Machine Translation Market size worth over $3 Bn by 2027
Published Date: July 8, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Machine Translation Market size is projected to exceed USD 3 billion by 2027, according to a new research report by Global Market Insights Inc.
The increasing adoption of smart home devices among consumers is expected to propel the machine translation industry growth. The inclination of smart home owners toward luxurious entertainment systems has spurred the demand for smart speakers in homes. For instance, in Australia around 50% residents used some form of smart home device as of 2020. The smart devices are integrated with machine translation tools for performing real-time languages translation.
The ongoing COVID-19 pandemic positively impacted the machine translation market demand in FY2020 on account of surge in the adoption of digital solutions across several industrial sectors. The machine translation technology witnessed significant adoption among healthcare professionals to convey COVID-19 related information to citizens in several languages. For instance, The Endangered Languages Project has coordinated a multilingual COVID-19 response in more than 500 languages, including more than 400 videos in over 150 languages. Also, increased penetration of cloud computing across BFSI and e-commerce sectors globally propelled the adoption of advanced machine translation systems in 2020.
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The growing usage of RBMT for translating content on the basis of grammatical rules will drive market statistics
The Rule-Based machine translation (RBMT) market is set to witness steady growth through 2027 due to the growing need for understanding and mapping the rules between two languages. The technology relies on manually built translation lexicons and grammar rules that can be modified and edited to improve the translation. The RBMT software analyzes text and creates a transitional depiction from which the target-language text is generated. Although the RMBT technology does not require training corpora over the translations created by the system, the process of encoding knowledge requires a great amount of time. This has enforced developers to augment the core RBMT technology with techniques of Statistical Machine Translation (SMT).
The growing adoption of on-premise machine translation solution for maintaining security and reliability of data
The demand for higher data privacy in the end-use sector is accelerating the acceptance of on-premise machine translation systems. The companies prefer on-premise solutions to eliminate the risk of transferring their sensitive information on the cloud platform. The model allows companies to securely install translation solutions on their hardware firewall. The businesses using on-premise deployment model can have customization as per their requirement, propelling the demand.
Browse key industry insights spread across 265 pages with 236 market data tables and 30 figures & charts from the report, “Machine Translation Market Size By Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation, Hybrid Machine Translation, Example-based Machine Translation), By Deployment Model (On-Premise, Cloud), By Application (Automotive, BFSI, E-Commerce, Electronics, Healthcare, IT & Telecommunications, Military & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Need for an efficient communication in the healthcare sector to propel the machine translation market growth
The healthcare application is anticipated to expand at a significant rate till 2027. Healthcare organizations are increasingly leveraging machine translation technology for clarifying patient histories, clinical diagnosis, and restating recommended treatment plan. During clinical practices, physicians face language barrier to ask questions or respond to patients. Machine translation tools assist professionals in communicating with patients by directing their queries into the machine translator. Also, these systems provide more data privacy and patient confidentiality compared to human translators.
Rising usage of advanced machine translation among enterprises
North America machine translation market size is estimated to expand at over 21.5% CAGR through 2027 owing to the increasing adoption of this technology among prominent IT companies across the region. The expanding IT & telecom sector supports the adoption of machine translation solutions. For instance, as of 2020, 5G technology had been deployed in 50 cities in the U.S. Communication between telecom firms requires domain-specific translation systems that ensure enhanced accuracy while interpreting data. Also, with companies expanding their presence in the international market, the demand for multilingual localization becomes vital for the IT & telecom sector.
Investments in research & development for introducing innovative products and enhancing product portfolio is a key strategy among industry players
The key players operating in the machine translation market include Amazon.com, Inc., Google LLC, IBM Corporation, Microsoft Corporation, Moravia IT s.r.o., Omniscien Technologies, Tencent Cloud TMT, Baidu, Raytheon BBN Technologies Corp, Yandex Cloud LLC, Systran International, Cloudwords Inc., PROMT Ltd, Alphabet Inc., and Alibaba Cloud.
The key players are investing highly in R&D activities for launching new products and attracting a large customer base. For instance, in October 2020, Facebook Inc. introduced the first AI model to translate 100 languages without depending on English. The solution improved the quality of translations, particularly for individuals speaking low-resource languages.
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