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Machine Translation Market 2024: Regional Outlook, Growth Drivers and Future Growth Opportunities

Author : Ronak Bora | Published Date : 2020-08-28 

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.

Based on the technology, machine translation industry 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.

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SMT dominated the technology segment in machine translation market in 2016 by accounting for more than 60% of the global revenue contribution and will register a significant growth rate over the coming timeframe, due to the increasing requirement of fast computing and cheap hardware.

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.

Global Machine Translation Market is expected to grow at a CAGR of over 15% to exceed USD 1.5 billion by 2024. Technological advancements have led to development of several innovative translation technologies which are providing minimal grammatical errors and consistency. Support from governmental organizations and existence of regulations such as EN 15038 standard is driving the market growth. The industry is mainly driven by the increasing demand for automated translations to remove repetitive tasks and the rising need for localization to help serve the customers in an enhanced manner.

Asia Pacific machine translation market will generate lucrative revenue over the years ahead. The growth can be attributed to the growing adoption of MT tools, mainly across China and India, primarily owing to the fact that these regions exhibit the existence of various local languages. This, in turn, will boost the demand for machine translation market products. Most of the firms across India are implementing MT tools to minimize the communication barrier, which is predicted to create an attractive growth avenue for the industry participants.

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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.

Table of Contents (ToC) of the report:

Chapter 4    Machine Translation Market, By Application

4.1    Machine translation industry share by application, 2017 & 2024

4.2    Automotive

4.2.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

4.3    Military & Defense

4.3.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

4.4    Electronics

4.4.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

4.5    IT

4.5.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

4.6    Healthcare

4.6.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

4.7    Others

4.7.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

Chapter 5    Machine Translation Market, By Technology

5.1    Machine translation industry share, by technology, 2017 & 2024

5.2    RBMT

5.2.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

5.3    SMT

5.3.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

5.4    Others

5.4.1    Market estimates and forecast, by region, 2012 – 2024 (USD Million)

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/machine-translation-market-size

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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