Machine Translation Market to Gain Owing to Globalization and Enhanced Requirement for Multilingual Content Delivery | Million Insights
FELTON, California, April 3, 2018 /PRNewswire/ --
The global Machine Translation Market is anticipated to reach USD 983.3 million by 2022. Increasing quantity of website content, growing requirement for cost competence in translation, and the huge quantity of language knowledge demanded exceeds the capability of human translation, which consecutively is expected to propel the machine translation industry. Globalization increases the demand to deal with the linguistic variety of local audiences and web content. The fabrication of content generated online, increasing the importance of business in budding markets, and the demand for allowing worldwide collaboration amongst employees is likely to drive machine translation industry growth over the forecast period.
Machine translation price are far inferior to that of conventional human translation. It is also rapid than human translation. It is commonly utilized for soaring volume content that would or else take gigantic resources for translation, and this is likely to fuel the machine translation industry. Accessibility of free of charge translation engines and shortage of translation accuracy is expected to restrain market expansion over the forecast period. Main restraints for the machine translation industry are a shortage of quality, demand for expert skills and editing, opposition from free translation service provider, and complexity in estimation & measurement of quality. One of the major shifts budding in the market is the incorporation of the translation procedures in the project plan.
Many enterprises with a worldwide presence does not have a devoted multilingual website for reaching out to every region. This might obstruct their growth as various users globally might be capable to understand only in their inhabitant languages. Another major challenge obstructing the expansion of the industry over the forecast period is the creative marketing materials present in the market, which a machine is not able to grasp and demands human understanding for delivering & translation the definite meaning. This comprises certain legal documents and creative marketing content.
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Consumers in the electronic market demands competent translation of document in direction to haste up time to market and publication processes. An electronics enterprise demands publishing to be completed in various languages to offer press releases, user manuals, for commercial, product launches and marketing catalogs. Machine translation service providers builds up customized engines for the customer in the electronics market that are well coincided with the industry's particular terminologies and technological descriptions. The machine translation industry finds its functions in healthcare to enhance communication demands of physicians.
On the basis of application, the market can be segregated into automotive, medical, Electronics, healthcare, electronics, information technology, and others. On the basis of technologies, the market can be segregated into RBMT, SMT and others. The SMT (statistical machine translation) uses a model to create and analyse text in the aimed language in contrast to this RBMT (rule-based machine translation) uses linguistic rules over the sourced language, to create text in the aimed language. On the basis of the geographical region, this market can be segregated into North America, Asia Pacific, Europe and Middle east and Africa. North America is expected to capture maximum revenue over the forecast period. Machine translation is very effectual way of eradicating language barriers around various regions. The main factor responsible for the expansion of the North American machine translation industry is the growing number of government initiatives and service providers in the area.
The presence of a huge quantity of service providers has assisted them to boost market expansion in the U.S. Google, Microsoft, two of the greatest technology providers are based in the North America who have made SMT (statistical machine translation) technology admired with their online engines. Increasing Globalization and requirement to deal with different cultural groups have to lead to the increased recognition of translation technology in Asia Pacific. The increasing proliferation of smartphones and growing penetration of internet are likely to fuel machine translation market expansion in Asia Pacific over the forecast period. The demand to address various cultural groups and growing globalization is expected to fuel the expansion of the machine translation system in Asia Pacific. The main challenge of this market in Asia Pacific is the need for specialist skills, shortage of quality, complexity in measurement & estimation of quality, and increasing competition from free language conversion.
Some of the key players in the market are SYSTRAN, Lionbridge, Lighthouse IP, Lingotek, Cloudwords Inc, SDL PLC and Moravia IT. This market is less fragmented but the competition is expected to increase over the forecast period. As the need for customization and personalization of machine, translator is going to increase over the forecast period, which in return will fuel the need for innovation in this market.
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Machine Translation Application Outlook (Revenue, USD Million, 2012 - 2022)
• Automotive
• Military & Defense
• Electronics
• IT
• Healthcare
• Others
Machine Translation Technology Outlook (Revenue, USD Million, 2012 - 2022)
• RBMT
• SMT
• Others
Machine Translation Regional Outlook (Revenue, USD Million, 2012 - 2022)
• North America
• Europe
• Asia Pacific
• Latin America
• MEA
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