Machine Translation Market 2020 How the Business Will Grow in 2026? Prominent Players: IBM, Lionbridge Technologies, Microsoft, Omniscien Technologies, PangeanicMT, PROMT, Smart Communications

Machine Translation Market Report offered by Graphical Research gives a industry overview which covers product scope, market revenue, opportunities, growth rate, sales volumes and figures. The report also explores the worldwide players of the market and is segmented by region, type and application with forecast to 2026.

Thanks to the exponential growth of the IT sector, the deployment of machine translation solutions is becoming more prevalent. Tech giants such as Google are investing in the development of machine translation systems to cater to the requirements of the non-English speaking population. The rising demand from language service providers has been providing significant impetus to machine translation market in the recent times.

IT industry to bolster growth in North America

The North America machine translation market is about to witness an upsurge in demand, in consideration of technological advancements in the areas of machine learning algorithms and AI. The IT segment accounts for more than 60% of the regional market share. These developments have assured fast-paced translation of regional languages accurately and cost-effectively, which has in turn ensured that websites are able to integrate multilingual content.

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The escalating popularity of the rising amount of data has also been assisting growth. Preference for natural language processing systems for gaining key insights from customer data is also driving growth of the North America machine translation market.

North America’s growth to be fortified by its healthcare sector

The healthcare domain has been manifesting significant progress, as machine translation is being increasingly utilized in the translation of instructional content, doctor manuals, websites, patient brochures, and other key materials for perusal. Machine translation can also help hospital staff including doctors and nurses when communicating with Limited English Proficient (LEP) patients.

The rate of adoption, however, was affected due to high probability of misinterpretation. As more complex algorithms have been introduced, the chances of discrepancies and inaccuracies have been significantly reduced, inducing further growth of the North America market.

The major market competitors in the North America machine translation market include IBM, Google, Microsoft, iFlytek, and so on.

Asia Pacific to register exceptional growth

Projected to attain nearly 450 million by 2024, the Asia Pacific market is set for abundant growth over the next few years supported by the high penetration of internet services coupled with high adoption rate of smartphones. The region is a hub of innumerable languages, and hence the market leaders have been toiling to meet the needs of diverse regional population sets.

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Globalization has led to widespread use of internet and smartphones. This will have a positive effect on the rate of progression of the market for machine translation. China has been emerging as a prominent regional segment, with its government undertaking favorable initiatives.

In its three-year action plan, the Chinese government announced its intention of implementing machine translation technology across consumer electronics, automotive, and medical sectors. Whilst this will surely aid market expansion, developments such as Flytek’s plan to provide translation of the Chinese language into 30 languages will also further bolster demand.

AI adoption across India assures expansion

Not only China, but India will also receive a significant boost from technological progressions such as the deployment of machine translation in artificial intelligence (AI). Machine translation in AI has made real-time translation of languages possible. The high density of linguistic diversity across the country will draw in investments from market players, augmenting the demand for machine translation in AI. This will ensure a stable growth of the market.

Sampark, IBM Corporation, iFlytek, Google, Inc., Moravia IT, Microsoft Corporation are some market leaders operating in Asia Pacific machine translation market.

SMT-based machine translation to lead in Europe

The Europe machine translation market is expected to be valued at $390 billion by the end of 2024, considering the increasing deployment of speech recognition and machine translation by several service providers. The EU financed programs are primarily credited with the support required for the widespread use of machine translation technology.

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The SMT-based systems segment is displaying high rate of growth and might emerge in the foremost position, pushing the growth of the machine translation market. Statistical machine translation systems find similar patterns in order to provide results. Statistical machine translation systems need enormous bilingual texts so they can compare source content with a database of previous translations. Bing Translator, Moses system, and Google Translate are some examples of SMT-based machine translation systems.

Neural machine translation segment is also likely to contribute significantly towards the revenue of the market. The neural machine translation technology can deliver faster results as compared to SMT-based systems and offer translation between multiple languages.

Large number of languages to push growth in European countries

With a number of organizations deploying machine translation systems in the region, the demand for the technology is building up consistently. Several European nations have been actively investing in the installation of sophisticated models of machine translation technology that deal with numerous languages at the same time. Multi-lingual content has become central to European businesses owing to the fact that Europe is home to 24 different official languages alongside innumerable other regional ones.

IBM Corporation, Lucy Software, Lionbridge, Google Inc., Systran International, Moravia IT, and Sampark are some notable market players in Europe machine translation market.

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