The global Machine Translation Market is
expected to reach USD 983.3 million by 2022, according to a new study by Grand
View Research, Inc. Technological advancements have led to the development of
sophisticated translation technology with minimal errors and grammatical
coherence, which has considerably widened the scope for machine translation.
The ability to rapidly, seamlessly and cost-effectively translate documents and
content in regional languages has spurred the machine translation market over
the past few years.
The provision of machine
translation Software-as-a-Service (MTSaaS) over secure cloud offerings hosted
in data centers is expected to offer substantial growth opportunity for the
market. Increasing prominence of cloud computing has resulted in growing demand
for cloud-based translation tools, which is further expected to boost the
machine translation market. Constant R&D and technological advancements
have enabled the technology to seamlessly integrate into a range of products from
enterprise-level systems to consumer devices. Upgrading of communication
networks and the rising proliferation of smartphones has led to the
introduction of machine translation apps that provide instant translation of
multilingual text.
Browse full research report on Machine Translation Market: http://www.grandviewresearch.com/industry-analysis/machine-translation-market
Further key findings from the study suggest:
- Electronics and automotive industries are expected to
gain significant market share by 2022. Application of machine translation
in healthcare is expected to gain market share over the next six years.
The need for accurate and timely translation of a large amount of content
is expected to drive demand in various application industries.
- Training of SMT-based translation engines consists of
feeding in millions of segments of glossaries, bilingual texts, etc. for
the engine to learn by examples. The demand for SMT has significantly
increased over the past few years, due to its effectiveness over RBMT in
terms of time and cost. It is also expected to remain the largest
technology market through 2022.
- Government initiatives and the presence of a large
number of service providers has helped boost market growth in the U.S.
Microsoft and Google, two of the largest technology providers based in the
U.S., have made statistical machine translation technology popular with
their free online engines.
- Machine translation providers often sell products
through their own websites or indirectly through a network of specialist
sales agents. Most providers prefer having a direct sales force to market
and sell their offerings. MT solutions are available as commercial
software solutions (e.g., SYSTRAN Enterprise Server and SDL BeGlobal) or
as free, web-based applications (e.g., Microsoft Bing Translator and
Google Translate).
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
For the purpose of this study, Grand View Research has
segmented the global machine translation market 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
Machine Translation Regional Outlook (Revenue, USD
Million, 2012 - 2022)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- MEA
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-machine-translation-market
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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