|03-24-2017 02:19 PM CET - Business, Economy, Finances, Banking & Insurance||
Global Machine Translation Market Size, Share, Development, Growth and Demand Forecast to 2023 By P&S Market Research
Press release from: P&S Market Research
Machine Translation (MT) refers to the software or system that uses source language as input and automatically converts it into the targeted language without human intervention. The translation of words by computer from one language to another is known as machine translation. Machine translation is commonly used for translating large amounts of data. Several factors, including increasing accessibility of cloud computing technology, and adoption of post editing machine translation (PEMT) services, are likely to spearhead the global machine translation market. Europe has been the largest revenue contributor to the global market, whereas, North America is expected to be the fastest growing market in this industry, during the forecast period.
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The global machine translation market is expected to reach $2,275.7 million by 2023. The growing volume of big data across the internet, increasing need for cost efficiency, and vast amount of knowledge exceeding the capacity of human translation are some other factors driving the growth of the global machine translation market. Moreover, statistical machine translation (SMT) technology is likely to spearhead the global market in near future. Cloud computing technology helps SMT to run in an effective manner, as it offers high processing power and enhanced storage capacity to the computer.
Based on the research, most of the consumers agree to pay more if the vendor communicates with them in their own language. It seems impossible to open the pathway for international trade without translation. With the increasing expansion of various organizations across the globe, the demand for multilingual communication system has been increasing. Many businesses, including automotive, healthcare and others, are expected to get huge benefits from the machine translation in near future.
Globalization increases the demand for resources that can translate the volume of content on daily basis. As machine translation is a cost-effective alternative for standard human translation, it is widely being adopted by various industry verticals. Initially, only large organizations were capable to integrate machine translation services because these services were expensive and labor-intensive. Recent developments, such as introduction to new machine translation techniques in the field of machine translation, has made these accessible to the whole spectrum of organizations.
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As cloud is one of the most reliable, resilient and secure platforms, number of companies from several industry verticals, including healthcare, automotive and healthcare, are migrating their services to cloud. It is expected that the companies refusing to migrate their services to cloud will not be able to remain competitive. Moreover, cloud services offer enhanced storage capacity, and help machine translation technologies to run effectively. Due to enhanced storage capacity, cloud services enable machine translation to offer increased consistency across the entire text. Numerous companies are expected to introduce machine translation to expand their business operations across the globe. Machine translation is expected to benefit companies with competitive advantages. The early adopters of machine translation services are expected to grow faster than others.
Diversification of companies in the global market is increasing the number of potential buyers of translation services.Due to increment in the number of potential buyers, language service providers would need to incorporate faster turnaround times in their workflow, while keeping the translation quality and productivity levels high. Increasing demand for translation services is likely to boost the growth of the global machine translation market.
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.
As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
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