Machine Translation Market Trends

Growth Drivers

• Growing Demand for Multilingual Communication– Successful multilingual businesses have more inventive environments that aid in their ability to compete globally, while English-only businesses risk falling behind. In order to do business without communication hurdles, around 90% of American employers heavily rely on personnel who can speak languages other than English. Moreover, almost 56% of businesses believe that within the next five years, the need for a bilingual workforce will rise.
• Increasing Demand for Mobile Devices –Mobile translation encompasses both the use of a mobile platform for human translation as well as mobile apps that increasingly use machine translation technology to translate words and phrases from your smartphone. China, India, and the US are the top three nations for smartphone usage. All over, currently, there are nearly 6 billion smartphone users all across the world, and it is expected to reach around 700 million.
• Growing Advancement in Natural Language Processing – NLP ensures the smoother, faster, and more secure translation of languages. In the upcoming 12 to 18 months, more than 75% of companies in the United Kingdom with active natural language processing (NLP) initiatives want to raise their spending.
• Rising Prevalence of E-Commerce– E-commerce platforms use machine translation for localizing the business. Considering that customers prefer to read product information in their own language, a localized e-commerce platform also fosters trust and brand loyalty while also helping to increase sales. Global e-commerce surged from around 15% of total retail sales in 2019 to approximately 21% in 2021. Moreover, in 2022 it is at an estimated 22% of sales.
• Rising Use of Chatbots –In order to deliver quick responses, chatbots often make use of neural machine translation engines, which allow them to instantly adapt to a wide range of languages. Since 2019, there has been a remarkable 92% increase in the use of chatbots as a brand communication channel, worldwide. In 2020, around 25% of customers interacted with firms via chatbots, which was higher than nearly 13% in 2019.

Challenges

• The Level of Accuracy is Compromised – Human brain is very complicated, and it is very difficult to decode each and everything a human can say. Moreover, the quality of experienced translators is considerably above what even the greatest AI translation systems can equal. This factor is likely to hamper the machine translation market  growth.
• Lack of Context Translation
• Implementation of machine translation is much high than human translator