In 2016, the machine translation (MT) market generated a revenue of $122.3 million and is projected to advance at a 6.7% CAGR during the forecast period (2017–2023). The market is growing due to the rising demand for content localization and increasing volumes of big data across the internet. Machine translation is a process that translates a text from one natural language to another with the help of a computer. In terms of deployment type, the market is divided into cloud and on-premises, between which, on-premises is expected to dominate the market during the forecast period.
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When technology is taken into consideration, the machine translation market is categorized into statistical machine translation (SMT), neural machine translation (NMT), rule-based machine translation (RBMT), and others (which include hybrid machine translation and example-based machine translation). Among these, the SMT category held the largest share of the market during the historical period (2013–2016) and is expected to dominate the market during the forecast period as well. The reason for this is that the technology offers more advantages over other translation technologies in terms of resource requirement, customizability, and community collaboration.
In terms of application, the machine translation market is divided into media & entertainment, military & defense, retail & manufacturing, healthcare & life sciences, IT & telecom services, automotive, electronics, travel & hospitality, banking & finance, legal & law firm, and others (which include learning, advertising & marketing, and energy & utilities). Military & defense accounted for the major share of the market in 2016 and is predicted to dominate the market during the forecast as well, as the sector needs swift translation of high-volume content for communicating with multilingual populations on real-time basis.
Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=machine-translation-marketThe emerging demand for content localization is a major driving factor of the machine translation market. Companies are witnessing a rising need for localizing their applications, products, and websites. The enterprises across the world are increasingly focusing on meeting the demands of customers outside their local market. Localization helps organizations in communicating with the target market in its language and integrating industry-specific aspects with the specific culture and further develops a local appeal. MT aids in reducing the cost associated with translation and time-to-market and is best referred for content where exact translations are not needed.
Market Dynamics
3.3.1 Trends
3.3.1.1 Continuous technological advancements
3.3.1.2 Combination of TM and MT systems leading to fully integrated workflows
3.3.1.3 Migration of machine translation to cloud services
3.3.2 Drivers
3.3.2.1 Emerging demand for content localization
3.3.2.2 Growing volumes of big data across the internet
3.3.2.3 Impact analysis of drivers on market forecast
3.3.3 Restraints
3.3.3.1 Threat from free translation service providers
3.3.3.2 Lack of quality and accuracy
3.3.3.3 Impact analysis of restraints on market forecast
3.3.4 Opportunities
3.3.4.1 Soaring demand for post editing machine translation (PEMT) services
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When technology is taken into consideration, the machine translation market is categorized into statistical machine translation (SMT), neural machine translation (NMT), rule-based machine translation (RBMT), and others (which include hybrid machine translation and example-based machine translation). Among these, the SMT category held the largest share of the market during the historical period (2013–2016) and is expected to dominate the market during the forecast period as well. The reason for this is that the technology offers more advantages over other translation technologies in terms of resource requirement, customizability, and community collaboration.
In terms of application, the machine translation market is divided into media & entertainment, military & defense, retail & manufacturing, healthcare & life sciences, IT & telecom services, automotive, electronics, travel & hospitality, banking & finance, legal & law firm, and others (which include learning, advertising & marketing, and energy & utilities). Military & defense accounted for the major share of the market in 2016 and is predicted to dominate the market during the forecast as well, as the sector needs swift translation of high-volume content for communicating with multilingual populations on real-time basis.
Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=machine-translation-marketThe emerging demand for content localization is a major driving factor of the machine translation market. Companies are witnessing a rising need for localizing their applications, products, and websites. The enterprises across the world are increasingly focusing on meeting the demands of customers outside their local market. Localization helps organizations in communicating with the target market in its language and integrating industry-specific aspects with the specific culture and further develops a local appeal. MT aids in reducing the cost associated with translation and time-to-market and is best referred for content where exact translations are not needed.
Market Dynamics
3.3.1 Trends
3.3.1.1 Continuous technological advancements
3.3.1.2 Combination of TM and MT systems leading to fully integrated workflows
3.3.1.3 Migration of machine translation to cloud services
3.3.2 Drivers
3.3.2.1 Emerging demand for content localization
3.3.2.2 Growing volumes of big data across the internet
3.3.2.3 Impact analysis of drivers on market forecast
3.3.3 Restraints
3.3.3.1 Threat from free translation service providers
3.3.3.2 Lack of quality and accuracy
3.3.3.3 Impact analysis of restraints on market forecast
3.3.4 Opportunities
3.3.4.1 Soaring demand for post editing machine translation (PEMT) services
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