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Machine Translation Market : Distinguished Players – Alibaba Cloud, AppTek LLC, Inc., Baidu, Cloudwords Inc., Google LLC (Alphabet Inc.), IBM Corporation, Microsoft Corporation, Moravia IT s.r.o. (RWS Holdings), Omniscien Technologies, PROMT

05-03-2021 01:06 PM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Machine Translation Market

Machine Translation Market

Will the growing adoption of cloud technology fuel machine translation market forecast?

Constantly improving levels of accuracy and output offered by software technologies will drive machine translation market share over the forecast timeframe. Advanced methods of learning achieved with the use of improved algorithms have been creating better translation abilities. These technologies have eliminated errors like grammatical mistakes, syntax errors and wrong meanings in automated translations significantly.

The technology has helped translate large amounts of content in lesser time as compared to the human translators. There has been a significant demand from organizations for launching translation system within their business processes which will encourage the machine translation technology’s implementation.

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Earlier, only big enterprises had the sources to integrate such services due to the extra cost it entails, but the recent technological development has helped robotized translation services be available to a more SMEs and larger enterprises, fostering machine translation market size over the projected time period.

Is the booming e-commerce sector expanding global machine translation industry share?

The e-commerce sector is expected to attribute a considerable amount of revenues towards machine translation industry size in the forthcoming years. Major companies within the e-commerce sector such as Amazon, eBay and Alibaba have begun using machine translation technologies in order to efficiently and effectively deal with language barriers within the global business environment.

For instance, Alibaba Machine Translation has been serving prime international businesses of the company such as AliExpress, Taobao Overseas, Lazada and Tmall Global, among others. Machine translation system has aided the e-commerce sector to be able to reach a huge number of consumers, explore and enter new markets that have high potential for growth.

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How will the deployment of cloud technology impact machine translation market outlook?

The statistical machine translation (SMT) technology has been slated to constitute a high market share during the study period. With the growing requirement for cost efficiency as well an increasing focus towards incorporating big data across enterprises, machine translation market is bound to witness significant growth.

The cloud computing technology has been helping the SMT technology to be able to run effectively and has been providing high processing power with improved storage capacity. Cloud adoption has proven to be cheaper than establishing physical systems and has allowed access to the latest technologies and services to a greater number of businesses.

How is the increased defense and military expenditure fueling machine translation market share?

Machine translation industry trends have been experiencing a significant boom owing to the active efforts taken to strengthen the defense and military forces. For instance, Raytheon BBN Technologies had been offered USD 4 million in June 2017 for software licenses for automatic speech recognition, recognition of text-to-speech, software for optical character recognition and machine translation by the U.S. Army for its Machine Foreign Language Translation System Program (MFLTSP).

This shall help the US Army in communicating with the Pashto and Arabic speakers. Similar efforts by military department of other developed countries as well as consistently rising defense expenses in North America will drive machine translation development.

Which region will emerge as a promising remuneration ground for machine translation industry?

Europe machine translation market forecast is anticipated to gain substantial traction over the analysis period. Europe is known for the presence of massive automotive industries that need translation services for dealerships, how-to-manuals, and several other data sources. Companies in the region have been laying an emphasis on various data sources to boost businesses.

The European Commission has adopted the project EU-funded Health in my Language (HimL), working with international and Scottish public health organizations. The researchers are involved in the development of completely automated neural-based systems, that can translate various content regarding public health from English to Poland, Romanian, Czech and German.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

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