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.
Machine Translation Market size in Asia Pacific will generate lucrative revenue over the years ahead. The growth can be attributed to the growing adoption of MT tools, mainly across China and India, primarily owing to the fact that these regions exhibit the existence of various local languages. This, in turn, will boost the demand for machine translation industry products.
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Rising demand from several organizations to introduce a profitable translation system in their business processes is expected to drive the 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.
Based on the technology, machine translation market is mainly divided into RBMT and SMT. RBMT technology segment is anticipated to register an annual growth rate of more than 14% over the period of 2017 to 2024, primarily driven by its superior grammatical and predictable approach of breaking down the source and target languages pertaining to the incorporation of vocabulary.
Automotive applications in the machine translation market 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.
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Machine translation market is likely to chart out a flourishing growth path over the years, with many firms adopting MT tools to avoid the language barrier while expanding their business across the globe. The implementation of machine translation will help to provide a cost-effective solution to customers and reduce the overall project timeline. As per the report by Global Market Insights, Inc., “Worldwide machine translation market generated a revenue of more than USD 400 million in 2016 and will record an annual growth rate of 19% over the coming years of 2017 to 2024.”
Industry players operating in the machine translation market include Google, IBM Lionbridge Technologies Inc., Systran International, Microsoft and Moravia IT. Vendors are facing high competition due to the growing number of players offering parallel technologies to the end-users. To gain market share and curb the competition, they are investing in R&D for product and technology development.
Table Of Content For This Research Report:
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
22.214.171.124 Emerging demand for content localization
126.96.36.199 Increasing need for cost efficiency and high speed translation
3.6.2 Industry pitfalls and challenges
188.8.131.52 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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