Direct Translation, Transfer-Based Translation, Interlingua-Based Translation
2) By Statistical Machine Translation: Phrase-Based Translation, Syntax-Based Translation, Word-Based Translation
3) By Example-Based Machine Translation: Template-Based Translation, Memory-Based Translation, Analogical Translation
4) By Hybrid Machine Translation: Rule-Statistical Hybrid, Example-Statistical Hybrid, Neural-Rule Hybrid
5) By Neural Machine Translation: Recurrent Neural Network-Based Translation, Convolutional Neural Network-Based Translation, Transformer-Based Translation

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Which Region Is Expected To Lead The Machine Translation Market By 2025?
In the Machine Translation Global Market Report 2025, North America led as the biggest market in 2024 with Asia-Pacific anticipated to experience the swiftest growth in the subsequent period. The report encompasses regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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