How big is the Machine Translation Market?

The Machine Translation Market size is expected to reach USD 716.05 million in 2024 and grow at a CAGR of 5.30% to reach USD 927.01 million by 2029. Read More

What is the current Machine Translation Market size?

In 2024, the Machine Translation Market size is expected to reach USD 716.05 million. Read More

Who are the key players in Machine Translation Market?

IBM Corporation, Microsoft Corporation, SDL PLC, Lionbridge Technologies Inc. and Omniscien Technologies Inc. are the major companies operating in the Machine Translation Market. Read More

Which is the fastest growing region in Machine Translation Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Machine Translation Market?

In 2024, the North America accounts for the largest market share in Machine Translation Market. Read More

What years does this Machine Translation Market cover, and what was the market size in 2023?

In 2023, the Machine Translation Market size was estimated at USD 680.01 million. The report covers the Machine Translation Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Machine Translation Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key drivers of the Machine Translation Market?

The key drivers in the Machine Translation Market are: a) Globalization of businesses b) Growing demand for content localization c) Advancements in Artificial Intelligence (AI) d) Machine learning technologies e) Growing need for efficient customer service Read More

Machine Translation Market - Size, Companies & Share

Machine Translation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Statistics of Language Translation Software Market is segmented by Technology (Statistical Machine Translation, Rule-based Machine Translation, and Neural Machine Translation), Deployment (On-premise and Cloud), End User Vertical (Automotive, Military and Defense, Healthcare, IT, and E-commerce), and Geography.

Machine Translation Industry Overview

The machine translation market is competitive and consists of several major players. Current market leaders in terms of market share include companies like IBM Corporation, Microsoft Corporation, Lionbridge Technologies Inc., etc. The majority of well-known companies are, however, increasing their market position by gaining new contracts in order to tap into new markets as a result of the increased innovation in machine translation.

In January 2023, Siemens expanded its digitalization portfolio for the Indian machine tool industry to enhance value proposition and profitability for customers, where it expanded its portfolio of the machine tool industry, which will enable manufacturers and users of machine tools to design, realize, and optimize machines and components faster, react flexibly to market demands, and enhance productivity across various user industries.

In August 2022, RWS announced the partnership with Language Weaver, where Reynen Court offers a platform that combines a content-rich app store and a powerful control panel that simplifies the process for law firms and legal departments to source, evaluate, deploy, monitor and manage legal technology applications. The platform offers Language Weaver, RWS's state-of-the-art machine translation technology, to legal firms looking to improve multilingual communications and eDiscovery. Reynen Court clients benefit from access to 3,000 language combinations within Language Weaver's secure environment.