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What’s driving the Machine Translation Market trends? | Leading Key Players are Smart Communications., Welocalize, Google, IBM, Lingo24, Cloudwords, Inc., Lingotek, Lionbridge, Microsoft, Moravia, SDL plc, SYSTRAN
Machine Translation Market
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Increasing requirement to localize the rising amount of content in the organizations to eradicate language barriers is driving the machine translation market. The ability to translate different languages according to the customer preferences and lack of existing translators for several specialized fields and language combinations is providing tremendous growth opportunities for the industry.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Welocalize
2. IBM
3. Lingo24
4. Cloudwords, Inc.
5. Lingotek
6. Lionbridge
7. Microsoft
8. Moravia
9. SDL plc
10. SYSTRAN
11. Smart Communications.
12. Google
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.
Chapter 3 Machine Translation Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2012- 2024
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.4.1 Automated translation
3.4.2 Smart automated translation
3.4.3 Raw machine translation
3.4.4 Fully Automated Usable Translations (FAUT)
3.4.5 Rule based machine translation
3.4.6 Statistical machine translation technology
3.5 Post Editing Machine Translation (PEMT)
3.5.1 Light post-editing
3.5.2 Full post-editing
3.5.3 Post-editing market size, 2014 - 2024
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Emerging demand for content localization
3.6.1.2 Increasing need for cost efficiency and high speed translation
3.6.2 Industry pitfalls and challenges
3.6.2.1 Lack of quality and accuracy
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 Company market share analysis, 2016
3.10 PESTEL analysis
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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Global machine translation market share 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.
Players operating in the machine translation market have been increasing their R&D spending to develop cost effective solutions to fulfil customer requirements. For instance, Lionbridge introduced Smart Automated Translation software that quickly translate large volume content with minimum error and at lower costs. Lack of output accuracy and quality provided by the technology is anticipated to inhibit the machine translation market growth. Machines or software sometime fails to translate content with great accuracy. Such mistakes sometimes prove to be very costly and may hamper the overall business growth.
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Corporate Sales, USA
Global Market Insights, Inc.
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