A recent IMF report highlighted rapid improvement in Artificial Intelligence as main pillar for rapid productivity growth which indicates a global tendency towards AI applications in different industries and Localization industry is not foreign from this direction. In a recent report, Grand view research to witness a 13.4% CAGR (compound annual growth rate) in machine translation market size between 2022 & 2030 from 978.2 USD million to 2719.0 USD million. The same report also mentioned the adoption of Neural machine Translation to be a great driver for the industry as it improves the accuracy and fluency of the translation.
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Machine Translation, Market Analysis 2023