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.
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.
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
3.6.1.1 Emerging
demand for content localization
3.6.1.2 Increasing
need for cost efficiency and high speed translation
3.6.2 Industry
pitfalls and challenges
3.6.2.1 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
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