Machine Translation Market outlook with industry review and forecasts

The global machine translation market is expected to register an appreciable pace of growth over the course of the forthcoming years. This can be attributed to the substantial rise in the demand for machine translation products across the automotive, electronics, and healthcare fields. Rising demand for cost-efficiency in translation projects, especially for large volumes of translations, will push the industry demand.

Owing to the faster pace of work, there is an increasing requirement for reduced time-to-market, which is aptly delivered by MT tools due to faster translation delivery. The fact that these tools are increasingly flexible, programmable, adaptable, and developer-friendly will also push the machine translation industry share.

With respect to the technology spectrum, the global machine translation market is categorized into rule-based machine translation (RBMT), hybrid machine translation, neural machine translation, statistical machine translation (SMT), and example-based machine translation. Of these, the SMT market size is anticipated to depict an appreciable increase in the years to come, especially as opposed to RBMT, owing to the technology's effectiveness with respect to the parameters of time and cost.

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SMT also boasts of the availability of advanced algorithms and platforms, which enables the user to train and add new languages pretty fast in comparison to other MT models. Rising need for lesser virtual space and increasing demand for ease and convenience in raining and operating on smaller systems as opposed to a complete server will further push SMT market outlook.

Machine translation products can be deployed either on the cloud or on premise. While the on premise deployment model is age-old and reliable, the cloud is turning out to be the deployment model of choice. This can be attributed to the rising demand for cloud computing and the escalating penetration of cloud technologies which has led to an increase in the requirement for cloud-centric translation tools.

The increasing deployment of the cloud for MT is vivid from the strategic initiatives undertaken by prominent industry vendors. To highlight an instance, the technology division of TransPerfect, Translations.com, recently integrated its GlobalLink Connect product along with the Adobe Experience Manager (AEM) as a Cloud Service.

Translations.com's had actually first launched GlobalLink Connect for AEM, in the year 2009. The new integration for AEM as a Cloud Service enables customers to leverage GlobalLink's translation workflow management as well as create new translation requests in Adobe's familiar interface.

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Machine translation products find applications across a spate of verticals, such as electronics, healthcare, automotive, BFSI, e-commerce, military, and IT & telecom. Of these, machine translation industry share may depict extensive gains from the automotive segment, on account of the rising requirement for accurate, timely translation of huge amounts of content in the automotive sector.

Machine translation market spans the regions of Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. Of these, North America MT market share is expected to exhibit a massive rise in the years to come, given the extensive presence of numerous IT companies in the region. The U.S. and Canada also boast of a massive increase in the penetration of cloud technologies and the need for machine translation in the fields of electronics and automotive, which will further push the regional growth.

Table Of Content

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.2    Methodology & forecast parameters

1.3    Data sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Executive Summary

2.1    Machine translation industry 360º synopsis, 2016 – 2026

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Technology trends

2.1.4    Deployment model trends

2.1.5    Application trends

Chapter 3   Machine Translation Industry Insights

3.1    Industry segmentation

3.2    Impact of coronavirus (COVID-19) pandemic

3.2.1    Global outlook

3.2.2    Regional outlook

3.2.2.1    North America

3.2.2.2    Europe

3.2.2.3    Asia Pacific

3.2.2.4    Latin America

3.2.2.5    MEA

3.2.3    Industry value chain

3.2.3.1    Software developer

3.2.3.2    Cloud service providers

3.2.3.3    Marketing & distribution channel

3.2.4    Competitive landscape

3.2.4.1    Strategy

3.2.4.2    Business growth

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Technology & innovation landscape

3.4.1    AI & machine learning

3.4.2    Cloud computing

3.5    Regulatory landscape

3.5.1    North America

3.5.2    Europe

3.5.3    Asia Pacific

3.5.4    Latin America

3.5.5    MEA

3.6    Industry impact forces

3.6.1    Growth drivers

3.6.1.1    Rapid demand for localization of marketing strategies & content among businesses

3.6.1.2    Growing need for machine translation services to facilitate communication between trading organizations

3.6.1.3    Increasing demand for cost-effective and high-speed translation

3.6.1.4    Investment in AI in North America and Europe

3.6.1.5    Rising demand to improve customer experience in Asia Pacific and Latin America

3.6.1.6    Rapid adoption of smart devices globally

3.6.1.7    Adoption of cloud-based services

3.6.2    Pitfalls and challenges

3.6.2.1    Lack of quality and accuracy

3.6.2.2    Accessibility of open source translation software

3.7    Growth potential analysis

3.8    Porter’s analysis

3.8.1    Threat of new entrants

3.8.2    Threat of substitutes

3.8.3    Bargaining power of buyers

3.8.4    Bargaining power of suppliers

3.8.5    Industry rivalry

3.9    PESTEL analysis