• backgroung-img

The total market revenue of the global machine translation industry will reach US$1,500.37 million in 2025

The total market revenue of the global machine translation industry will reach US$1,500.37 million in 2025

Data show that the global machine translation industry’s total market revenue in 2015 was US$364.48 million, and has begun to rise year by year since then, increasing to US$653.92 million in 2019. The compound annual growth rate (CAGR) of market revenue from 2015 to 2019 reached 15.73%.

Machine translation can realize low-cost communication between different languages ​​​​in different countries in the world. Machine translation requires almost no human participation. Basically, the computer automatically completes the translation, which greatly reduces the cost of translation. In addition, the machine translation process is simple and fast, and the control of translation time can also be estimated more accurately. Computer programs, on the other hand, run very fast, at a speed that computer programs cannot match manual translation. Due to these advantages, machine translation has developed rapidly over the past few decades. In addition, the introduction of deep learning has changed the field of machine translation, significantly improved the quality of machine translation, and made the commercialization of machine translation possible. Machine translation is reborn under the influence of deep learning. At the same time, as the accuracy of translation results continues to improve, machine translation products are expected to expand into a broader market. It is estimated that by 2025, the total market revenue of the global machine translation industry is expected to reach US$1,500.37 million.

Analysis of machine translation market in various regions around the world and the impact of the epidemic on the industry

Research shows that North America is the largest revenue market in the global machine translation industry. In 2019, the North American machine translation market size was US$230.25 million, accounting for 35.21% of the global market share; secondly, the European market ranked second with a share of 29.26%, with market revenue of US$191.34 million; the Asia-Pacific market ranked third, with a market share of 25.18%; while the total share of South America and the Middle East & Africa was only about 10%.

In 2019, the epidemic broke out. In North America, the United States was the most affected by the epidemic. The US service industry PMI in March of that year was 39.8, the largest drop in output since data collection began in October 2009. New business shrank at a record rate and exports also fell sharply. Due to the spread of the epidemic, the business was closed and customer demand was greatly reduced. The manufacturing industry in the United States accounts for only about 11% of the economy, but the service industry accounts for 77% of the economy, making it the country with the most manufacturing in the world. The share of the service industry in major economies. Once the city is closed, the population seems to be restricted, which will have a huge impact on the production and consumption of the service industry, so the forecast of the international institutions for the US economy is not very optimistic.

In March, the blockade caused by the COVID-19 epidemic led to a collapse in service industry activities across Europe. The European cross-border service industry PMI recorded the largest monthly decline in history, indicating that the European tertiary industry is shrinking severely. Unfortunately, major European economies have also been exempted. The Italian PMI index is far below the lowest level since the financial crisis 11 years ago. The service industry PMI data in Spain, France and Germany hit a record low in 20 years. For the eurozone as a whole, the IHS-Markit composite PMI index fell from 51.6 in February to 29.7 in March, the lowest level since the survey 22 years ago.

During the epidemic, although the percentage of machine translation applied to the healthcare sector increased significantly. However, due to other negative effects of the epidemic, the global manufacturing industry suffered a huge blow. The impact of the epidemic on the manufacturing industry will involve all major links and all entities in the industrial chain. In order to avoid large-scale population movement and gathering, countries have adopted prevention and control measures such as home isolation. More and more cities have adopted strict quarantine measures, strictly prohibiting vehicles from entering and exiting, strictly controlling the flow of people, and strictly preventing the spread of the epidemic. This has prevented non-local employees from returning or arriving immediately, the number of employees is insufficient, and normal commuting has also been seriously affected, resulting in large-scale production stoppages. The existing reserves of raw and auxiliary materials cannot meet the needs of normal production, and the raw material inventory of most companies cannot maintain production. The industry’s startup load has fallen again and again, and market sales have fallen sharply. Therefore, in areas where the COVID-19 epidemic is severe, the use of machine translation in other industries such as the automotive industry will be suppressed.

Post time: Jun-06-2024