Machine Translation Market Value to Reach $1.5 Bn by 2024
SELBYVILLE, Del., Nov. 14, 2018 /PRNewswire-PRWeb/ -- Machine Translation Market revenue is predicted to register gains at over 19% to reach USD 1.5 billion by 2024. The rising demand for content localization and growing volumes of big data are expected to drive the market demand. The rapid shift from analog to digital technologies and the proliferation of mobile devices & related applications are generating a voluminous amount of data. This data has generated a high demand for high-speed and cost-effective translation techniques. The amount of data generated is extremely high and is impossible for human translators to analyze and translate, which therefore has resulted in a high machine translation (MT) market demand.
Global machine translation market share was dominated by SMT technology, which contributed over 60% to the revenue in 2016 and is anticipated to have a high market share over the forecast timespan. Growing need for cost efficiency, and rising amount of big data across the internet, are some other factors which are driving the market growth. Cloud computing technology is aiding the SMT technology to run in an effective manner and is offering high processing power with enhanced storage capacity.
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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.
Healthcare applications are anticipated to witness a high demand in the machine translation market. These technologies help in analyzing records and reports of the patients who are not so fluent with the used language. E-commerce applications have consistently contributed to the high demand for the market owing to which buyers of different demographics are buying products on online platforms, thereby requiring translation services.
The U.S. machine translation (MT) 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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In the Asia Pacific machine translation market, countries including China and India have found high applications of these systems. The growing demand for localization of native languages by various companies and businesses to improve and expand their global reach and to cater to the consumer requirements has effectively led to a rise in the adoption of the translation systems. Moreover, the need to eliminate and expedite repetitive tasks, such as translating instruction manuals, is driving the growth in the region. China has several companies exporting their products to many countries requiring translation services for relaying the product information to its global customers.
The players operating in the machine translation market include Lionbridge Technologies, Inc., Moravia IT, Systran International, Microsoft Corporation, Google, Inc., and IBM Corporation. The players are entering into mergers, collaborations, and partnerships to enhance their market share.
Browse key industry insights spread across 120 pages with 92 market data tables & 11 figures & charts from the report, "Machine Translation Market Size By Technology (SMT, RBMT), By Application (Automotive, Electronics, IT, Military & Defense, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, China, India, Japan, Brazil, Mexico), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/machine-translation-market-size
Table of Contents (ToC) of the 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
3.6.1.1 Emerging demand for content localization
3.6.1.2 Increasing need for cost efficiency and high-speed translation
3.6.2 Industry pitfalls and challenges
3.6.2.1 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
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/machine-translation-market-size
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