Research Nester has released a report "Machine Translation (MT) Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global machine translation (MT) market in terms of market segmentation by translation type, by deployment, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global machine translation (MT) market is segmented by deployment into cloud and on-premises, out of which, cloud segment is anticipated to hold the largest market share owing to cloud deployment having several benefits associated over on-premises deployment, such as access to services from anywhere and at any time, affordable costs of cloud based services, no worries of maintenance of IT systems and several others.
The global machine translation (MT) market is anticipated to reach a CAGR of around 11% during the forecast period, i.e. 2020-2028. Increase in the number of business organizations worldwide, rising need amongst business owners to expand their business across regions, along with the need for multi-dimension presence of businesses for greater brand reputation are some of the factors anticipated to promote significantly towards the growth of the global machine translation (MT) market.
Regionally, the global machine translation (MT) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is anticipated to hold the largest market share owing to the presence of nations such as India and China, where there is a rising demand for localization of content to native languages so as to address the diverse linguistic culture of the region as well as to attract more consumers and enhance their business. Apparently, the market of machine translation (MT) is also anticipated to grow on account of the growing IT industry in the region.
Increasing Internet Penetration and the Rising Need for Content Localization
In the statistics by the International Telecommunication Union (ITU), individuals using the internet around the world peaked to 3924 million from 2035 million in-between 2010-2018.
Over the years, internet penetration around the world have expanded rapidly, and so are the opportunities for businesses. As such, presence of businesses in the world of internet have become a necessity so as to gain an extra edge of competitiveness as well as brand reputation. Moreover, it has also helped businesses thrive in the current competitive scenario. Owing to such factors, businesses worldwide are increasingly preferring for content localization so that they can attract customers as well as gain consumer’s trust on their business, helping them achieve added sales and growth in their revenues. Several benefits associated with machine translation services for an operating business along with the need amongst business owners for such services is thereby anticipated to drive the growth of the global machine translation (MT) market over the forecast period.
However, concerns regarding the impact in sales owing to availability of several free of charge translation engines is anticipated to limit the growth of the global machine translation (MT) market.
This report also provides the existing competitive scenario of some of the key players of the global machine translation (MT) market, which includes company profiling of IBM Corporation (NYSE: IBM), Microsoft Corporation (NASDAQ: MSFT), SDL Plc (LON: SDL), Lionbridge Technologies, Inc., Asia Online Pte Ltd., RWS (LON: RWS), Welocalize, Smart Communications, Inc., SYSTRAN, AppTek and Lingotek. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global machine translation (MT) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.