Published: March 2017
Report Code: IM10554
Category : Software & Services
Machine Translation Market Overview
Machine translation (MT) market is expected to grow at a CAGR of 20.9% during the forecast period. Machine translation refers to the software or system that uses source language as input and automatically converts it into the targeted language without human intervention. The translation of words by computer from one language to another is known as machine translation. It is commonly used for translating large amount of data and to create multilingual content for a global website. It is a cost-effective method employed by several corporations.
Machine translation is also cheaper and faster than conventional human translation, as the latter requires a number of resources for the job. It enables speedy translation of documents and content. The output provided directly from such a system is considered as raw MT and is followed by post editing machine translation strategies in order to improve the quality of the machine translated output. Concept of machine translation is widely being adopted by several industries, including military & defense, automotive, electronics and IT, in order to expand its reach globally.
GLOBAL MACHINE TRANSLATION MARKET BY APPLICATION $M (2013-2023)
Based on technology, the machine translation market is broadly categorized into Statistical Machine Translation (SMT) and Rule-Based Machine Translation (RBMT). During the forecast period, RBMT technology is expected to grow at a faster rate as compared to SMT, due to increasing usage of verbal information to precisely break down the target and source languages, to make translation process more predictable and grammatically superior than other approaches.
Machine Translation Market Dynamics
The growing volume of big data across the internet, increasing need for cost efficiency, and vast amount of knowledge exceeding the capacity of human translation are some of the factors driving the demand of machine translation. Immediacy of communication and increasing demand for high-quality translation are some of the major trends observed in the machine translation market.
Based on the recent study, growth of machine translation market is significantly influenced by the rise in globalization. Most of the businesses are supporting the concept of globalization in current scenario to increase revenue and brand equity, internationally. Also, as consumers prefer their own language, they are willing to pay more for products that have description in their own language. Due to this reason, vendors of machine translation are expanding their business across borders. Many businesses including automotive, healthcare and others do not work in traditional sprints and are expected to get huge benefits from machine translation in near future. For example, adoption of MT in healthcare applications is expected to register notable growth due to the thriving research and clinical content. It aids in interpreting medical documents, web medical help, insurance claims forms, patient histories, studies and papers, educational materials, cautions and IVR scripts. The integration of these services helps a physician to connect with patients to offer better diagnosis, and accurately examine their problems.
Immediacy of communication has also been observed as a major trend in the machine translation market. Immediacy refers to the creation of psychological closeness, oneness and a sense of togetherness between the listener and speaker. Immediacy behaviors are also effective in workplace communication and help organizations in business expansion and productivity gain. Integration of MT services is helping to bring immediacy behavior, due to which many businesses are focusing towards the integration of MT.
Rising demand to implement a cost-effective translation system across businesses to improvise business process, is expected to drive the acceptance rate of machine translation during the forecast period. Increasing need of cost efficient solutions is also likely to back the adoption of MT services, globally. Along with being cost-effective in nature, these services have the capability to perform translation at much faster speed than human translators. Vendors of MT have been focusing their R&D spending to develop cost effective solutions to fulfil customer necessities. For instance, Lionbridge launched smart automated translation software that rapidly translates large volume content with least error, and at lesser cost than human translators.
Machine translation market in the automotive industry is expected to grow in double-digits. The increasing use of MT in interpreting motor part indexes, how-to manuals, technical documentation and automotive websites, such as ChromeData, are likely to spur the demand of MT services across the automotive vertical. In addition, creation of website content, necessity to empower global collaboration among employees, and increasing importance of business in developing markets are some of the factors anticipated to bring a major boost to the growth of its market. In this way, the machine translation market supports OEMs in speeding up their entry into international markets and increase revenue and brand familiarity.
Increasing volume of business content is another factor propelling the growth of this market. With rapidly growing industries, volume of business content that requires to be translated is also increasing at a rapid pace. This is boosting the demand of machine translation to make content available in regional languages for users worldwide.
Machine Translation Market Competitive Landscape
Some of the key players of the machine translation market include Systran, SDL, Lionbridge Technologies Inc., Apptek Technology, Omniscient Technologies, Cloudwords Inc., IBM Corporation, Lighthouse IP Group, Lingo24 Ltd, Lingotek Inc., Lucy Software and Services GmbH, Moravia IT, and Pangeanic. To curtail escalating competition and gain market share, vendors in this industry are significantly investing in R&D of innovative products, and technology development. For instance, in November 2016, Systran introduced its NMT engine named PNMT, that offers organizations the competence to interpret the content as good as human articulacy, across several industry verticals.
Several vendors operating in the machine translation market are entering into merger and partnership agreements to expand their product portfolio and international reach. For instance, in October 2016, Emergent, LLC and APPTek Solutions entered into a partnership agreement that will help Emergent’s customers to update their businesses and grow revenue using AppTek’s technologies. Also, AppTek will get the opportunity to showcase its solutions and product catalogue availability on Solutions for Enterprise-Wide Procurement (SEWP).
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