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Machine Translation Market will show exponential growth from automotive applications up to 2024

Author : Ronak Bora | Published Date : 2019-05-16 

An analysis of machine translation market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

Machine Translation Market in 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 industry aids the OEMs in quickening entry into international markets and surge revenue and brand equity.

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Machine translation market growth is driven by rising demand from several organizations to introduce a profitable translation system in their business processes. 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.

Machine Translation Market growth will be driven by increasing adoption of advanced technologies to simplify language translation. The increasing use of RBMT (rule-based machine translation) technology to precisely break down the target and the source languages make it more grammatically superior than others. Machine translation industry is gaining major revenue from the RBMT as it helps in forming syntactically links and grammatically correct scripts. RBTM technology is estimated to register a CAGR of 14% over the period of 2017-2024. SMT (statistical based machine translation) is another technological segment, which helps in acquisition of data from parallel quantities and fast learning ability in automatic mode. The Hybrid model in machine translations market makes use of both RMBT & SMT technology to create numerous variations and the lexicon and sentence structure level.

Machine translation market is observing a swift uptake with the growing need in several sectors to provide information in native languages. Importance of language localization in most of the businesses have helped to win customers trust and maintain strong client relationships. This fact is making machine translation units an absolute must-have in the business space. Moreover, the surging demand to eradicate linguistic barriers in corporate, hospitals, tourism & travel and many other industrial verticals has stimulated machine translations market. MT engines have also significantly helped the user in cutting project timeline and reducing costs. As per a report by Global Market Insights, Inc., Machine Translations Market is anticipated to record a heathy growth rate of above 19% over the period of 2016-2024.

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Asia Pacific is a powerhouse for the growth of machine translation market, particularly led by India & China. The demand for translation of several local languages to cater the customers effectively will expand the business in this region. India being a very diverse region with multiple regional languages finds a common issue of communication barrier. India could be a significant market and provide ample opportunities to the investors as the Government of India has launched an initiative called “Digital India”, which is likely to develop the IT industry, combat linguistic barriers, and set a clear growth path for the machine translation industry. Quite similarly, the Spanish government in 2015, also announced to provide USD 97.21 million for the development of MT tools and natural language processing technologies.

The U.S. machine translation market is driven by the existence of major service providers such as Google and Microsoft. The U.S. is unceasingly increasing the investments for implementing the technology across applications such as healthcare and military & defense. For instance, in the military & defense industry the country is deploying Machine Foreign Language Translation System (MFLTS) to offer soldiers with machine translations via text and speech which is projected to enhance the machine translations market growth.

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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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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