Global Machine Translation Market share to reach $1.5bn by 2024

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Global Machine Translation Market share to reach
1.5bn by 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Machine Translation Market

• Increasing requirement to localize the rising
  amount of content in the organizations to
  eradicate language barriers is driving the
  machine translation market. The ability to
  translate different languages according to the
  customer preferences and lack of existing
  translators for several specialized fields and
  language combinations is providing tremendous
  growth opportunities for the industry.
• Growing demand across businesses to implement a
  cost-effective translation system in their
  business process is anticipated to drive the
  adoption rate of machine translation market size
  over the forecast timeframe. Implementation cost
  of these services is lower than traditional
  alternative. In addition to being-cost effective
  in nature, the technology is capable of
  performing at much faster speeds than human
  translators.
• Players operating in the machine translation
  market have been increasing their RD spending to
  develop cost effective solutions to fulfil
  customer requirements. For instance, Lionbridge
  introduced Smart Automated Translation software
  that quickly translate large volume content with
  minimum error and at lower costs.

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Continued...

• Global machine translation market share was
  dominated by SMT technology, which contributed
  over 60 to the revenue in 2016. This is
  attributed to the rising demand in the commercial
  space as it can be trained for specific data set
  and can be used recurrently for a business.
  Furthermore, the demand for cheap, fast computing
  hardware has enabled the SMT demand as it aids
  applications that rely on billions of statistics
  and large data.
• Automotive applications will witness considerable
  growth due to the increasing use of the
  technology in efficiently interpreting motor part
  catalogs, technical documentation, how-to
  manuals, and automotive websites, such as
  ChromeData. This way the machine translation
  market aids the OEMs in quickening entry into
  international markets and surge revenue and brand
  equity.
• The players operating in the machine translation
  market include Moravia IT, Lionbridge
  Technologies Inc., Google, Microsoft, Systran
  International, and IBM. In October 2016, AppTek
  LLC and Emergent LLC, announced that they had
  entered a partnership agreement.

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U.S. Machine Translation Market Share, By
Application, 2016

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360 Analysis

• Application Trends
• Healthcare applications are anticipated to
  witness growth due to the booming research and
  clinical content. It helps in translating medical
  documents, insurance claims forms, web medical
  help, patient records, studies and papers,
  educational materials, warnings and IVR scripts.
  The integration of the technology helps a
  physician to communicate with the patients to
  provide better diagnosis and precisely analyze
  the patients issues.
• Regional Trends
• Asia Pacific, driven by India and China machine
  translation market size, will witness attractive
  growth owing to the rising demand for
  localization in native languages by several firms
  to enhance their global reach and therefore cater
  to customer requirements effectively. In India,
  several organizations are supporting the
  integration and deployment of MT tools and
  programs to reduce the communication barriers.
• Competitive Market Share
• Industry participants include Lionbridge
  Technologies Inc., Moravia IT, Systran
  International, Google Inc., Microsoft
  Corporation, and IBM Corporation. To curtail
  intensifying competition and gain market share,
  players are significantly investing in RD for
  product and technology development.

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