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AI In Language Translation Global Market Report 2024
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Artificial intelligence (AI) in language translation involves using AI technologies, such as machine learning and natural language processing, to automate and improve the translation of text and speech between different languages. This technology provides faster and more accurate translations and is commonly used in industries such as business, travel, education, and media.

The primary components of AI in language translation are software and services. Software includes applications and platforms that facilitate AI-driven translation. These solutions can be deployed either in the cloud or on-premises and serve various end-users for both commercial and personal use.

The AI in language translation market research report is one of a series of new reports from The Business Research Company that provides AI in language translation market statistics, including AI in language translation industry global market size, regional shares, competitors with an AI in language translation market share, detailed AI in language translation market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in language translation industry. This AI in language translation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 during the historic period can be attributed to several factors, advancements in machine learning and neural networks, increased globalization, the development of natural language processing (NLP) technologies, the expansion of the Internet and digital content, and improvements in 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 anticipated growth in the forecast period can be attributed to several factors, increasing globalization, advancements in natural language processing (NLP), rising demand for multilingual customer support, integration with other technologies, and the expansion of e-commerce. Key trends expected during this period include a greater adoption of neural machine translation (NMT), the expansion of multilingual capabilities, integration with voice recognition and speech-to-text technologies, growth in e-commerce and global business, and the development of personalized and context-aware translations.

The growth of the AI in language translation market is expected to be driven by the expansion of e-commerce. E-commerce involves buying and selling goods and services online, through various digital business models. The expansion of e-commerce is fueled by increasing internet and smartphone usage, growing consumer preference for online shopping, advancements in payment and logistics solutions, and the convenience of home shopping. AI in language translation enhances e-commerce by providing accurate and efficient multilingual communication, which improves customer experiences and broadens global reach. For example, in May 2024, the Census Bureau of the Department of Commerce reported that U.S. retail e-commerce sales reached $289.2 billion in the first quarter of 2024, a 2.1% increase from the fourth quarter of 2023. Thus, the growth in online shopping and e-commerce platforms is propelling the growth of the AI in language translation market.

Leading companies in the AI in language translation market are focusing on developing advanced solutions, such as customizable language translators, to gain a competitive advantage. Customizable language translators are AI-driven or software-based tools that can be adapted to specific needs, such as industry-specific jargon, regional dialects, or individual user preferences. For instance, in May 2024, Smartling Inc., a US-based translation company, introduced its AI Translation Toolkit. This comprehensive solution aims to enhance translation quality, reduce costs, and shorten turnaround times. The toolkit features advanced capabilities, including AI Translation Memory, which improves translation memory effectiveness by up to 35 percentage points, leading to significant client savings. The AI Glossary Term Insertion feature ensures the accurate and contextually appropriate use of glossary terms while automating content cleanups to minimize errors.

In March 2022, Microsoft, a U.S.-based leader in cloud computing and AI technologies, acquired Nuance Communications for an undisclosed amount. This acquisition was aimed at strengthening Microsoft's healthcare AI portfolio by incorporating Nuance's expertise in conversational AI and speech recognition to enhance clinical documentation and patient engagement solutions. Nuance Communications, also based in the U.S., is renowned for its innovative AI-driven healthcare solutions, particularly in voice recognition and natural language processing technologies.

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

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.

The countries covered in the AI in language translation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The AI in language translation market includes revenues earned by entities by providing services such as real-time communication, content localization, and language learning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

AI In Language Translation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on AI in language translation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Where is the largest and fastest growing market for AI in language translation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The AI in language translation market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Scope

Table of Contents

1. Executive Summary

2. AI In Language Translation Market Characteristics

3. AI In Language Translation Market Trends And Strategies

4. AI In Language Translation Market - Macro Economic Scenario

5. Global AI In Language Translation Market Size and Growth

6. AI In Language Translation Market Segmentation

7. AI In Language Translation Market Regional And Country Analysis

8. Asia-Pacific AI In Language Translation Market

9. China AI In Language Translation Market

10. India AI In Language Translation Market

11. Japan AI In Language Translation Market

12. Australia AI In Language Translation Market

13. Indonesia AI In Language Translation Market

14. South Korea AI In Language Translation Market

15. Western Europe AI In Language Translation Market

16. UK AI In Language Translation Market

17. Germany AI In Language Translation Market

18. France AI In Language Translation Market

19. Italy AI In Language Translation Market

20. Spain AI In Language Translation Market

21. Eastern Europe AI In Language Translation Market

22. Russia AI In Language Translation Market

23. North America AI In Language Translation Market

24. USA AI In Language Translation Market

25. Canada AI In Language Translation Market

26. South America AI In Language Translation Market

27. Brazil AI In Language Translation Market

28. Middle East AI In Language Translation Market

29. Africa AI In Language Translation Market

30. AI In Language Translation Market Competitive Landscape And Company Profiles

31. AI In Language Translation Market Other Major And Innovative Companies

32. Global AI In Language Translation Market Competitive Benchmarking

33. Global AI In Language Translation Market Competitive Dashboard

34. Key Mergers And Acquisitions In The AI In Language Translation Market

35. AI In Language Translation Market Future Outlook and Potential Analysis

36. Appendix

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