LONDON--(BUSINESS WIRE)--The global machine translation market is expected to post a CAGR of more than 19% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The expansion of businesses across the world has increased the need for individuals that are proficient in translation services. Business expansions have made it necessary for companies to translate their documents in order to comply with regional trade tariffs and laws. Companies are also focusing on expanding their customer base by localizing their services, marketing strategies, and marketing content. These factors have increased the demand for language translation and interpretation services, which is driving the growth of the market.
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As per Technavio, the increase in localization of video content will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Machine Translation Market: Increase in Localization of Video Content
The demand for video content translations is expected to increase significantly during the forecast period due to growing consumer preference for product and service-specific videos. Corporate organizations are increasingly using machine video translation services to attract customers through visual and audio content. In addition, the rising demand for webinars and tutorials in local languages has further increased the need for translating video content. This trend is encouraging many market vendors to provide quick and efficient translation services with flexible solutions to offer high-quality video content across various languages and cultures.
“Use of multilingual AI and the adoption of mobile translation will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Machine Translation Market: Segmentation Analysis
This market report segments the global machine translation market by geography (APAC, Europe, MEA, North America, and South America) and application (commercial, residential, automotive, solar, and others).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to increasing investments in machine translation services by prominent players in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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