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Machine Translation (MT) Market Segmentation By Translation Type (Statistical Machine Translation or SMT, Rule-Based Machine Translation or RBMT and Neural Machine Translation or NMT); By Deployment (Cloud and On-premises) and By End User (Automotive, Electronics, Healthcare, Military & Defense and IT) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Machine Translation (MT) Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • November 2019: Lingotek announced its strategic partnership with Oracle Content & Experience (OCE) team with an aim to provide OCE customers to initiate and monitor the translation processes of any content within the OCE system.

  • October 2019: SYSTRAN announced the launch of its marketplace platform which will provide businesses worldwide to access the catalog of domain-specific translation models provided by SYSTRAN.

Introduction to Machine Translation (MT)

Machine translation (MT) is referred to the automated translation of text or speech from one language to the other by using computer aided tools. The tool works on artificial intelligence technology and allows users customization of the machine translation software by domain or profession. Machine translation tools have been proven to be a very useful tool to assist human translators and businesses, especially for building brand reputation and generating sales. At times, human intervention is too required in machine translation processes in order to improve the overall output quality of the translated text or speech. Such a scenario is often observed when the translating tool faces difficulties in analyzing word phrases or patterns which are beyond its understanding capabilities. A typical machine translation process is described below:

Machine Translation Process Flow

Market Size and Forecast

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

Differences Between Cloud and On-Premises Machine Translation Deployment

Machine Translation (MT) Market

Growth Drivers

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.

Internet Users

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.

Restraints

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.

Market Segmentation

Our in-depth analysis of the global machine translation (MT) market includes the following segments:

By Translation Type

  • Statistical Machine Translation or SMT
  • Rule-Based Machine Translation or RBMT
  • Neural Machine Translation or NMT

By Deployment

  • Cloud
  • On-premises

By End User

  • Automotive
  • Electronics
  • Healthcare
  • Military & Defense
  • IT

By Region

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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