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.
Global Machine Translation
market by application, 2012 - 2022
Browse full research report on
Machine Translation Market
Further key findings from
the report 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).
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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