Japan, Japan, Thursday, March 17, 2022 07:36:04 / Comserve Inc. / — Machine Translation Market offers an overview of major companies encompassing their successful marketing strategies, market contribution, recent developments in historical contexts and current.
Machine Translation Market was valued at USD 550.46 Million in 2019 and is projected to reach USD 1042.46 Million by 2025, growing at a CAGR of 11.23% over the forecast period. As machine translation applications reach dramatically high levels of accuracy, they are increasingly being used in various fields of activity, introducing new applications and improved machine learning models.
– The translation market is experiencing excess demand based on the increasing use of computer-assisted tools. The need to use technology for the benefit of a more efficient translation process therefore continues to grow.
– Thanks to machine translation technology, text is being translated faster and faster using computers. It is used by many translation companies to generate multilingual content.
– Some of the key factors that are increasing the growth of the machine translation market are increasing volumes of big data, increasing demand for content localization, and increasing need for cost-effective and timely translation.
– However, the accessibility of free translation engines is hampering the growth of the machine translation market over the forecast period.
Machine translation (MT) refers to fully automated software capable of translating source content into target languages. Humans can use MT to help them render text and speech in another language, or MT software can work without human intervention. Machine translation tools are often used to translate large amounts of information involving millions of words that could not be translated in the traditional way. The quality of MT output can vary widely, MT systems require training in the desired domain and language pair to increase quality.
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Main market trends
Statistical machine translation is expected to hold most of the market
– The Statistical Machine Translation (STM) system relies on the statistical analysis of a large bilingual company to form the stochastic models describing the correspondence between a source language (SL) and a target language (TL).
– The demand for SMT has increased significantly over the past few years, due to the efficiency of this technology compared to rules-based machine translation (RBMT) in terms of cost and time.
– In addition, a big advantage of SMT is the manageability of platforms and algorithms. This means that much of the work of building and training a corpus can already be done and can be found at a much cheaper rate than usual. As a result, one can quickly train and add new languages, unlike other machine translation models.
– In addition, companies like Microsoft Corporation and Google Inc. have popularized SMT technology to free online engines in the United States. Google Translate is the best-known example of SMT. The translations are the results of a statistical model if it is fed by the SMT algorithms.
Asia-Pacific will witness the fastest CAGR
– The Asia-Pacific market is driven by the size of the Indian and Chinese machine translation markets. These markets are expected to witness attractive growth, owing to the growing demand for native language localization by several companies, to enhance their global reach by productively meeting customer requirements. The Asia-Pacific regions are mainly dominated by two emerging economies of the world, namely China and India.
– China and India saw positive growth, due to the linguistic diversity of the Asia-Pacific region. These factors create a higher demand for translated content for significant catering in the regional market.
– In India, several organizations are supporting the integration and deployment of machine translation tools and programs to reduce communication barriers. With the launch of the government initiative “Digital India”, India has laid out a strategy to grow significantly in the global IT industry. This factor is expected to provide many opportunities for companies to expand their reach in the Indian market.
The machine translation market is very competitive and consists of several major players. In terms of market share, few major players like IBM Corporation, Microsoft Corporation, Lionbridge Technologies Inc., etc., currently dominate the market. However, with the growing innovation in the field of machine translation, most of the leading companies are expanding their market presence by securing new contracts, thereby tapping into the new markets.
– February 2019 – SDL announced a partnership with PFU Technical Communications Limited to develop solutions that help brands overcome the challenges of creating, managing and delivering technical documentation across the content supply chain in several languages.
– June 2018 – IBM Corporation and Colombia announced a strategic partnership to leverage IBM Watson to expand regional language content promotion, implement state-of-the-art multilingual recommender systems across multiple media content – text articles, audio, video. Colombia leveraged IBM Watson’s natural language understanding service to enrich content with additional features, such as named entities, categories, and concepts.
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1.1 Study deliverables
1.2 Assumptions of the study
1.3 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing demand for content localization
4.3.2 Increased need for profitability and high-speed translation
4.4 Market Constraints
4.4.1 Lack of quality and precision
4.4.2 Accessibility of open source translation engines
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness – Porter’s Five Forces Analysis
4.6.1 Threat of new entrants
4.6.2 Bargaining power of buyers/consumers
4.6.3 Bargaining power of suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By technology
5.1.1 Statistical machine translation
5.1.2 Rule-Based Machine Translation
5.1.3 Neural Machine Translation
5.1.4 Other technologies
5.2 By deployment
5.3 By end user
5.3.2 Military and Defense
5.3.7 Other end users
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Microsoft Corporation
6.1.3 SDL APIs
6.1.4 Lionbridge Technologies Inc.
6.1.5 Omniscien Technologies Inc.
6.1.6 Lingotek Inc.
6.1.7 RWS Holdings PLC
6.1.8 Welocalize Inc.
6.1.9 Smart Communications Inc.
6.1.10 Systran International Co. Ltd.
6.1.11 AppTek Partners LLC
6.1.12 Google LLC
6.1.13 Cloudwords Inc.
6.1.14 PROMT Ltd.
6.1.15 Yandex AG
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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