Technavio has been monitoring the machine translation market and it is poised to grow by USD 971.87 million during 2020-2024, progressing at a CAGR of over 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Machine Translation Market 2020-2024 (Graphic: Business Wire)
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a high impact on the machine translation market.
Frequently Asked Questions:
- Based on segmentation by the application, which is the leading segment in the market?
The defense is the leading segment in the market.
- What are the major trends in the market?
The increase in localization of video content is the major trend in the market.
- At what rate is the market projected to grow?
The market is projected to accelerate at a CAGR of over 19%.
- Who are the top players in the market?
Alphabet Inc., Asia Online Pte Ltd., Cloudwords Inc., Honyaku Center Inc., International Business Machines Corp., Lionbridge Technologies Inc., Microsoft Corp., SDL Plc, SYSTRAN SA, TransPerfect Global Inc. are the top players in the market.
- What are the key market drivers and challenges?
The market is driven by the globalization of business. However, data privacy and security risks in online translation services will challenge growth.
- How big is the North American market?
Almost 30% of the market’s growth will originate from North America during the forecast period.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alphabet Inc., Asia Online Pte Ltd., Cloudwords Inc., Honyaku Center Inc., International Business Machines Corp., Lionbridge Technologies Inc., Microsoft Corp., SDL Plc, SYSTRAN SA, and TransPerfect Global Inc. are some of the major market participants. Although the globalization of business will offer immense growth opportunities, data privacy and security risks in online translation services are likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this machine translation market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Machine Translation Market 2020-2024: Segmentation
The machine translation market is segmented as below:
- North America
- South America
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40205
Machine Translation Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The machine translation market report covers the following areas:
- Machine Translation Market Size
- Machine Translation Market Trends
- Machine Translation Market Industry Analysis
This study identifies the increase in localization of video content as one of the prime reasons driving the machine translation market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Machine Translation Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist machine translation market growth during the next five years
- Estimation of the machine translation market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the machine translation market across APAC, Europe, MEA, North America, and South America
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of machine translation market vendors
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- 2.1 Preface
- 2.2 Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- The threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY APPLICATION
- Market segmentation by application
- Comparison by application
- Defense - Market size and forecast 2019-2024
- IT - Market size and forecast 2019-2024
- Automotive - Market size and forecast 2019-2024
- Healthcare - Market size and forecast 2019-2024
- Market opportunity by application
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Use of multilingual AI
- Increase in localization of video content
- Adoption of a mobile translation
PART 12: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Alphabet Inc.
- Asia Online Pte Ltd.
- Cloudwords Inc.
- Honyaku Center Inc.
- International Business Machines Corp.
- Lionbridge Technologies Inc.
- Microsoft Corp.
- SDL Plc
- SYSTRAN SA
- TransPerfect Global Inc.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.