Machine Translation Market to hit $1.5bn by 2024

The global Machine Translation Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers.

The world today has become a smaller, connected, and more dynamic place than before, and the progressive growth of machine translation market is one of the key reasons contributing to this fact. Major companies are aiming to spread their business across the globe without the constraint of a communication barrier, and machine translation industry is contributing remarkably toward this cause. MT tools help people communicate with each other and decode unknown languages, owing to which companies find it easier to communicate with clients, improve relationships with customers, and help the company gain profits. As per the report by Global Market Insights, “Worldwide machine translation market was worth USD 400 million in 2016 and will surpass a revenue collection of USD 1.5 billion by 2024 with an annual growth rate of 19% over the coming years of 2017 to 2024.”

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Machine translation industry encompasses a wide variety of application areas such as electronics, healthcare, IT, automotive, and military & defense. The notable e-commerce industry giants such as eBay, Alibaba, Amazon are using MT technology to expand their business base across the globe, which will fuel machine translation market share from e-commerce applications. Healthcare applications are predicted to exhibit considerable growth rate over the coming seven years, owing to rising clinical and research activities across the medical sector. MT tools help maintain patient records and insurance claim forms and translate medical papers, thereby propelling the industry growth.

Based on technology, machine translation market is mainly divided into RBMT and SMT. SMT covered more than 60% of the industry share of technology segment. The increasing usage of this technology across the commercial sector will boost the product demand significantly. RBMT technology segment will record an annual growth rate of 14% over the period of 2017 to 2024, attributed to its growing application as a language translation tool.

Geographically, U.S. machine translation market will generate noticeable revenue over the coming timeframe, owing to the availability of more service providers across this region. Moreover, supportive initiations taken by some of the governmental agencies such as the Defense Advanced Research Projects Agency (DARPA) in terms of funding will also favor the industry growth.

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Asia Pacific machine translation industry size will register a flourishing growth rate over the coming years, primarily driven by the product’s surging demand to reduce the communication barrier pertaining to the presence of more number of local languages. India and China will contribute significantly toward APAC growth.

The key participants in machine translation market are Lionbridge Technologies Inc., Moravia IT, Google Inc., Microsoft Corporation, IBM Corporation, and Systran International.

Report Content

Chapter 1    Methodology & Scope

1.1    Methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry insights and validation

1.1.4    Scope, definition and research parameters

1.2    Data Sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2    Executive Summary

2.1    Machine translation industry 3600 synopsis, 2012 – 2024

2.1.1    Regional trends

2.1.2    Application trends

2.1.3    Techology trends

Chapter 3    Machine Translation Industry Insights

3.1    Industry segmentation

3.2    Industry size and forecast, 2012- 2024

3.3    Industry ecosystem analysis

3.4    Technology & innovation landscape

3.4.1    Automated translation

3.4.2    Smart automated translation

3.4.3    Raw machine translation

3.4.4    Fully Automated Usable Translations (FAUT)

3.4.5    Rule based machine translation

3.4.6    Statistical machine translation technology

3.5    Post Editing Machine Translation (PEMT)

3.5.1    Light post-editing

3.5.2    Full post-editing

3.5.3    Post-editing market size, 2014 – 2024

3.6    Industry impact forces

3.6.1    Growth drivers

3.6.1.1    Emerging demand for content localization

3.6.1.2    Increasing need for cost efficiency and high speed translation

3.6.2    Industry pitfalls and challenges

3.6.2.1    Lack of quality and accuracy

3.7    Growth potential analysis

3.8    Porter’s analysis

3.9    Company market share analysis, 2016

3.10    PESTEL analysis

Browse key industry insights spread across 120 pages with 92 market data tables & 11 figures & charts from this report Machine Translation Market in detail along with the table of contents at:

https://www.fractovia.org/news/industry-research-report/machine-translation-market

This latest Machine Translation Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Machine Translation industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.

Reasons to Buy This Report

  • Global Machine Translation Market size & forecast by product & application.
  • Growth drivers, pitfalls & industry challenges.
  • Key Machine Translation Market growth opportunities & emerging business models.
  • Competitive benchmarking with market share analysis and company profiles.

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