Global Machine Translation Market Size Will Witness Tremendous Growth Via Automotive Applications | Industry Analysis Report 2024

Machine Translation Market in automotive applications will witness significant growth owing to the growing usage of the technology in efficiently translating how-to manuals, technical documentation, motor part catalogs, and automotive websites. Tit aims at providing cost effective localization services for the automotive industries.
The invention of machine translation dates to the post world war II era, when the competition for information and technology motivated the researchers to find a way to quickly translate information. Since then, globalization, access to the internet, advancement in speech recognition software and proliferation of powerful computers were a few key factors that fueled the progress of global machine translation market.
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Rising demand from several organizations to introduce a profitable translation system in their business processes is expected to drive the implementation rate of machine translation market. Primarily, only large organizations were capable to integrate these services owing to the excessive cost related to the offering, however with recent developments in the technology it has made the availability of robotized translation services available to an entire range of SMEs or large enterprises.
Machine translation market is observing a swift uptake with the growing need in several sectors to provide information in native languages. Importance of language localization in most of the businesses have helped to win customers trust and maintain strong client relationships. This fact is making machine translation units an absolute must-have in the business space. Moreover, the surging demand to eradicate linguistic barriers in corporate, hospitals, tourism & travel and many other industrial verticals has stimulated machine translation industry. MT engines have also significantly helped the user in cutting project timeline and reducing costs.
The U.S. machine translation market is driven by the existence of major service providers such as Google and Microsoft. The U.S. is unceasingly increasing the investments for implementing the technology across applications such as healthcare and military & defense. For instance, in the military & defense industry the country is deploying Machine Foreign Language Translation System (MFLTS) to offer soldiers with machine translations via text and speech which is projected to enhance the machine translation market growth.
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Asia Pacific is a powerhouse for the growth of machine translation market, particularly led by India & China. The demand for translation of several local languages to cater the customers effectively will expand the business in this region. India being a very diverse region with multiple regional languages finds a common issue of communication barrier. India could be a significant market and provide ample opportunities to the investors as the Government of India has launched an initiative called "Digital India", which is likely to develop the IT industry, combat linguistic barriers, and set a clear growth path for the machine translation industry. Quite similarly, the Spanish government in 2015, also announced to provide USD 97.21 million for the development of MT tools and natural language processing technologies.
Glimpse of Table of Content (ToC)
Chapter 3 Machine Translation Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2012- 2024
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.4.1 Automated translation
3.4.2 Smart automated translation
3.4.3 Raw machine translation
3.4.4 Fully Automated Usable Translations (FAUT)
3.4.5 Rule based machine translation

3.4.6 Statistical machine translation technology
3.5 Post Editing Machine Translation (PEMT)
3.5.1 Light post-editing
3.5.2 Full post-editing
3.5.3 Post-editing market size, 2014 - 2024
3.6 Industry impact forces
3.6.1 Growth drivers Emerging demand for content localization Increasing need for cost efficiency and high speed translation
3.6.2 Industry pitfalls and challenges Lack of quality and accuracy
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 Company market share analysis, 2016
3.10 PESTEL analysis
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