The ai in language translation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI In Language Translation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of AI In Language Translation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI In Language Translation Market Overview
Market Drivers –
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.
Market Trends –
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.
The AI in language translation market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Mode: Cloud-Based, On-Premise
3) By End-Use: Commercial Use, Personal Use
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Regional Insights –
North America was the largest region in the AI in language translation market in 2023. The regions covered in the AI in language translation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the AI in language translation market are 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< /b>
Table of Contents
1. Executive Summary
2. AI In Language Translation Market Report Structure
3. AI In Language Translation Market Trends And Strategies
4. AI In Language Translation Market – Macro Economic Scenario
5. AI In Language Translation Market Size And Growth
…..
27. AI In Language Translation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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