Increasing Internet Penetration and the Rising Need for Content Localization
According to the International Telecommunication Union (ITU), individuals using the internet around the world increased from 2035 million in the year 2010 to 3924 million in the year 2018.
With the rising internet penetration amongst individuals around the globe, several business opportunities have flourished over the years. Businesses have started benefitting with their presence in the internet through websites, social media handles and several other platforms. Increase in sales and revenues on the back of wide presence of the companies in the era of internet have also contributed to the rising need for content localization amongst the business owners. Content localization helps business owners to present their website or any other online content to be published in local languages to the end user. This also provides a user the affinity towards the brand, helping businesses build brand reputation and thereby, an added competitive advantage to their business. As such, there is a rising demand for content localization, which is performed through machine translation software, amongst the business owners. Such a factor is anticipated to drive the growth of the global machine translation (MT) market over the forecast period.
Growing Advancements in Machine Translation and the Need for Reduction of Operational Costs of Business Owners
The concept of translation of articles and contents have prevailed through ages. With time ahead and advancements in technology, adoption of tools such as machine translation software have expanded extensively over the years. Although, when the concept of machine translation was initiated, several struggles were faced by IT professionals in developing the advanced form of what can be observed today. But with the advent in technology, advanced form of machine translating tools, such as neural machine translation has been developed. Moreover, increasing concern for the rising operational costs amongst businesses in the era of globalization, along with the tough competition observed in businesses is raising the need amongst business owners to reduce dependence on human interventions and follow automated tools, such as machine translation. Many businesses have benefitted by the utilization of machine translation as the tool have lowered down their operational costs and increased their efficiency as well as service quality.
The global machine translation (MT) market is thriving on the back of growing number of business organizations worldwide along with the increasing need of the business organizations to have multi-dimension presence for greater brand reputation of their businesses which helps them to generate more sales and revenue, along with the growing need of businesses to expand their business services across several regions around the globe. With the rapid expansion of internet users worldwide, business owners are increasingly developing their presence in the world of internet. The dynamic change observed in the sales process generated through the internet requires businesses to have their presence in several platforms of the internet which helps them to generate sales and gain better revenues.
The global machine translation (MT) market is anticipated to record a CAGR of around 11% throughout the forecast period, i.e. 2020-2028. The market is segmented by deployment into cloud and on-premises, out of which, cloud segment is anticipated to hold the largest market share on the back of several benefits associated with the cloud deployment 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. CLICK TO DOWNLOAD FREE SAMPLE
Concern For The Availability Of Free Of Charge Translation Engines
Increasing concern amongst business owners for the availability and access to free of charge translation engines, which might impact the sales of machine translation software providers is anticipated to act as a key restraint factor towards the growth of the global machine translation (MT) market.
Our in-depth analysis of the global machine translation (MT) market includes the following segments:
By Translation Type
By End User
On the basis of regional analysis, 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.
Asia Pacific is anticipated to hold the largest market share on the back of rising demand for localization of content to native languages, especially from nations such as India and China. These two nations in the region have a diverse linguistic culture, raising the need amongst business owners to translate their content in the native languages to attract more consumers and enhance their business. Moreover, the growing IT industry in the region is also anticipated to support the growth of the machine translation (MT) market.
The global machine translation (MT) market is further classified on the basis of region as follows: