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AI In Language Translation Market Size, Share, Growth Trends And Outlook Forecast 2024-2033
AI In Language Translation Market Size
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According to The Business Research Company's, The AI in language translation market size has grown exponentially in recent years. It will grow from $1.88 billion in 2023 to $2.34 billion in 2024 at a compound annual growth rate (CAGR) of 24.9%. The growth in the historic period can be attributed to advancements in machine learning and neural networks, increased globalization, development of natural language processing (NLP) technologies, growth of the Internet and digital content, and improved computational power and cloud computing.
The AI in language translation market size is expected to see exponential growth in the next few years. It will grow to $5.73 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to increasing globalization, advancements in natural language processing (NLP), rising demand for multilingual customer support, integration with other technologies, and e-commerce expansion. Major trends in the forecast period include increased adoption of neural machine translation (NMT), expansion of multilingual capabilities, integration with voice recognition and speech-to-text technologies, growth in e-commerce and global business and personalized and context-aware translations.
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Market Drivers and Trends:
The expansion of e-commerce is expected to propel the growth of the AI in language translation market going forward. E-commerce refers to the buying and selling of goods and services over the internet, encompassing various online business models. It enables transactions between businesses, consumers, and other entities through digital platforms. E-commerce is expanding due to growing internet and smartphone penetration, increasing consumer preference for online shopping, advancements in payment and logistics solutions, and the convenience of shopping from home. AI in language translation enhances e-commerce by enabling accurate and efficient multilingual communication, thereby improving the customer experience and expanding global reach. For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the first quarter of 2024, U.S. retail e-commerce sales reached $289.2 billion, marking a 2.1% increase (0.7%) from the fourth quarter of 2023. Therefore, the growth of online shopping and e-commerce platforms is driving the growth of the AI in language translation market.
Major companies operating in the AI in language translation market are focusing on developing advanced offerings, such as customizable language translators, to gain a competitive edge in the market. Customizable language translators are AI-driven or software-based tools that can be tailored to meet specific needs, such as adapting to particular industry jargon, regional dialects, or individual user preferences. For instance, in May 2024, Smartling Inc., a US-based translation company, launched its AI Translation Toolkit. This comprehensive solution is designed to improve translation quality, reduce costs, and shorten turnaround times. The toolkit incorporates various advanced features, including AI Translation Memory, which enhances translation memory capabilities by up to 35 percentage points, resulting in significant savings for clients. Additionally, the AI Glossary Term Insertion feature ensures the contextual and grammatically correct use of glossary terms while also automating content cleanups to minimize errors.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Tencent Holdings Ltd., Amazon Web Services Inc., International Business Machines Corporation, Baidu Inc., Zebra Technologies, iFLYTEK, TransPerfect, Sogou Inc., Lionbridge, Appen Limited, DeepL, ABBYY LLC, Unbabel, Smartling, PhraseApp, SYSTRAN, Tilde, Lilt, Language I/O, Pangeanic, VerbalizeIt
AI In Language Translation Market 2024 Key Insights:
• The AI in language translation market size is expected to see exponential growth in the next few years. It will grow to $5.73 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%.
• E-commerce Expansion Fuels Growth Of AI in Language Translation Market
• Advanced AI Solutions Drive Innovation In The Language Translation Market
• North America was the largest region in the AI in language translation market in 2023
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