Machine translation market was valued at $122.3 million in 2016 and is projected to cross $195.0 million by 2023, growing at a CAGR of 6.0% between 2017-2023. Machine translation finds its application in healthcare and life sciences, military and defense, travel and hospitality, automotive, banking and finance, legal and law firms, electronics, media and entertainment, retail and manufacturing, and other industries. The top four applications- healthcare and life sciences, travel and hospitality, automotive, and military and defense — contributed nearly 40% to the machine translation market in 2016.
The switch from analog to digital technologies and increase in the number of mobile devices and applications are some of the major factors contributing significantly to the volume of data generated and consumed globally. Big data is generating the demand for cost-efficient, high-speed translation. Also, with the growing demand, the machine translation industry has been incorporating developments such as custom machine translation (CMT). The digital universe is expected to reach zettabytes of data by 2020, further necessitating machine translation in the years to come.
Taking into account of geographical landscape, North America is expected to lead the machine translation market between 2017-2023. Also, the Asia-Pacific region is expected to be the fastest growing market in the machine translation industry during the forecast period. This rapid growth in the Asia-Pacific region is mainly attributable to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages.
