Machine Translation Market Analysis By Focusing Key Players: Google, IBM Corporation, Microsoft Corporation, Lingo24, Welocalize, Lingotek, Moravia, PROMT, SDL plc, SYSTRAN International, Smart Communications

Global Machine Translation Market was dominated by SMT technology, which contributed over 60% to the revenue in 2016. This is attributed to the rising demand in the commercial space as it can be trained for specific data set and can be used recurrently for a business. Furthermore, the demand for cheap, fast computing hardware has enabled the SMT demand as it aids applications that rely on billions of statistics and large data.

Growing demand across businesses to implement a cost-effective translation system in their business process is anticipated to drive the adoption rate of machine translation market size over the forecast timeframe. Implementation cost of these services is lower than traditional alternative. In addition to being-cost effective in nature, the technology is capable of performing at much faster speeds than human translators.

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Lack of accuracy and quality in translation of several documents such as aviation manuals, medical equipment, and legal document that require 100% accuracy may result in money wastage and irreparable damage to the company’s image. In such cases, human translators are preferred over machine translators to maintain accuracy, thereby restraining the adoption of machine translation technology.

Automotive applications will witness considerable growth due to the increasing use of the technology in efficiently interpreting motor part catalogs, technical documentation, how-to manuals, and automotive websites, such as ChromeData. This way the machine translation market aids the OEMs in quickening entry into international markets and surge revenue and brand equity.

Growth Drivers:

• Emerging demand for content localization
• Increasing need for cost efficiency and high speed translation

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Statistical machine translation (SMT) technology is anticipated to have a high market share over the forecast timespan. Growing need for cost efficiency, and rising amount of big data across the internet, are some other factors which are driving the machine translation market growth. Cloud computing technology is aiding the SMT technology to run in an effective manner, and is offering high processing power with enhanced storage capacity.

The U.S. machine translation market is set to be driven by the presence of a large number of service providers in the region. The support from governmental organizations such as the Defense Advanced Research Projects Agency (DARPA) provides extensive funding for MT for military & defense industry. In addition, the organization has Spoken Language Communication and Translation System for Tactical Use (TRANSTAC) program aimed at evolving transportable two-way speech translation systems that can operate on handheld and laptop devices.

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The players operating in the machine translation market include Google, IBM Corporation, Microsoft Corporation, Lingo24, Welocalize, Lingotek, Moravia, PROMT, SDL plc, SYSTRAN International, Smart Communications.

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