Machine Translation Market size worth over $1.5 Bn by 2026
Published Date: October 19, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Machine Translation Market size is set to be over USD 1.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
Growing popularity of cloud-based applications will boost the machine translation industry growth. Cloud technology enables to access the services through cloud servers, eliminating the need to invest in in-house hardware development or installations. The technology also ensures enhanced flexibility and scalability, as data can be expanded easily without incurring additional costs of in-house infrastructure expansion. As cloud-based machine translation service are provided over the internet, they can be accessed anywhere on any device. Several market players are leveraging the benefits of cloud to offer enhanced machine translation solutions.
The coronavirus (COVID-19) pandemic has positively impacted the machine translation market due to surge in the adoption of digital technologies across several industrial sectors. As remote working techniques gained traction, accurate and fast information exchange across languages have become crucial to ensure a smooth remote working environment.
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Rule based machine translation system to gain traction in the market as the technology enables enhanced control over output
Rule based machine translation (RBMT) technique is applicable to large groups of linguistic rules in three different phases: analysis, transfer, and generation. RBMT enables enhanced control through lexicon and user dictionary improvements making it relatively predictable in its output. Dictionary-based customization assures enhanced quality and compliance with corporate terminology.
Browse key industry insights spread across 250 pages with 233 market data tables and 27 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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Enhanced safety offered by the solution will drive on-premise systems demand
On-premise machine translation market is projected to expand at more than 14% CAGR through 2026 owing to the demand for on-premise machine translation systems from the corporate sector that requires extreme confidentiality. The technology enables corporate organizations to access the service without internet connectivity by retaining the information in their own environment with the translator engine. End users opting in for on-premise deployment install the translation management solution securely on the company’s hardware behind its firewall.
Growing penetration of digitalization across the healthcare industry
Growing demand for systems that ensure accurate medical document translation while protecting personal data confidentiality which will drive the machine translation technology demand. The Agency for Healthcare Research and Quality has reported that language barriers are responsible for approximately nine percent of the U.S. population being at risk in a medical setting. Several clinics and hospitals rely on patients’ family members to translate data for them, that may result in misinformation. Misinterpreted discharge instructions and medication errors can be dangerous for patient health, driving the demand for accurate systems.
Robust automotive sector in Europe to offer market growth opportunities
Europe machine translation market revenue is likely to register over 17% growth rate from 2020 to 2026. Strong automotive sector in Germany, attributed to the presence of players such as Volkswagen and BMW will support the market growth. The demand for translation and localization has increased with the need to reach wider global markets. The automotive sector employs machine-aided human translation technologies for technical document translation, corporate communications and video training materials for operations in manufacturing plants. The advancing automotive sector in European market and incorporation of latest technologies to strengthen their business operations globally.
Strategic partnerships to strengthen market position forms a key trend amongst players operating in the market
Some major companies operating in the machine translation market are Alibaba Cloud, Amazon, Microsoft Corporation, Baidu, Google LLC, Systran International, etc. Market players are focusing on launching new solutions in collaboration with technology leaders to differentiate their product offerings. For instance, in September 2019, Tencent Cloud TMT collaborated with Transperfect to automate several manual tasks associated with the translation and organization of global content and simplify the ongoing maintenance of translated content.
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