Machine Translation (MT) Market Set to Witness an Uptick during 2019 to 2025



The global machine translation market size is expected to reach USD 983.3 million by 2022, according to a new study by Grand View Research, Inc., exhibiting a 14.6% CAGR during the forecast period. The reinvention of computer-aided translational tools and growth of adaptive machine translation has considerably widened the scope of the machine translation market.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
Key players are increasing their focus on developing advanced MT systems to meet growing consumer needs. For instance, Lilt Inc. has launched an adaptive neural machine translation system to use real-time feedback loop and Artificial Intelligence (AI) to boost the productivity of a human translator. Moreover, the technology is expected to offer opportunities to people for communicating and accessing information in a particular language. This system goes beyond Facebook, Inc.; Apple Inc.; and Microsoft Corporation’s product offerings.
Globalization has significantly contributed to addressing the need for linguistically diverse local audiences. Growing importance of businesses in emerging markets, creation of online content, and need for enabling global collaboration among employees is expected to drive market growth over the forecast period.
Need for organizations to localize their content in several languages to capture international markets is expected to bolster demand for MT systems. Adoption of such systems and instant web publishing requirements is further expected to improve user experience by developing multilingual engagement across different content types.
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Growing importance of cloud computing has resulted in increasing demand for cloud-based translation tools. Moreover, delivery of Machine Translation Software-as-a-Service (MTSaaS) over secure cloud offerings accommodated in data centers is expected to offer considerable growth opportunities.
The convergence of Translation Memories (TM) and MT is expected to fully integrate workflows. TM store sentences and paragraphs that were previously translated to aid human translators, accelerating translation projects and reducing costs. Furthermore, the industry has gravitated toward the use of Bilingual Evaluation Understudy (BLEU) as a useful measurement of translation quality. BLEU is a method for automatic evaluation of MT, which is inexpensive and language independent.
Further key findings from the study suggest:
·         The automotive and electronics industries are anticipated to gain substantial market share by 2022 owing to need for timely and accurate translation of large amounts of content in various application segments
·         The MT market in automotive applications is expected to value around USD 140 million by 2022
·         Existence of a large number of players and government initiatives supporting machine translation has impacted industry growth positively in U.S. Google Inc. and Microsoft Corporation have made SMT technology popular with their free online engines in the country
·         Demand for Statistical Machine Translation (SMT) has significantly increased over the past few years, due toits effectiveness over Rule-Based Machine Translation (RBMT) in terms of time and cost
·         SMT contributed to more than 65.0% of the overall MT market revenue
·         Key players in the industry include IBM Corporation; SDL PLC; Lionbridge Technologies Inc.; Asia Online Pte Ltd.; and Lighthouse IP Group.
The global machine translation market size was valued at USD 433.0 million in 2016 and is expected to develop at a CAGR of 14.6% over the forecast period. Rising Internet penetration and increasing need to reduce operational costs are expected to drive market growth over the next few years. Soaring smartphone penetration and improvement in communication infrastructure have also positively contributed to industry growth.
The industry is witnessing a transition from human translators to MT as is an efficient tool to deliver similar linguistic conversion with significantly lower time and cost. Advances in MT technology and new implementation approaches including crowdsourcing are expected to reduce the cost of MT while improving its efficiency.
This technology finds high adoption among language service providers, who use the service to correlate and enhance output. Furthermore, use of big data for social media data mining to gather information about products and companies is providing growth opportunities to service providers. Such translated data can prove to be vital for marketing decision-making.
Technological advancements have resulted in development of translation theory with minimal errors and grammatical consistency, which has considerably broadened the scope for MT. Cost-effective and rapid conversion of documents in regional languages has spurred industry growth over the past few years. Moreover, several multinational companies use this method owing to its cost-effectiveness to develop multilingual content for their global websites. Use of professional linguists to provide post-editing of content that has been machine-translated can result in greater accuracy of translated content.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-machine-translation-market
Grand View Research has segmented the global machine translation market report on the basis of application, technology, and region:
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
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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