Europe Machine Translation Market size surpassed USD 150 million in 2019 and is estimated to witness over 17% CAGR from 2020 to 2026.
Increasing demand for localizing marketing strategies & content among businesses is expected to drive the market growth. Several leading automobile manufacturers are expanding their global footprint to diversify their market and gain access to new customers. For instance, in January 2021, Fiat Chrysler Automobiles N.V., an Italy-based automobile manufacturer, announced to invest USD 250 million in the production of four SUVs in order to expand its local product lineup in India. As more companies are becoming global and expanding into new markets, the demand for machine translation tools to translate their websites, products, and services in customers’ native language will increase.
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COVID-19 pandemic has positively impacted the European machine translation industry growth due to rise in the need to access critical public health information that may not be available in native language of citizens. Several government organizations have made crucial information regarding risk of the pandemic available in many languages. For instance, Federal Ministry of Health (BMG) in Germany published information regarding COVID-19 in German, English, Russian, and Turkish languages. To overcome language barriers and provide invaluable support resulted in increased demand for machine translation software.
European Market, By Technology
Technological advancements, such as the development of modern Neural Machine Translation (NMT) engines that are designed to mimic human mind, have revolutionized the market. The NMT technology uses large artificial neural network to calculate the probability of words sequence and provide more contextually precise translations. Market players are focusing on R&D activities to continuously improve and refine NMT technology. For instance, in August 2018, SDL PLC launched NMT 2.0 into a secure cloud environment to enhance its machine translation capabilities.
European Market, By Deployment Model
Cloud-based deployment models are expected to witness increased adoption among businesses to process real-time audio translation with enhanced accuracy and simplified integration. Leveraging cloud-based machine translation helps enterprises to rapidly process content across multiple use cases and scenarios. Cloud storage reduces the workflow complexity of translating multiple or long text files that require an immediate response. Cloud deployment options provide secure access to projects, tasks, and translations and comply with local data governance regulations such as General Data Protection Regulation (GDPR) and German Federal Data Protection Act.
European Market, By Application
The expanding healthcare sector in Europe will offer growth opportunities to the machine translation market. The healthcare organizations are majorly investing in robust machine translation tools to provide precise communication to patients regarding their medical information. These tools are witnessing high adoption in clinical practices to prevent language barrier while communicating with a patient.
In October 2020, German Federal Ministry of Health selected AppTek LLC, an NMT solution provider, to help language mediators in working remotely with emergency rooms and hospitals throughout Germany. The automatic speech recognition and neural machine translation facilitate multilingual communication to help healthcare providers improve critical care for non-native speakers.
Competitive Industry Landscape
Key players operating in the Europe market include IBM Corporation, Moravia IT s.r.o., Google LLC, Microsoft Corporation, Amazon.com, Inc., Systran International, AppTek LLC, Cloudwords Inc., PROMT Ltd., SDL PLC, Smart Communications, Inc., Raytheon BBN Technologies Corp, and Yandex.Cloud LLC.
The players are adopting partnership and collaboration strategy to expand their product offerings. For instance, in March 2021, Systran International, a neural automated translation technology provider, partnered with FAPCOTECH General Trading Company to represent SYSTRAN’s machine translation products and related services in the Kuwait market.