Overview of the machine translation market and its growth prospects
Machine translation market is expected to show exponential growth by 2027 due to growing demand for the process in various applications. Moreover, the growing amounts of user-generated content are also expected to sustain the demand for machine translation throughout the forecast period.
Additionally, industry players are implementing expansion strategies to improve their consumer reach as well as market position in key regions, which has been favorable to the outlook for the industry across the globe. . For example, in June 2021, Zoom, a leading video communications provider, announced the acquisition of Karlsruhe Information Technology Solutions or Kites, a start-up focused on real-time machine translation (MT).
Zoom added that the acquisition would help eliminate language gaps between users. Notably, the project would involve the development of an AI-powered virtual assistant to provide live translation capabilities in video conferences. As a result, the improving technological landscape has created massive growth pockets for product penetration, thereby facilitating business expansion.
For in-depth assessment, the machine translation market has been divided on the basis of deployment model, technology, application, and region. Technology-wise, the market has been divided into neural machine translation, statistical machine translation (SMT), hybrid machine translation, rule-based machine translation (RBMT), and example-based machine translation.
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The Statistical Machine Translation (SMT) sub-segment is expected to witness substantial growth by 2027, growing at a notable CAGR throughout the assessment period. The emerging need to translate large volumes of on-demand content is likely to drive market adoption of SMT technology in the coming years.
In terms of deployment model, the market has been separated into on-premises and cloud. The cloud sub-segment machine translation market is estimated to generate significant revenue by the end of forecast period, growing at a considerable rate over the period 2021-2027. The flexibility and cost-effectiveness of a cloud-based machine translation model is expected to drive segmental demand for years to come.
From an application perspective, the market has been categorized into BFSI, electronics, automotive, e-commerce, healthcare, military & defense, and IT & telecommunications. The machine translation market of e-commerce application segment is expected to grow at a steady rate throughout the projected timeline to reach notable valuation by the end of 2027. Growing demand for translation services in banks that have branches in various countries is expected to fuel segmental expansion in the future.
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The IT and telecommunications sub-segment is expected to grow lucratively by 2027, registering a robust CAGR throughout the analysis period. The rapid development of telecommunications infrastructure across the world would drive the demand for structured cabling to improve connectivity and speed in facilities, which is expected to drive segmental demand in the coming years.
In the regional landscape, the machine translation market in the Middle East and Africa is expected to exhibit steady expansion throughout the estimated timeframe to gain a respectable valuation by 2027. The growth of the tourism sector in the UAE is expected to accelerate the development of public infrastructure, which should favor the prospects of the regional market.