AI in Language Translation Market Report 2024

This AI In Language Translation market 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 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.

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 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 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.


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