The global machine translation market is anticipating excessive demand owing to the surge in the adoption of computer-assisted tools. The surging demand to translate text at a faster pace and generate multilingual content will fuel the global machine translation market. Additionally, the upsurge in demand for content localization among businesses, rising adoption of smart home devices that integrate machine translation tools, rising penetration of cloud computing in BFSI and e-commerce sectors will lead to the growth in the global machine translation market.
The COVID-19 pandemic has accelerated the growth of the machine translation market owing to the rising adoption of digital solutions In various industrial sectors. Moreover, there is increasing adoption of machine translation technology by healthcare professionals to inform COVID-19 related information to citizens in various languages will speed up the growth at 15% CAGR during 2021-2027.
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Based on the deployment model, the on-premise machine translation segment will grow significantly to maintain security, data privacy, and reliability of data, thus eliminating the risk of transferring sensitive information on cloud platforms. Moreover, it provides customization as per the need, which will accelerate the demand for the on-premise machine translation segment.
North America will hold the largest market share in the machine translation market owing to the rising demand in the U.S. IT sector, presence of key vendors, favorable initiatives by the government, and are early adopters of developed technologies.
The prominent players in the machine translation industry include Microsoft Corporation, Baidu, Google LLC, Alibaba Cloud, Amazon, Systran International, International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc, and Honyaku Center Inc.
Source: VynZ Research
