Skip to main content

Machine Translation Market Will Accomplish Outstanding USD 983.3 Billion Figure By

 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

Request Sample Copy of This Market Research @

https://www.millioninsights.com/industry-reports/machine-translation-mt-market/request-sample

 

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.

Browse Full Research Report @

https://www.millioninsights.com/industry-reports/machine-translation-mt-market

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

Read more insights on @

https://latestmarkettrends.news.blog

 

Get in touch

At Million Insights, we work with the aim to reach the highest levels of customer satisfaction. Our representatives strive to understand diverse client requirements and cater to the same with the most innovative and functional solutions.

 

Contact Person:

Ryan Manuel

Research Support Specialist, USA

Email: ryan@millioninsights.com

Comments

Download Free Popular Research

Global Food Grade & Pharma Grade Calcium Phosphate Market Will Generate Maximum Revenue From 2020 To 2025

  Nov 05 2020:   The global   Food Grade & Pharma Grade Calcium Phosphate market   was valued at $XX million in 2018, and Radiant Research analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2018 and 2028. This report provides detailed historical analysis of global market for Food Grade & Pharma Grade Calcium Phosphate from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Food Grade & Pharma Grade Calcium Phosphate market. To Request A Sample Copy Of This Report @:     https://www.radiantinsights.com/research/2013-2028-report-on-global-food-grade-and-pharma-grade-calcium-phosphate-market/request-sample Leading players of Food Grade & Pharma Grade Calcium Phosphate including: Innophos Prayon ICL PP Chengxing Industrial Hens Budenheim Tianjia Chem Hindus

Global IT Equipment Disposal Market Analysis, Size, Share, Growth, Trends and Forecast 2018-2028: Radiant Insights Inc

April 12, 2019:  The global IT Equipment Disposal market was valued at $XX million in 2017, and Radiant Research analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2017 and 2028. To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/2013-2028-report-on-global-it-equipment-disposal-market/request-sample This report provides detailed historical analysis of global market for IT Equipment Disposal from 2013-2018 and provides extensive market forecasts from 2018-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the IT Equipment Disposal market. To Browse Full Research Report @: https://www.radiantinsights.com/research/2013-2028-report-on-global-it-equipment-disposal-market Leading players of IT Equipment Disposal including: Eletronic Recyclers International Sims Recycling Solutions Waste Manag

Cervical Cancer Diagnostic Market Worth About USD 12 billion By 2024

  Cervical Cancer Diagnostic Market size is anticipated to reach USD 12 billion by 2024. Cervical cancer is caused due to uncontrolled cell division of cancerous or abnormal cell growth in the cervix region. The factors that propel the growth of the cervical cancer diagnostics market include increase in aging female population, rise in the awareness programs for cervical cancer screening, high occurrence rate, and rapid adoption of technology. Moreover, increasing consciousness among the population regarding prevention, care, and treatment of cervical cancer, and availability of advanced and variety of treatment are likely to offer impetus to the market. On the other hand, there are factors that may hamper the growth of the market including lack of awareness related to cervical cancer protection, and changes in regulatory guidelines for cervical cancer screening. Cervical cancer diagnostics industry is anticipated to grow at a significant CAGR of 5.9% in the upcoming period as the sc