By Technology (SMT, RBMT), By Application (Automotive, Electronics, IT, Military & Defense, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, China, India, Japan, Brazil, Mexico)
Machine translation is a service utilized by many global businesses to convert their content from one language to another. Until recently, the amount of work wasn’t large enough to invest in automation of this process. Humans were used instead. That trend is changing now.
Machine translation market revenue is estimated to be $XX Billion in 2022 and shall grow with a CAGR of XX.X% during the forecast period of 2022 to 2031.
Analysis by Technology
SMT stands for Statistical Machine Translation. This is the most commonly used technology by businesses for their translational needs. Its acceptance stems from its very affordable cost. This will see an increase in revenue in the forecasted period. It works on a widely available set of rules that the machine uses to churn out translated information. Moreover, it is also appealing the smaller businesses as the infrastructure requirements to run it are minimal.
The other technology is known as Rule-based machine translation. This uses advanced grammatical rules and several dictionaries in its operations. They are suited for more robust performance expectations. Thus, this technology will also see healthy growth in its market capitalization. This is because certain industries are very particular about the correctness of their written content even after translation. It will take some time before it gets a wider user base. However, it fetches a clear premium over its SMT counterpart.
Analysis by Application
Industries that cater to end-users are the largest consumers of translational services. The case is point is of the automotive industry. They have several customer touch-points in vastly varying geographies around the world. With the large amount of print media, the importance of a robust Machine Translation service will remain strong. Marketing content is the primary recipient of these services. The brand value is largely impacted by the correctness of the language in company promotions.
IT companies prefer to automate repetitive tasks. This is because, in an IT company, the major overheads is Human Resources. Automated tasks are much more efficient and work for longer hours without fatigue than their human counterparts.
Analysis by Region
North America will be at the forefront of the revenue generation in this industry. Large relevant companies are headquartered in this region and will thus foster immense growth. Additionally, the US is becoming home to a lot of new businesses working in building machine translation software.
The customers are growing fond of hand-held devices having translational capabilities.
Analysis by Market
Global giants such as Google, IBM Corporation, Lionbridge technologies, and Lingo24 Limited are accelerating research and development efforts in the machine translation arena. Capital is being pumped into better the algorithms to get as close to the output of a human. The aim is to rid the human beings of repetitive tasks and instead put their minds to work on innovation.
This space is heating up with advanced auditory technologies being tested for translation. The runway for this industry is set for great achievements.
● Market Revenue Estimation and Forecast (2022 – 2031)
● Market Production Estimation and Forecast (2022 – 2031)
● Market Sales/Consumption Volume Estimation and Forecast (2022 – 2031)
● Breakdown of Revenue by Segments (2022 – 2031)
● Breakdown of Production by Segments (2022 – 2031)
● Breakdown of Sales Volume by Segments (2022 – 2031)
● Gross Margin and Profitability Analysis of Companies
● Business Trend and Expansion Analysis
● Import and Export Analysis
● Regional Analysis and Market Data Breakdown
By Technology Outlook ($Revenue and Unit Sales, 2022-2031)
• Statistical Machine Translation (SML)
• Rule-based Machine Translation (RBMT)
By Application Type Outlook ($Revenue and Unit Sales, 2022-2031)
• Military and Defense
By Regional Outlook ($Revenue and Unit Sales, 2022-2031)
• AppTek LLC,
• Cloudwords, Inc.,
• Google Inc.,
• IBM Corporation,
• Lighthouse IP Group,
• Lingo Limited,
• Lingotek, Inc.,
• Lionbridge Technologies, Inc.,
• Microsoft Corporation,
• Moravia IT,
• Omniscien Technologies,
• Lucy Software and Services GmbH,
• PROMT Ltd.,
• SDL PLC,
• Systran International,
• Raytheon BBN Technologies,
• Smart Communications, Inc.,
• Welocalize, Inc.
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