The size of machine translation market is forecast to rise at 19% CAGR to reach USD 1.5 billion by 2024. Technological advancements have led to development of several innovative translation technologies which are providing minimal grammatical errors and consistency. Support from governmental organizations and existence of regulations such as EN 15038 standard is driving the machine translation market growth. The industry is mainly driven by the increasing demand for automated translations to remove repetitive tasks and the rising need for localization to help serve the customers in an enhanced manner. —
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Machine translation market is observing a swift uptake with the growing need in several sectors to provide information in native languages. Importance of language localization in most of the businesses have helped to win customers trust and maintain strong client relationships. This fact is making machine translation units an absolute must-have in the business space. Moreover, the surging demand to eradicate linguistic barriers in corporate, hospitals, tourism & travel and many other industrial verticals has stimulated machine translation market. MT engines have also significantly helped the user in cutting project timeline and reducing costs.
Rising demand from several organizations to introduce a profitable translation system in their business processes is expected to drive the implementation rate of machine translation technology. Primarily, only large organizations were capable to integrate these services owing to the excessive cost related to the offering, however with recent developments in the technology it has made the availability of robotized translation services available to an entire range of SMEs or large enterprises.
Automotive applications in the machine translation market will witness significant growth owing to the growing usage of the technology in efficiently translating how-to manuals, technical documentation, motor part catalogs, and automotive websites. Tit aims at providing cost effective localization services for the automotive industries.
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The U.S. machine translation market is driven by the existence of major service providers such as Google and Microsoft. The U.S. is unceasingly increasing the investments for implementing the technology across applications such as healthcare and military & defense. For instance, in the military & defense industry the country is deploying Machine Foreign Language Translation System (MFLTS) to offer soldiers with machine translations via text and speech which is projected to enhance the machine translation market growth.
The presence of human translator may impede machine translation market size. However, MT being a cost-effective and automated translation method is now broadly accepted by many industrial sectors as a feasible method for quick content translation. Machine translation industry witness’s high competition from the existing and new market players. Intensive investments in developing advanced technologies and solutions are set to change the machine translation market dynamics over the coming years.
Table Of Content For This Research Report:
Chapter 4 Machine Translation Market, By Application
4.1 Market share by application, 2017 & 2024
4.2.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.3 Military & Defense
4.3.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.4.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.5.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.6.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.7.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
Chapter 5 Market, By Technology
5.1 Market share, by technology, 2017 & 2024
5.2.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
5.3.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
5.4.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
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