The global MachineTranslation market is anticipated to reach USD 983.3 million by 2022. Increasing quantity of website content, growing requirement for cost competence in translation, and the huge quantity of language knowledge demanded exceeds the capability of human translation, which consecutively is expected to propel the machine translation industry. Globalization increases the demand to deal with the linguistic variety of local audiences and web content. The fabrication of content generated online, increasing the importance of business in budding markets, and the demand for allowing worldwide collaboration amongst employees is likely to drive machine translation industry growth over the forecast period.
Machine
translation price are far inferior to that of conventional human translation.
It is also rapid than human translation. It is commonly utilized for soaring
volume content that would or else take gigantic resources for translation, and
this is likely to fuel the machine translation industry. Accessibility of free
of charge translation engines and shortage of translation accuracy is expected
to restrain market expansion over the forecast period. Main restraints for the
machine translation industry are a shortage of quality, demand for expert
skills and editing, opposition from free translation service provider, and
complexity in estimation & measurement of quality. One of the major shifts
budding in the market is the incorporation of the translation procedures in the
project plan.
Many
enterprises with a worldwide presence does not have a devoted multilingual
website for reaching out to every region. This might obstruct their growth as
various users globally might be capable to understand only in their inhabitant
languages. Another major challenge obstructing the expansion of the industry
over the forecast period is the creative marketing materials present in the
market, which a machine is not able to grasp and demands human understanding
for delivering & translation the definite meaning. This comprises certain
legal documents and creative marketing content
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Consumers
in the electronic market demands competent translation of document in direction
to haste up time to market and publication processes. An electronics enterprise
demands publishing to be completed in various languages to offer press
releases, user manuals, for commercial, product launches and marketing
catalogs. Machine translation service providers builds up customized engines
for the customer in the electronics market that are well coincided with the
industry’s particular terminologies and technological descriptions. The machine
translation industry finds its functions in healthcare to enhance communication
demands of physicians.
On
the basis of application, the market can be segregated into automotive,
medical, Electronics, healthcare, electronics, information technology, and
others. On the basis of technologies, the market can be segregated into RBMT,
SMT and others. The SMT (statistical machine translation) uses a model to
create and analyse text in the aimed language in contrast to this RBMT
(rule-based machine translation) uses linguistic rules over the sourced
language, to create text in the aimed language. On the basis of the
geographical region, this market can be segregated into North America, Asia
Pacific, Europe and Middle east and Africa. North America is expected to
capture maximum revenue over the forecast period. Machine translation is very
effectual way of eradicating language barriers around various regions. The main
factor responsible for the expansion of the North American machine translation
industry is the growing number of government initiatives and service providers
in the area.
The
presence of a huge quantity of service providers has assisted them to boost
market expansion in the U.S. Google, Microsoft, two of the greatest technology
providers are based in the North America who have made SMT (statistical machine
translation) technology admired with their online engines. Increasing Globalization
and requirement to deal with different cultural groups have to lead to the
increased recognition of translation technology in Asia Pacific. The increasing
proliferation of smartphones and growing penetration of internet are likely to
fuel machine translation market expansion in Asia Pacific over the forecast
period. The demand to address various cultural groups and growing globalization
is expected to fuel the expansion of the machine translation system in Asia
Pacific. The main challenge of this market in Asia Pacific is the need for
specialist skills, shortage of quality, complexity in measurement &
estimation of quality, and increasing competition from free language
conversion.
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Some
of the key players in the market are SYSTRAN, Lionbridge, Lighthouse IP,
Lingotek, Cloudwords Inc, SDL PLC and Moravia IT. This market is less
fragmented but the competition is expected to increase over the forecast
period. As the need for customization and personalization of machine,
translator is going to increase over the forecast period, which in return will
fuel the need for innovation in this market.
Market Segment:
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
• Europe
• Asia Pacific
• Latin America
• MEA
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