Source: P&S Market Research

Machine Translation Market to Reach $2,275.7 Million By 2023: P&S Market Research

NEW YORK, Aug. 28, 2017 (GLOBE NEWSWIRE) -- 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.

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The growing volume of big data across the internet, increasing need for cost efficiency, and vast amount of knowledge exceeding the capacity of human translation are some of the other factors driving the growth of the global machine translation market. The increase in globalization drives the need to address diversity of languages in web content and local audiences. Proliferation of website content, escalating demand for global collaboration, and growing importance of business in emerging markets are some of the factors anticipated to bring a major boost to the growth of the global machine translation market. Besides, the increasing penetration of internet and proliferation of smartphones are other factors that are expected to drive the growth of the global market.

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. Moreover, SMT offers various benefits over other machine translation technologies in terms of customizability, community collaboration, resource requirement and others. Benefits associated with SMT over other machine translation technologies, including rule-based machine translation (RBMT), example-based machine translation (EBMT) and hybrid machine translation (HMT), are helping to raise the acceptance of this technology and make it a clear leader among various machine translation technologies.

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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. Initially, only large organizations were capable of integrating machine translation services because these services were expensive and labor-intensive. However, recent developments in the field of machine translation have made these services accessible to the whole spectrum of organizations. Additionally, machine translation offers a strong export market for the European companies and is also considered as the backbone of the European economy.

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.

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.

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