Industry Outlook and Trend Analysis
The global Machine Translation market was worth USD 0.25 billion in the year 2012 and is expected to reach approximately USD 1.48 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 19.40% during the forecast period. Expanding interest for cost productivity in translation, developing volume of site content, and the huge measure of dialect learning required surpasses the limit of human translation, which thusly is relied upon to fuel the machine translation market. Globalization eases the need to address the linguistic variety of local audiences and web content. The conception of content created on the internet, developing significance of businesses in developing markets, and the requirement for empowering worldwide coordinated effort among representatives is relied upon to drive machine translation market development over the gauge time frame. The costs of machine translation are relatively low in comparison to conventional human translation. It is additionally quicker than human translation and usually utilized for high-volume content that would alternatively take enormous assets for translation, which is foreseen to drive the machine translation market. Accessibility of translation engines that are free such as Google Translate and Microsoft Bing and absence of exactness of translation may inhibit market development. Significant difficulties for the machine translation market are an absence of quality, requirement for master aptitudes and post-altering, competition from translation service providers that are free, and trouble in quality estimation and measurement.
Application Outlook and Trend Analysis
Consumers in the electronics business require effective translation of reports keeping in mind the end goal to accelerate production procedures and time for marketing. An electronics organization needs distributing to be done in numerous languages to give commercial and marketing catalogs, web publishing, press releases for product launches, user manuals, commercial and marketing catalogs, and so on. Machine translation suppliers create modified engines for customers in the electronics sector that are well-informed with the business' technical descriptions and particular terminologies. The machine translation market discovers application in the healthcare industry to meet the correspondence requirements of doctors. Healthcare organizations depend on translation administrations of patient pamphlets, doctor manuals, leaflets, and instructions for use, sites and other critical correspondence materials.
Technology Outlook and Trend Analysis
RBMT is a system of machine translation in view of data about the target and source languages that is extracted from grammars and dictionaries which needs human contributions for development. The process of translation is determined by human specialists who build up an arrangement of guidelines overseeing the procedure. Statistical machine translation adopts a model to determine and produce text in the objective language, while translation that is rule-based makes use of linguistic guidelines over the source dialect to create message in the objective language.
The vast majority of the present RBMT systems are being supplanted by SMT, and the market has shifted towards more SMT as prime players, for example, Lionbridge, SDL, and other language specialist co-ops are putting forth unadulterated SMT.
Regional Outlook and Trend Analysis
Government activities and the existence of an expansive number of specialist organizations have helped support market development in the United States. Google and Microsoft, the biggest suppliers of technology situated in the United States, have made the technology of statistical machine translation well known with their free online engines. Globalization and requirement to address differing cultural gatherings have prompted the ubiquity of the technology of translation in Asia Pacific. The expansion of cell phones and expanding entrance of internet are foreseen to drive the growth of this market. Machine translation could provide a significant resolution in reducing language boundaries crosswise over various locales.
Most MT mediums are text-based and give quick translations between different languages in the form of text. Some others do offer the choice of language keyboards and audio input/output. Machine translation as a service (MTSaaS) utilizes SMT and is available by means of the web. This enables clients to alter their machine translation engine with their translation memories, otherwise called do-it-yourself machine translation. Building up an incorporated foundation is required to be a basic achievement factor for picking up share of the market. Subsequently, key joint endeavors, combined with acquisitions and mergers have been among the key procedures implemented. The major players in the market are Lionbridge, SYSTRAN and SDL plc.
The global Machine Translation market is segmented as follows-
Military & Defense
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022?
What will be the industry market growth from 2013 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?