Machine Translation Market Size to cross $1.5bn by 2024

Machine Translation Market size is predicted to cross USD 1.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

The machine translation market is flourishing with improvements in accuracy levels and output provided by software technologies used for translation. The higher use of algorithms and deep learning methods is creating more capable translation technologies. These technologies have notably eliminated errors in automated translations such as wrong meanings, grammatical mistakes, and syntax errors. Automated translation has made it possible to translate huge amounts of content in lesser time compared to human translators.

 

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The qualified machine translation has provided significant improvements in the quality of outputs. This type of translation compares several available automatic translation outputs to create the content by selecting words and sentences with the highest quality scores. It provides a more stable and predictable source of content for post-editing.
 

Canada Machine Translation Market Share, By Application, 2016 & 2024
Machine Translation Market

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The e-commerce sector will contribute to a significant share in the machine translation market. Leading e-commerce players including Alibaba, Amazon, and eBay are using machine translation technologies to overcome the language barriers in global businesses. For instance, the Alibaba Machine Translation is serving the company’s major international businesses including Lazada, AliExpress, Taobao Overseas, Tmall Global, and others. MT has helped the e-commerce sector to reach a large number of customers as well as explore and enter new markets having higher growth potentials.
 

The effort toward strengthening defense and military forces is creating considerable demand in the market. In June 2017, Raytheon BBN Technologies was provided with USD 4 million for machine translation, automatic speech recognition, optical character recognition, and text-to-speech recognition software licenses to the U.S. Army’s office of Machine Foreign Language Translation System Program (MFLTSP). This will allow the U.S. Army to communicate with Arabic and Pashto speakers.
 

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
 

IBM Corporation, Google Inc, Lionbridge Technologies, Inc., Lingo24 Limited, Raytheon BBN Technologies, Lucy Software & Services GmbH, Smart Communications, Inc., Omniscien Technologies, Welocalize, Inc., Moravia IT, Systran International, AppTek LLC, and PangeanicMT are some of the major players in the machine translation market. The translation service providers are focusing on improving the confidentiality and data security of their platforms. In August 2017, United Language Group introduced a new MT tool OctaveMT powered by Lucy Software. This tool is developed to improve the speed and data security particularly for users requiring high levels of confidentiality.
 

The neural networks are being rapidly adopted by companies to improve localization platforms. In April 2018, Lionbridge Technologies announced the addition of Neural-based Amazon Translate in its localization enablement platform. The company collaborated with Amazon Web Services to provide efficient localization of its content to the customers.
 

Europe is expected to have an attractive growth in the machine translation market. The region holds the presence of large automotive industries requiring translation services for portals, dealerships, how-to manuals, and other data sources. Furthermore, Europe is shifting its focus on adopting neural machine translation for healthcare services. The European Commission has undertaken the EU-funded Health in my Language (HimL) project by working with the Scottish and International public health organizations. The researchers from the project are into the development of fully automated neural-based systems, which are capable of translating the content on public health from English to German, Poland, Romanian, and Czech languages. The project is aiming to address concerns faced by people due to the availability of online health information into a few languages.
 

The presence of several active research & development groups in the MT field in the European region is further enabling the advancements in the market. Some of the examples are Institute of Formal and Applied Linguistics, Center For Language Technology, Natural Language Processing Group, and Human Language Technology and Pattern Recognition.
 

The software platforms and technologies used in automatic translations still face considerable issues over the quality of translation, which can hamper the machine translation market growth. As there are tens of thousands of words available in every language and several different meanings based on the context of the word used, it is highly difficult for computer programs to understand the context. The algorithms are not capable of understanding non-verbal communications and emotions, affecting their reliability compared to human translators. In addition, these technologies lack the sensitivity to the culture of different countries, which have their own norms & values and can create issues by delivering the wrong message to customers or business associates.
 

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The machine translation market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

By Application

  • Automotive
  • Military & defense
  • Electronics
  • IT
  • Healthcare
  • Others

By Technology

  • RBMT
  • SMT
  • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • EU
    • UK
    • Germany
    • France
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America (LATAM)
    • Brazil
  • Middle East & Africa

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