Machine Translation Market - Growth, Trends, and Forecast (2022 - 2030)
Market Overview
The machine translation market is expected to register a CAGR of 7.1% during the forecast period 2019 - 2024. As the machine translation applications are achieving significantly high accuracy levels, they are increasingly getting employed in diverse areas of business, introducing new applications and enhanced machine-learning models.
- The translation market is witnessing an excess demand based on the rising use of computer-assisted tools. The necessity to use the technology in favor of the more efficient translation process is, therefore, continuously increasing.
- Using machine translation technology, the text is being translated increasingly faster with the help of computers. It is used by many translation companies to generate multilingual content.
- Some of the key factors augmenting the growth of the machine translation market are growing volumes of Big Data, increasing demand for content localization, and increasing need for cost-effective and high-speed translation.
- However, accessibility of free of charge translation engines is hampering the growth of the machine translation market during the forecasted period.
Scope of the Report
Machine translation (MT) refers to fully automated software that can translate source content into target languages. Humans may use MT to help them render text and speech into another language, or the MT software may operate without human intervention. MT tools are often used to translate vast amounts of information involving millions of words that could not possibly be translated the traditional way. The quality of MT output can vary considerably, MT systems require training in the desired domain and language pair to increase quality.
Key Market Trends
Statistical Machine Translation is Expected to Hold the Major Market Share
- Statistical machine translation (STM) system relies on the statistical analysis of large bilingual corporation to train the stochastic models describing the mapping between a source language (SL) and a target language (TL).
- The demand for SMT has significantly increased over the past few years, due to the effectiveness of this technology over rule-based machine translation (RBMT) in terms of the cost and time.
- Further, a big advantage of SMT is the handiness of platforms and algorithms. This means that a lot of the work for building and training a corpus might already be done, and can be found at a much cheaper rate than usual. As a result, one can train and add new languages quickly, in contrast to other MT models.
- Moreover, companies like Microsoft Corporation and Google Inc. have made SMT technology popular with free online engines in the United States. Google Translate is the most known example of SMT. The translations are the results of a statistical model if it is powered by the SMT algorithms.
Asia-Pacific to Witness the Fastest CAGR
- The Asia-Pacific market is driven by the Indian and Chinese machine translation market sizes. These markets are expected to witness attractive growth, owing to the rising demand for localization in native languages by several firms, in order to enhance their global reach by catering the customers’ requirements productively. Asia-Pacific regions are mainly dominated by two emerging economies of the world i.e. China and India.
- China and India witnessed positive growths, owing to the linguistically diverse culture of the Asia-Pacific region. These factors create a higher demand for translated content for significantly catering across the regional market.
- In India, several organizations are supporting the integration and deployment of MT tools and programs to reduce communication barriers. With the launch of the government's ‘Digital India’ initiative, India has strategized to grow significantly in the global IT industry. This factor is expected to offer ample opportunities for the companies to expand their reach across the Indian market.
Competitive Landscape
The machine translation market is highly competitive and consists of several major players. In terms of market share, few of the major players like IBM Corporation, Microsoft Corporation,Lionbridge Technologies Inc. etc, currently dominate the market . However, with the growing innovation in the field of machine translation, most of the prominent companies are expanding their market presence by securing new contracts thereby tapping into the new markets.
- February 2019 - SDL announced a partnership with PFU Technical Communications Limited to develop solutions that help brands overcome the challenges involved in technical documentation creation, management and delivery across the content supply chain in multiple languages.
- June 2018 - IBM Corporation and Colombia announced a strategic partnership to leverage the IBM Watson to expand regional language content promotion, implement state of the art cross-language recommendation systems over multiple media contents- text articles, audio, video. Colombia had leveraged the IBM Watson’s natural language understanding service to enrich content with additional features, such as named entities, categories, and concepts
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The machine translation market is expected to register a CAGR of 7.1% during the forecast period 2019 - 2024. As the machine translation applications are achieving significantly high accuracy levels, they are increasingly getting employed in diverse areas of business, introducing new applications and enhanced machine-learning models.
- The translation market is witnessing an excess demand based on the rising use of computer-assisted tools. The necessity to use the technology in favor of the more efficient translation process is, therefore, continuously increasing.
- Using machine translation technology, the text is being translated increasingly faster with the help of computers. It is used by many translation companies to generate multilingual content.
- Some of the key factors augmenting the growth of the machine translation market are growing volumes of Big Data, increasing demand for content localization, and increasing need for cost-effective and high-speed translation.
- However, accessibility of free of charge translation engines is hampering the growth of the machine translation market during the forecasted period.
Scope of the Report
Machine translation (MT) refers to fully automated software that can translate source content into target languages. Humans may use MT to help them render text and speech into another language, or the MT software may operate without human intervention. MT tools are often used to translate vast amounts of information involving millions of words that could not possibly be translated the traditional way. The quality of MT output can vary considerably, MT systems require training in the desired domain and language pair to increase quality.
Key Market Trends
Statistical Machine Translation is Expected to Hold the Major Market Share
- Statistical machine translation (STM) system relies on the statistical analysis of large bilingual corporation to train the stochastic models describing the mapping between a source language (SL) and a target language (TL).
- The demand for SMT has significantly increased over the past few years, due to the effectiveness of this technology over rule-based machine translation (RBMT) in terms of the cost and time.
- Further, a big advantage of SMT is the handiness of platforms and algorithms. This means that a lot of the work for building and training a corpus might already be done, and can be found at a much cheaper rate than usual. As a result, one can train and add new languages quickly, in contrast to other MT models.
- Moreover, companies like Microsoft Corporation and Google Inc. have made SMT technology popular with free online engines in the United States. Google Translate is the most known example of SMT. The translations are the results of a statistical model if it is powered by the SMT algorithms.
Asia-Pacific to Witness the Fastest CAGR
- The Asia-Pacific market is driven by the Indian and Chinese machine translation market sizes. These markets are expected to witness attractive growth, owing to the rising demand for localization in native languages by several firms, in order to enhance their global reach by catering the customers’ requirements productively. Asia-Pacific regions are mainly dominated by two emerging economies of the world i.e. China and India.
- China and India witnessed positive growths, owing to the linguistically diverse culture of the Asia-Pacific region. These factors create a higher demand for translated content for significantly catering across the regional market.
- In India, several organizations are supporting the integration and deployment of MT tools and programs to reduce communication barriers. With the launch of the government's ‘Digital India’ initiative, India has strategized to grow significantly in the global IT industry. This factor is expected to offer ample opportunities for the companies to expand their reach across the Indian market.
Competitive Landscape
The machine translation market is highly competitive and consists of several major players. In terms of market share, few of the major players like IBM Corporation, Microsoft Corporation,Lionbridge Technologies Inc. etc, currently dominate the market . However, with the growing innovation in the field of machine translation, most of the prominent companies are expanding their market presence by securing new contracts thereby tapping into the new markets.
- February 2019 - SDL announced a partnership with PFU Technical Communications Limited to develop solutions that help brands overcome the challenges involved in technical documentation creation, management and delivery across the content supply chain in multiple languages.
- June 2018 - IBM Corporation and Colombia announced a strategic partnership to leverage the IBM Watson to expand regional language content promotion, implement state of the art cross-language recommendation systems over multiple media contents- text articles, audio, video. Colombia had leveraged the IBM Watson’s natural language understanding service to enrich content with additional features, such as named entities, categories, and concepts
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
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