According to a new market research report “Global Machine Translation Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Application (Automotive, Military & Defense, Electronics, IT, Healthcare, and Others), by Technology (Statistical Machine Translation (SMT), Rule-Based Machine Translation (RBMT) and Others)” published by P&S Market Research, the global machine translation market is projected to reach $2,275.7 million by 2023.
As per the research, the global machine translation market is expected to reach $2,275.7 million by 2023. Machine translation refers to translation of words from one language to another with the help of computer. The concept of machine translation is widely being adopted by several industries, including automotive, electronics and IT, which is expanding its reach, globally. The demand for translation in multiple languages is surging, and the uninterrupted demand for continuous delivery of 24/7 translation services is the key factor propelling the growth of the global machine translation market.
Access Report Overview: https://www.psmarketresearch.com/market-analysis/machine-translation-market
Insights on market segments
As per the findings of the research, the market for machine translation is expected to register the highest growth in Asia-Pacific, during the forecast period. Machine translation is widely being adopted in the emerging nations of Asia-Pacific, such as India, China and Indonesia.
Based on technology, statistical machine translation (SMT) technology has been the largest revenue contributor to the global machine translation market and it is also expected to spearhead the market through 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.
Europe – The largest machine translation market
Geographically, Europe has been the largest market for machine translation. It has been the forerunner in the development and implementation of machine translation technology. Because of multilingualism, Europe faces more challenges posed by official languages, regional languages and other minority languages, compared to other regions. Machine translation plays an important role in overcoming these challenges and helps the region to generate more revenue through its businesses. In the European Union, machine translation is widely being adopted regardless of the size of the organization.
Growing need for post editing machine translation (PEMT) services bolsters market growth
Escalating demand for PEMT services is likely to propel the growth of the global machine translation market. With recent developments in machine translation, several approaches SMT, RBMT, EBMT and HMT have been invented to create machine translation engines. Compared to standard human translation, the quality of machine translation output is considered poor. The definition of poor varies based on the intended use of machine translation output. Poor output quality of machine translation acts as a barrier in its adoption, while PEMT strategies help to overcome this barrier and improve the quality of machine translation.
Large players providing free translation tools
The large companies in the global machine translation market also offer free translation tools, whereas the smaller competitors in the market usually have paid translation tolls in their offering. The key players in the global machine translation market include Systran, SDL, Lionbridge Technologies Inc., Apptek Technology, Omniscient Technologies, Cloudwords Inc., IBM Corporation, Lighthouse IP Group, Lingo24 Ltd, Lingotek Inc., Lucy Software and Services GmbH, Moravia IT, and Pangeanic.
GLOBAL MACHINE TRANSLATION MARKET SEGMENTATION
- Statistical Machine Translation (SMT)
- Rule-Based Machine Translation (RBMT)
- Military & Defense
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