(MENAFN- America News Hour) The Machine Translation Market was valued at USD 550.5 million and it is expected to reach USD 1042.4 million registering a CAGR of 11.23%, during the period. The machine translation market is witnessing excess demand due to the increasing use of computer-assisted tools. The necessity to use the technology in favor of the more efficient translation process is, therefore, continuously increasing.
– This continuous increase can be attributed to the growth of emerging economies and the internationalization of many businesses that want to provide their content, products, and services in as many languages as possible. This requirement might prompt translation companies to rely increasingly on machine translation as a tool.
– Using machine translation technology, the text is translated at increasingly faster speeds. Multiple translation companies use it in order to generate multilingual content. Moreover, this technology increases the productivity of translators when performing translation, localization, and terminology work. Google Translate is among the most used machine translation tools due to how closely it is integrated with the search engine and Android OS. Google Translate supports around 130 languages.
– Some of the key factors augmenting the growth of the machine translation market are the increasing demand for content localization and the growing need for cost-effective and high-speed translation. As machine translation applications are achieving significantly higher accuracy levels, they are increasingly getting employed in diverse areas of business, introducing new applications and enhanced machine-learning models.
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Key Market Trends
Neural Machine Translation is Expected to Drive the Market Growth
– In the past few years, one of the most exciting developments in the automated translation domain has been the development of neural machine translation (NMT). The technology uses large quantities of data fed into an artificial neural network to predict the likelihood of a sequence of words, typically modeling the entire sentences in a single integrated model. The model learns by doing, in other words, artificial translation intelligence.
– NMT is also being improved continuously and refined and is anticipated to become even better in the next few years. They are expected to be embedded in the analytics and other software solutions using across the industry that can make use of these solutions even more easily, where the queries can be done in natural language, while the machine answers them. This can significantly cut the cost of organizations adopting them, prompting them to go for these solutions.
– Companies are increasing their focus on developing advanced machine translation systems to meet the growing consumer needs. For instance, Lilt Inc. launched an adaptive neural machine translation system to use a real-time feedback loop and artificial intelligence to boost a human translator's productivity. This technology promises to help close the gap between humans and machines, working together toward a future where humans can communicate and obtain information in multiple languages.
North America to Hold Maximum Market Share
– North America is one of the prominent markets for machine translation, owing to its growing demands across the United States' IT sector, which holds majority of the regional market demand. Some of the prominent IT companies across the region are among the primary adopters of this technology to meet global customers' requirements.
– The growth across the region is designated by the presence of a large number of service providers and favorable government initiatives. For instance, SMT services offered by Microsoft Corporation and Google Inc., along with their free online engines, have gained increased popularity in the United States. Moreover, the increasing investments and developments in artificial intelligence and machine learning by the technological giants are expected to bolster the North American machine translation market.
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– The majority of the prominent players operating in the market are from North America, which is one of the significant factors that leverage a substantial share in the region. Some prominent players have collaborated across the North America region to leverage the latest technological advancements that can be implemented in their business model. For instance, Inventus has fully integrated automatic machine translation into its eDiscovery service offerings. Inventus partnered with Iconic Translation Machines Ltd, a leading translations software provider, to deliver Iconic's latest Neural Machine Translation, either on-premise or in the cloud.
– A few organizations in the region are focusing on improving technology. For instance, Facebook is focusing on adding considerable resources to machine translation (MT). In addition to enhancing the quality estimation and various other initiatives, Facebook is currently working on two others that share information with the broader open source community, allowing developers to improve the technology.
Competitive Landscape
The machine translation market is competitive and consists of several major players. In terms of market share, few of the major players, like IBM Corporation, Microsoft Corporation, Lionbridge Technologies Inc., etc., currently dominate the market. However, with the growing innovation in machine translation, most prominent companies are expanding their market presence by securing new contracts, thereby tapping into the new markets. Some of the recent developments in the market are:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Impact of COVID-19 on the Market
4.3 Industry Attractiveness – Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
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