How growing volumes of big data across the internet is driving machine translation market ?

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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How is Growing Need for Increasing Customer Reach Driving Machine Translation Market Forward?

With rapid globalization, businesses are now able to expand their reach to different regions, where different languages are used colloquially. Even though English is considered a global language, there’s still a majority of people across the globe who know only their regional language as a means of communication. This is motivating companies to localize content into different languages to increase their product reach among customers. 

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This is being used by enterprises as a first-pass translation tool, which is then followed by editing by humans to maintain the quality of the translated text. In the coming years, the machine translation market is predicted to advance at a 6.7% CAGR.  This technology finds application in various sectors, such as media & entertainment, retail & manufacturing, IT & telecom services, electronics, banking & finance, legal & law firms, travel & hospitality, automotive, healthcare & lifesciences, and military & defense. 

Content localization helps companies to target consumers in their own language and develop a local appeal by combining industry-specific aspects with the local culture. It helps in the development of effective marketing campaigns for the products, thereby, helping enterprises connect with the target consumers. Even though content localization is important, its implementation is a difficult task as it requires heavy investment, time, and trained workforce to maintain the quality of projects. 

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To counter these roadblocks, machine translation (MT) is extremely helpful, as it reduces the cost associated with translation and the time taken to market the product by hastening the localization process. It helps in the translation of huge volumes of content, which do not require precise translation but enough to be able to understand basic message. The translation of a given text from one language to another using a computer is termed as machine translation. 

During 2013–2016, the demand for MT was the highest from the military & defense sector. Presently, security forces are deployed in areas where numerous regional languages are spoken, and to effectively communicate with the local population, machine translation becomes a necessity for them. Therefore, armies are provided with a foreign language translation system to enable them to understand speech or text in different languages.

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