Machine translation market is forecasted to witness a CAGR of over 6.0% during the period 2017–2023 to reach $195.4 million by 2023. Geographically, the market is expected to witness the fastest growth in the Asia-Pacific (APAC) region, mainly attributed to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages in the region.
Emerging demand for content localization to push the machine translation industry The machine translation industry is witnessing significant growth as a result of the growing demand for content localization. Companies are finding more and more reasons to localize their products, applications, and websites. Companies, worldwide, are recognizing their potential to address the market needs and therefore striving towards meeting customer demands outside their local market.
Localization aids them to communicate with the target markets in their language and integrate industry-specific aspects with their culture and develop a local appeal. Localization strategy is significant to not only recognize the demand of a company’s product in the target country but also consider the associated benefits and risks before making any decision. Further, it enables organizations to develop effective marketing campaigns.
Migration of MT to cloud services has been a major trend in the machine translation market Some of the key technologies used by both academic and commercial domains to deliver systems and contents are Software as a Service (SaaS), Platform as a Service (PaaS), on-demand computing, and cloud computing. Integration of cloud computing with MT technology has emerged as a major trend. In relation to MT, cloud-based MT solutions are gaining acceptance and have the capacity to reduce operational costs as well.
Cloud-based solutions improve responsiveness and unification, contributing to the seamless use of MT tools and techniques. Therefore, a significant number of organizations, especially in the developed regions, are shifting their conventional translation apps to the cloud. These extensive operational, strategic, and economic benefits of cloud-based MT are attracting many businesses to adopt these solutions.
SMT to hold the largest size of the machine translation market throughout the analysis period SMT technology has been the largest revenue contributor in the machine translation industry and is expected to spearhead the market throughout the forecast period. Cloud computing technology helps SMT to run in an effective manner, as it offers high processing power and enhanced storage capacity to the computer.
Moreover, SMT offers various benefits over other MT technologies in terms of customizability, community collaboration, and resource requirement.
Europe to hold the second largest size of the machine translation market throughout the analysis period Europe is the second largest market for machine translation, and also a forerunner in the development and implementation of MT technology. Because of multilingualism, Europe faces challenges posed by official languages, regional languages, and other minority languages compared to other regions.
MT plays an important role in this regard in overcoming these challenges and helping the region to generate more revenue through its businesses. In the European Union, MT is widely being adopted regardless of the size of the organization. Initially, only large organizations could integrate MT services because these services were expensive and labor-intensive; however, recent developments in the field of MT have made these services accessible to the whole spectrum of organizations.
Additionally, MT offers a strong export market for European companies, and is also considered as the backbone of the European economy.
Machine translation market players coming up with new products Product launches have been observed as a major strategic step taken by the key vendors operating in the machine translation industry to capture a large market share. Machine translation providers are entering into strategic alliances with technology providers in order to combine their expertise and offer best-in-class translation solutions.
Some of the major players operating in the market are International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc., Google Inc., SYSTRAN, TransPerfect Translations International Inc., PROMT Ltd., Microsoft Corporation, Honyaku Center Inc., and Venga Global.
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