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Machine Translation Market in United States is driven by increasing investments for implementing the technology across healthcare and military & defense sector

Author : Ronak Bora | Published Date : 2019-03-27 

U.S. Machine Translation Market is set to be driven by the presence of a large number of service providers in the region. The support from governmental organizations such as the Defense Advanced Research Projects Agency (DARPA) provides extensive funding for MT for military & defense industry. In addition, the organization has Spoken Language Communication and Translation System for Tactical Use (TRANSTAC) program aimed at evolving transportable two-way speech translation systems that can operate on handheld and laptop devices. Geographically, U.S. will be the prominent revenue generator for North America machine translation industry share, owing to the availability of ample service providers across this region. Favorable government support from organizations such as the Defense Advanced Research Projects Agency (DARPA) will also augment the industry growth.

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Healthcare, IT, electronics, automotive, and military & defense are the prominent applications of machine translation market. Healthcare application segment will exhibit noticeable growth rate over the coming years of 2017 to 2024. The growth can be attributed to the growing requirement of translating a vast number of clinical documents. Moreover, the escalating research across the healthcare sector will also boost the requirement of MT tools, which in turn, will influence machine translation industry size positively. Installation of this technology across the healthcare sector will help interpret insurance claim forms, medical documents, IVR scripts, patients records, and educational material.

Rising demand from several organizations to introduce a profitable translation system in their business processes is expected to drive the implementation rate of machine translation market. Primarily, only large organizations were capable to integrate these services owing to the excessive cost related to the offering, however with recent developments in the technology it has made the availability of robotized translation services available to an entire range of SMEs or large enterprises.

Statistical machine translation (SMT) technology is anticipated to have a high market share over the forecast timespan. Growing need for cost efficiency, and rising amount of big data across the internet, are some other factors which are driving the machine translation market growth. Cloud computing technology is aiding the SMT technology to run in an effective manner, and is offering high processing power with enhanced storage capacity.

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Based on the technology, machine translation market is mainly divided into RBMT and SMT. RBMT technology segment is anticipated to register an annual growth rate of more than 14% over the period of 2017 to 2024, primarily driven by its superior grammatical and predictable approach of breaking down the source and target languages pertaining to the incorporation of vocabulary.

Automotive applications in the machine translation market will witness significant growth owing to the growing usage of the technology in efficiently translating how-to manuals, technical documentation, motor part catalogs, and automotive websites. TIt aims at providing cost effective localization services for the automotive industries.

Market players are investing significantly in research & development activities to introduce products based on advanced technologies into the market, which will help them gain considerable profit. Some select industry giants are also engaging in strategic partnerships to expand their customer base. The key players in machine translation market are Moravia IT, Lionbridge Technologies Inc., Google Inc., IBM Corporation, Systran International, and Microsoft Corporation.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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