Published: March 2017
Report Code: IM10554
Category : Software & Services
Machine Translation (MT) 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. Machine translation is commonly used for translating large amounts of data. Several factors, including increasing accessibility of cloud computing technology, and adoption of post editing machine translation (PEMT) services, are likely to spearhead the global machine translation market. Europe has been the largest revenue contributor to the global market, whereas, North America is expected to be the fastest growing market in this industry, during the forecast period.
GLOBAL MACHINE TRANSLATION MARKET BY APPLICATION $M (2013-2023)
The global machine translation market is expected to reach $2,275.7 million by 2023. 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 other factors driving the growth of the global machine translation market. Moreover, statistical machine translation (SMT) technology is likely to spearhead the global market in near future. Cloud computing technology helps SMT to run in an effective manner, as it offers high processing power and enhanced storage capacity to the computer.
Based on the research, most of the consumers agree to pay more if the vendor communicates with them in their own language. It seems impossible to open the pathway for international trade without translation. With the increasing expansion of various organizations across the globe, the demand for multilingual communication system has been increasing. Many businesses, including automotive, healthcare and others, are expected to get huge benefits from the machine translation in near future.
Globalization increases the demand for resources that can translate the volume of content on daily basis. As machine translation is a cost-effective alternative for standard human translation, it is widely being adopted by various industry verticals. Initially, only large organizations were capable to integrate machine translation services because these services were expensive and labor-intensive. Recent developments, such as introduction to new machine translation techniques in the field of machine translation, has made these accessible to the whole spectrum of organizations.
As cloud is one of the most reliable, resilient and secure platforms, number of companies from several industry verticals, including healthcare, automotive and healthcare, are migrating their services to cloud. It is expected that the companies refusing to migrate their services to cloud will not be able to remain competitive. Moreover, cloud services offer enhanced storage capacity, and help machine translation technologies to run effectively. Due to enhanced storage capacity, cloud services enable machine translation to offer increased consistency across the entire text. Numerous companies are expected to introduce machine translation to expand their business operations across the globe. Machine translation is expected to benefit companies with competitive advantages. The early adopters of machine translation services are expected to grow faster than others.
Diversification of companies in the global market is increasing the number of potential buyers of translation services.Due to increment in the number of potential buyers, language service providers would need to incorporate faster turnaround times in their workflow, while keeping the translation quality and productivity levels high. Increasing demand for translation services is likely to boost the growth of the global machine translation market.
The factors driving the growth of the machine translation market include soaring demand for the post editing machine translation services. Recent developments in the global machine translation market include introduction of several approaches, such as SMT, rule-based machine translation (RBMT), example-based machine translation (EBMT), and hybrid machine translation (HMT). Compared to standard human translation, the quality of machine translation output has been considered poor, and the definition of poor varies, based upon the intended use of machine translation output. Poor output quality of machine translation acts as a barrier to its acceptance, while PEMT strategies help to overcome this barrier and improve the quality of machine translation. PEMT strategies follow three key activities - identification and categorization of output errors of machine translation (MT), application of post-editing techniques to MT output, and analysis of the resulting effect on the quality of MT, to raise the user acceptance level. All these factors collectively help to increase the acceptance of MT and support the growth of the global machine translation market.
Moreover, machine translation service consumes lesser time and is more economical as compared to standard human translation. It also allures more number of business customers, which would consequently spur the growth of the global machine translation market in near future. The proliferation of website content, demand for global collaboration and growing importance of business in emerging markets are some of the factors expected to boost the growth of the global machine translation market. The increasing penetration of internet and proliferation of smartphones are among other factors expected to drive the growth of the global machine translation market.
The key players operating in the global 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.
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