Machine Translation Market Size & Forecast Report, 2012 - 2022

The global machine translation market is anticipated to reach USD 983.3 million by 2022. An increasing quantity of website content, growing requirement for cost competence in translation, and the huge quantity of language knowledge demanded exceed the capability of human translation, which consecutively is expected to propel the machine translation industry. Globalization increases the demand to deal with the linguistic variety of local audiences and web content. The fabrication of content generated online, increasing the importance of business in budding markets, and the demand for allowing worldwide collaboration amongst employees are likely to drive machine translation industry growth over the forecast period.

Machine translation prices are far inferior to that of conventional human translation. It is also rapid than human translation. It is commonly utilized for soaring volume content that would or else take gigantic resources for translation, and this is likely to fuel the machine translation industry. Accessibility of free-of-charge translation engines and shortage of translation accuracy is expected to restrain market expansion over the forecast period. The main restraints for the machine translation industry are a shortage of quality, demand for expert skills and editing, opposition from the free translation service providers, and complexity in estimation & measurement of quality. One of the major shifts budding in the market is the incorporation of the translation procedures in the project plan.

Many enterprises with a worldwide presence do not have a devoted multilingual website for reaching out to every region. This might obstruct their growth as various users globally might be capable to understand only in their inhabitant languages. Another major challenge obstructing the expansion of the industry over the forecast period is the creative marketing materials present in the market, which a machine is not able to grasp and demands human understanding for delivering & translation the definite meaning. This comprises certain legal documents and creative marketing content

Consumers in the electronic market demand competent translation of documents in direction to haste up a time to market and publication processes. An electronics enterprise demands publishing to be completed in various languages to offer press releases, user manuals, for commercial, product launches, and marketing catalogs. Machine translation service providers build up customized engines for the customer in the electronics market that are well coincided with the industry’s particular terminologies and technological descriptions. The machine translation industry finds its functions in healthcare to enhance the communication demands of physicians.

Based on application, the market can be segregated into automotive, medical, electronics, healthcare, electronics, information technology, and others. Based on technologies, the market can be segregated into RBMT, SMT, and others. The SMT (statistical machine translation) uses a model to create and analyze text in the aimed language in contrast to this RBMT (rule-based machine translation) uses linguistic rules over the sourced language, to create text in the aimed language. Based on the geographical region, this market can be segregated into North America, Asia Pacific, Europe, and the Middle East, and Africa. North America is expected to capture maximum revenue over the forecast period. Machine translation is a very effective way of eradicating language barriers around various regions. The main factor responsible for the expansion of the North American machine translation industry is the growing number of government initiatives and service providers in the area.

The presence of a huge quantity of service providers has assisted them to boost market expansion in the U.S. Google, Microsoft, two of the greatest technology providers are based in North America who has made SMT (statistical machine translation) technology admired with their online engines. Increasing Globalization and the requirement to deal with different cultural groups have led to the increased recognition of translation technology in the Asia Pacific. The increasing proliferation of smartphones and growing penetration of the internet are likely to fuel machine translation market expansion in the Asia Pacific over the forecast period. The demand to address various cultural groups and growing globalization is expected to fuel the expansion of the machine translation system in Asia Pacific. The main challenge of this market in the Asia Pacific is the need for specialist skills, shortage of quality, complexity in measurement & estimation of quality, and increasing competition from free language conversion.

Some of the key players in the market are SYSTRAN, Lionbridge, Lighthouse IP, Lingotek, Cloudwords Inc, SDL PLC, and Moravia IT. This market is less fragmented but the competition is expected to increase over the forecast period. As the need for customization and personalization of machines, translators are going to increase over the forecast period, which in return will fuel the need for innovation in this market.

Market Segment:

Machine Translation Application Outlook (Revenue, USD Million, 2012 - 2022)
        • Automotive
        • Military & Defense
        • Electronics
        • IT
        • Healthcare
        • Others

Machine Translation Technology Outlook (Revenue, USD Million, 2012 - 2022)
        • RBMT
        • SMT
        • Others

Machine Translation Regional Outlook (Revenue, USD Million, 2012 - 2022)
        • North America
        • Europe
        • the Asia Pacific
        • Latin America
        • MEA