The global machine translation market size is expected to
reach USD 983.3 million by 2022, according to a new study by Grand View
Research, Inc., exhibiting a 14.6% CAGR during the forecast period. The
reinvention of computer-aided translational tools and growth of adaptive
machine translation has considerably widened the scope of the machine
translation market.
Key players are increasing their focus on developing
advanced MT systems to meet growing consumer needs. For instance, Lilt Inc. has
launched an adaptive neural machine translation system to use real-time
feedback loop and Artificial Intelligence (AI) to boost the productivity of a
human translator. Moreover, the technology is expected to offer opportunities
to people for communicating and accessing information in a particular language.
This system goes beyond Facebook, Inc.; Apple Inc.; and Microsoft Corporation’s
product offerings.
Globalization has significantly contributed to
addressing the need for linguistically diverse local audiences. Growing
importance of businesses in emerging markets, creation of online content, and
need for enabling global collaboration among employees is expected to drive
market growth over the forecast period.
Need for organizations to localize their content in
several languages to capture international markets is expected to bolster
demand for MT systems. Adoption of such systems and instant web publishing
requirements is further expected to improve user experience by developing
multilingual engagement across different content types.
Growing importance of cloud computing has resulted
in increasing demand for cloud-based translation tools. Moreover, delivery of
Machine Translation Software-as-a-Service (MTSaaS) over secure cloud offerings
accommodated in data centers is expected to offer considerable growth opportunities.
The convergence of Translation Memories (TM) and MT
is expected to fully integrate workflows. TM store sentences and paragraphs
that were previously translated to aid human translators, accelerating
translation projects and reducing costs. Furthermore, the industry has
gravitated toward the use of Bilingual Evaluation Understudy (BLEU) as a useful
measurement of translation quality. BLEU is a method for automatic evaluation
of MT, which is inexpensive and language independent.
Full
Research Report On Global Machine Translation Market By Grand View
Research:
www.grandviewresearch.com/industry-analysis/machine-translation-market
www.grandviewresearch.com/industry-analysis/machine-translation-market
Further
key findings from the study suggest:
- The automotive and electronics industries are
anticipated to gain substantial market share by 2022 owing to need for
timely and accurate translation of large amounts of content in various
application segments
- The MT market in automotive applications is
expected to value around USD 140 million by 2022
- Existence of a large number of players and
government initiatives supporting machine translation has impacted
industry growth positively in U.S. Google Inc. and Microsoft Corporation
have made SMT technology popular with their free online engines in the
country
- Demand for Statistical Machine Translation
(SMT) has significantly increased over the past few years, due toits
effectiveness over Rule-Based Machine Translation (RBMT) in terms of time
and cost
- SMT contributed to more than 65.0% of the
overall MT market revenue
- Key players in the industry include IBM
Corporation; SDL PLC; Lionbridge Technologies Inc.; Asia Online Pte Ltd.;
and Lighthouse IP Group.
Browse More
Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global machine translation market
report on the basis of application, technology, and region:
Machine
Translation Application Outlook (Revenue, USD Million, 2012 - 2022)
- Automotive
- Military
& Defense
- Electronics
- IT
- Healthcare
- Others
Machine
Translation Technology Outlook (Revenue, USD Million, 2012 - 2022)
- RBMT
- SMT
- Others
Machine
Translation Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North
America
- U.S.
- Canada
- Europe
- Asia
Pacific
- Latin
America
- Middle
East and Africa (MEA)
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-machine-translation-market
www.grandviewresearch.com/press-release/global-machine-translation-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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