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Machine Translation Market Size
- Report ID: GMI159
- Published Date: Aug 2023
- Report Format: PDF
Machine Translation Market Size
Machine Translation Market size was valued at USD 982.2 million in 2022 and is estimated to register a CAGR of 22.8% between 2023 and 2032. The expansion of global businesses beyond their domestic markets has intensified the need for efficient communication across regions. The demand for connecting with various demographics is fueling the market growth.
Companies seeking to expand in international markets must be able to convey their messages clearly & effectively to diverse audiences. Automated machine translation addresses this demand by enabling the rapid & consistent translation of marketing materials, product information, and customer communications. It helps companies establish a global presence, engage customers in their preferred languages, and drive international growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Machine Translation Market Size in 2022: | USD 982.2 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 22.8% |
| 2032 Value Projection: | USD 7.57 Billion |
| Historical Data for: | 2018 – 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 278 |
| Segments covered: | Technology, Deployment Model, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The rising focus on improving customer experience is set to drive the machine translation market size. The key players across different sectors are emphasizing improving the user experience in terms of communication. For instance, in February 2022, Meta announced its plans to develop a universal speech translator to facilitate conversations between people speaking different languages. The company is also working on building AI models that can learn from languages based on examples. These models will enable the company to offer seamless communication across its social media platforms including Facebook, Instagram, and WhatsApp.
One of the fundamental challenges in machine translation include the preservation of the intended context and ensuring fluency in the translated content. Languages often have complex syntactic structures and multiple interpretations for words, phrases, or sentences based on their context. Machine translation systems may struggle to accurately determine the right context, leading to translations that lack coherence & fluency. This challenge becomes more prominent when dealing with idiomatic expressions, wordplay, cultural references, and documents with meanings that require deep comprehension.
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Machine Translation Market Scope
