Monday, 17 April 2017

Machine Translation Market share to grow 19.0% CAGR from 2017 to 2024

According to industry research report Machine Translation Market Size By Technology (SMT, RBMT), By Application (Automotive, Electronics, IT, Military & Defense, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, China, India, Japan, Brazil, Mexico), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024, by Global Market Insights, Inc. says Machine Translation Market size is set to exceed USD 1.5 billion by 2024; driven by increasing need for cost efficiency and high speed translation.

Increasing requirement to localize the rising amount of content in the organizations to eradicate language barriers is driving the machine translation market. The ability to translate different languages according to the customer preferences and lack of existing translators for several specialized fields and language combinations is providing tremendous growth opportunities for the industry. 

Growing demand across businesses to implement a cost-effective translation system in their business process is anticipated to drive the adoption rate of machine translation market size over the forecast timeframe. Implementation cost of these services is lower than traditional alternative. In addition to being-cost effective in nature, the technology is capable of performing at much faster speeds than human translators.

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Global machine translation market share was dominated by SMT technology, which contributed over 60% to the revenue in 2016. This is attributed to the rising demand in the commercial space as it can be trained for specific data set and can be used recurrently for a business. Furthermore, the demand for cheap, fast computing hardware has enabled the SMT demand as it aids applications that rely on billions of statistics and large data.

Automotive applications will witness considerable growth due to the increasing use of the technology in efficiently interpreting motor part catalogs, technical documentation, how-to manuals, and automotive websites, such as ChromeData. This way the machine translation market aids the OEMs in quickening entry into international markets and surge revenue and brand equity.

Browse key industry insights spread across 120 pages with 92 market data tables & 11 figures & charts from the report, “Machine Translation Market in detail along with the table of contents, please click on the link below:

The players operating in the machine translation market include Moravia IT, Lionbridge Technologies Inc., Google, Microsoft, Systran International, and IBM. In October 2016, AppTek LLC and Emergent LLC, announced that they had entered a partnership agreement. The partnership will aid, Emergent LLC to make the AppTek solutions and product catalog available on SEWP, where Emergent’s customers can update their businesses and grow their revenue using with AppTek’s technologies.

The machine translation market size is primarily driven by the rising demand for automated translations to eliminate repetitive tasks and the escalating need for localization to better serve the customers by the companies. In addition, several companies are deploying the technology to deliver multilingual content for their global website.

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Chapter 1    Methodology & Scope

1.1    Methodology
1.1.1    Initial data exploration
1.1.2    Statistical model and forecast
1.1.3    Industry insights and validation
1.1.4    Scope, definition and research parameters
1.2    Data Sources
1.2.1    Secondary
1.2.2    Primary

Chapter 2    Executive Summary
2.1    Machine translation industry 3600 synopsis, 2012 – 2024
2.1.1    Regional trends
2.1.2    Application trends
2.1.3    Techology trends

Chapter 3    Machine Translation Industry Insights

3.1    Industry segmentation
3.2    Industry size and forecast, 2012- 2024
3.3    Industry ecosystem analysis
3.4    Technology & innovation landscape
3.4.1    Automated translation
3.4.2    Smart automated translation
3.4.3    Raw machine translation
3.4.4    Fully Automated Usable Translations (FAUT)
3.4.5    Rule based machine translation
3.4.6    Statistical machine translation technology
3.5    Post Editing Machine Translation (PEMT)
3.5.1    Light post-editing
3.5.2    Full post-editing
3.5.3    Post-editing market size, 2014 - 2024
3.6    Industry impact forces
3.6.1    Growth drivers    Emerging demand for content localization    Increasing need for cost efficiency and high speed translation
3.6.2    Industry pitfalls and challenges    Lack of quality and accuracy
3.7    Growth potential analysis
3.8    Porter’s analysis
3.9    Company market share analysis, 2016
3.10    PESTEL analysis

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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