Growth of Machine Translation Software Market Projected to Amplify During 2030

Machine Translation Software Market - Introduction

• Machine translation software market is a fully automated solution to translate or convert the source content to required targeted languages. Machine translation software is majorly used to translate the huge amount of database in required languages format that could not be possible with traditional way or manually.
• Machine translation software is used by companies to generate translated data with the help of software advanced AI based tools in short period of time. It helps to increase the efficiency and productivity of the company and employees.
• Machine translation software offers different features such as advanced post-editing collaboration tools, quality assurance tools, and multi-device online access to enhance the performance of the translation process.
• Machine translation software helps freelance translators and enterprises to enhance the quality of the translation with advanced translating tools for commercial projects.
• Solution providers are offering machine translation software integrated with artificial intelligence (AI) technology to suggest the most suitable sequence of words or sentences during the translation process. This advanced feature is expected to help drive the demand for machine translation software among different industries during the forecast period.

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Key Drivers of the Machine Translation Software Market

• Increasing number of businesses across different regions has generated demand for language translation platforms, which is expected to drive the growth of the machine translation software market. Increasing adoption of neural machine translation by leading players such as Alibaba and Google to provide language translation services is also expected to boost the growth of the machine translation software market.
• Companies are investing in the content localization process, which is expected to create better business opportunities for solution providers of machine translation software.

Lack of content accuracy and translation quality expected to hinder the market

• Lack of translated content accuracy and quality as compared to the original content may restrain the growth of the machine translation software market.
• Several companies are offering free access to the translation platform for more market penetration, which is also expected to hamper the growth of the machine translation software market.

Impact of COVID-19 on the Global Machine Translation Software Market

• Companies are expanding their geographical presence to capture more market share in Asia Pacific due to the increasing impact of COVID-19 on business growth. Most new start-ups and market-leading companies are adopting machine translation software to operate all business operations with other companies in different regions. In such a scenario, machine translation software is an easier platform to access and store all necessary information about the company.
• Demand for machine translation software is expected to increase during the forecast period and as lockdown conditions.   

North America to Hold Major Share of the Global Machine Translation Software Market

• North America holds a prominent share of the machine translation software market due to the presence of key solution providers and increasing investment by companies on advanced language tools to manage global business operations in the region.
• The machine translation software market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing number of manufacturing and service providing companies and IT companies and also increasing investment by major players to provide machine translation software solutions in these regions.

Key Players Operating in the Global Machine Translation Software Market

• Google, LLC

Google, LLC. is a multinational company that develops and provides Internet-based products and services. The company’s core products include Google Search, Maps, Android Platform, Chrome Browser, YouTube, Google Play, Gmail, and smartphones. Google, LLC. offers a web-based translation platforms for users and range of wireless devices such as wireless chargers, Wi-Fi routers, citizen broadband radio service, Google Daydream View, Google Home, and Chromecast

• SDL plc

SDL plc was founded in 1992 and is based in Maidenhead, U.K. The company is a global provider of language translation platforms for businesses. It focuses on the document and software localization process to improve the performance of the translation software.

Other key players operating in the global machine translation software market include International Business Machines Corporation, Lionbridge Technologies, Inc., Lingo24 Limited, Lucy Software & Services GmbH, Smart Communications, Inc., and Omniscien Technologies (Asia Online Pte Ltd.)

Global Machine Translation Software Market: Research Scope

Global Machine Translation Software Market, by Technology

• Rule-based Machine Translation
• Statistical-based Machine Translation
• Neural Machine Translation
• Others

Global Machine Translation Software Market, by Deployment

• On-premises
• Cloud Based

Global Machine Translation Software Market, by Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

Global Machine Translation Software Market, by Industry

• BFSI
• Military & Defense
• Automobile
• Manufacturing
• Healthcare
• Electronics
• Other

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