Machine Translation Market Technology Growth and Development 2021 to 2025 | IBM Corporation, Microsoft Corporation, SDL PLC, Google LLC
The Machine Translation Market was valued at USD 550.5 million in 2019, and it is expected to reach USD 1042.4 million by 2025, registering a CAGR of 11.23%, during the period of 2020-2025.
The machine translation market is witnessing excess demand due to the increasing use of computer-assisted tools. The necessity to use the technology in favour of the more efficient translation process is, therefore, continuously increasing.
- This continuous increase can be attributed to the growth of emerging economies and the internationalization of many businesses that want to provide their content, products, and services in as many languages as possible. This requirement might prompt translation companies to rely increasingly on machine translation as a tool.
- Using machine translation technology, the text is translated at increasingly faster speeds. Multiple translation companies use it in order to generate multilingual content. Moreover, this technology increases the productivity of translators when performing translation, localization, and terminology work. Google Translate is among the most used machine translation tools due to how closely it is integrated with the search engine and Android OS. Google Translate supports around 130 languages.
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Top Key Players in the Global Machine Translation Market: IBM Corporation, Microsoft Corporation, SDL PLC, Lionbridge Technologies Inc., Omniscien Technologies Inc., Lingotek Inc., RWS Holdings PLC, Welocalize Inc., Smart Communications Inc., Systran International Co. Ltd, AppTek Partners LLC, Google LLC, Cloudwords Inc., PROMT Ltd, Yandex NV, and Others.
Industry News and Update:
- March 2020 - The European Commission's automated eTranslation tool was made available to all the region's small and medium-sized enterprises (SMEs). The SMEs can use the eTranslation tool primarily to translate documents or plain text between any of the 24 official European Union languages, as well as Icelandic, Russian, and Norwegian. The service has been made free of charge while guaranteeing the confidentiality and security of all the translated data.
- Oct 2019 - SDL, a prominent player in content creation, translation, and delivery, announced the latest version of its SDL Machine Translation (MT), which goes beyond automatic translation, thereby, integrating with multiple platforms and is expected by the company to be a key technology for digital customer experience, eDiscovery, analytics, internal communications, and collaboration.
Key Market Trends:
Neural Machine Translation is Expected to Drive the Market Growth
- In the past few years, one of the most exciting developments in the automated translation domain has been the development of neural machine translation (NMT). The technology uses large quantities of data fed into an artificial neural network to predict the likelihood of a sequence of words, typically modeling the entire sentences in a single integrated model. The model learns by doing, in other words, artificial translation intelligence.
- NMT is also being improved continuously and refined and is anticipated to become even better in the next few years. They are expected to be embedded in the analytics and other software solutions using across the industry that can make use of these solutions even more easily, where the queries can be done in natural language, while the machine answers them. This can significantly cut the cost of organizations adopting them, prompting them to go for these solutions.
- Companies are increasing their focus on developing advanced machine translation systems to meet the growing consumer needs. For instance, Lilt Inc. launched an adaptive neural machine translation system to use a real-time feedback loop and artificial intelligence to boost a human translator's productivity. This technology promises to help close the gap between humans and machines, working together toward a future where humans can communicate and obtain information in multiple languages.
Browse Complete Report details with Table of Content:
Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2025 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.
This Machine Translation Market report addresses:
- The Market size from 2016-2021
- Expected market growth until 2025
- Forecast of how market drivers, restraints, and future opportunities will affect
- Segment and regions that will drive or lead the market growth and why
- Comprehensive mapping of the competitive landscape
- In-depth analysis of key sustainability strategies adopted by market place
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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