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Machine Translation Market Trends

Report ID: GMI159
Published Date: Aug 2023
Report Format: PDF

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Machine Translation Market Trends

Creating content that resonates with a wide range of cultures & languages is crucial for brand recognition and engagement. Businesses, content creators, and media organizations produce vast amounts of digital content daily. Machine translation allows these organizations to quickly translate articles, videos, and social media posts, thereby reaching broader audiences. This rapid translation process optimizes content creation workflows and enhances content accessibility for people across the globe, thus propelling market demand.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of machine translation reached USD 982.2 million in 2022 and is set to expand at a CAGR of 22.8% between 2023 and 2032, backed by the demand for connecting with various demographics.

The healthcare segment held a dominant market share of 20% in 2022. Numerous healthcare facilities are introducing machine translation services to eliminate the language barrier faced by patients hailing from diverse ethnic backgrounds.

North America market with a major share of over 38% in 2022, owing to the presence of diverse companies often interacting with partners, customers, and clients who speak various languages.

AWS, Google LLC, IBM Corporation, Microsoft Corporation, Systran International, Lionbridge Technologies, Inc, and Welocalize Inc.