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What’s Driving the Machine Translation Market Growth? Top Key Players are Welocalize, Google, IBM, Lingo24, Lingotek, Lionbridge, Microsoft, Moravia, SYSTRAN
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In the Asia Pacific machine translation market, countries including China and India have found high applications of these systems. For instance, India has a diverse population with a multitude of languages. The growing demand for localization of native languages by various companies and businesses to improve and expand their global reach and to cater to the consumer requirements has effectively led to a rise in the adoption of the translation systems. Moreover, the need to eliminate and expedite repetitive tasks, such as translating instruction manuals, is driving the growth in the region. China has several companies exporting their products to many countries requiring translation services for relaying the product information to its global customers.
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
Chapter 3 Machine Translation Market 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
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The lack of quality and persistent accuracy issues are projected to hamper the machine translation market growth. Accuracy errors are associated with the faulty deployment and development of the software. However, these systems enable the translation of the user-generated content, which can be multi-lingual and is historically extremely difficult for an outdated translation system to process, owing to which their demand is increasing. In India, numerous companies are supporting the deployment and integration of machine translation tools and programs to lessen communication barriers. With the launch of Indian Government's "Digital India" initiative, the Indian IT market is expected to grow significantly and move ahead of several developed markets.
Healthcare applications are anticipated to witness a high demand in the machine translation market. These technologies help in analyzing records and reports of the patients who are not so fluent with the used language. E-commerce applications have consistently contributed to the high demand for the machine translation industry owing to which buyers of different demographics are buying products on online platforms, thereby requiring translation services.
The players operating in the machine translation market include Lionbridge Technologies, Inc., Moravia IT, Systran International, Microsoft Corporation, Google, Inc., and IBM Corporation. The players are entering into mergers, collaborations, and partnerships to enhance their machine translation industry share. For instance, in September 2017, Lionbridge Technologies collaborated with Kronaby, a Sweden-based designer of connected smartwatches to extend translation support for its global product line. Lionbridge’s products will integrate with Kronaby’s content management services to provide content consistency globally.
Browse key industry insights spread across 120 pages with 92 market data tables & 11 figures & charts from the report, Machine Translation Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/machine-translation-market-size
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Global Market Insights, Inc.
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