Selbyville, Delaware, July 12, 2021 (GLOBE NEWSWIRE) -- Global Market Insights Inc. has recently added a new report on the machine translation market which estimates the market valuation for machine translation will cross US$ 3 billion by 2027. The increasing use of computer-assisted tools and the growing demand for a more efficient translation process are fueling the industry growth.
The advent of AI has revolutionized several industrial sectors resulting in digital transformation and new business model that is more integrated into the natural environment. The advancements in AI and machine learning technologies are driving the adoption of voice assistants that provide users with hands-free digital communication in smart devices. The virtual assistants, such as Google Home, Cortana, Alexa, and Siri, use machine translation software to understand languages and provide meaningful feedback to users. For instance, as of April 2021, Google Assistant supports 44 languages on smartphones, followed by Siri supporting 21 languages, and Alexa supporting eight languages.
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The U.S. machine translation market demand from IT & telecommunications application is projected to witness a significant growth rate through 2027. The machine translation software is crucial for the telecom sector as errors in data translation may lead to significant losses for businesses. The usage of human translators can result in various errors that are harder to discover and require multiple stages of review. Reliable and accurate translation is essential for businesses to expand in international markets. This has accelerated the adoption of machine translation software for ensuring enhanced accuracy while interpreting data.
The Asia Pacific machine translation market is estimated to expand at a strong growth till 2027 owing to the growing e-commerce sector across the region. According to India Brand Equity Foundation (IBEF), the e-commerce sector in India is projected to increase from 4% in 2020 to 8% by 2025. The online retailers are investing in machine-aided human translation solutions to increase profitability by capturing the target markets. The machine translation is vital for companies to survive and expand their cross-border e-commerce business.
Some major findings of the machine translation market report are:
- The growing internationalization of businesses is the key factor for accelerating the machine translation market growth. The software enables businesses to provide their content, services, and products in several languages. The fully automated software can translate source content into target languages.
- The use of machine translation technology allows translation of text at faster speeds. Several translation companies are deploying the tool to increase productivity of translators while performing localization, translation, and terminology work. Google Translate is one of the most popular machine translation tools due to its integration with Android OS.
- The rising demand for content localization and the growing need for high-speed translation are accelerating the machine translation market growth. The machine translation systems are witnessing higher application in the healthcare sector for allowing users to understand health information in their native language. The healthcare facilities are continuously engaged in accelerating and innovating new technologies to fight against coronavirus pandemic. For instance, in August 2020, MyGov Covid-19 website in India was updated with Anuvadak platform, which translates the site in ten Indian languages.
- Key participants operating in the machine translation market are Yandex Cloud LLC, Raytheon BBN Technologies Corp, Microsoft Corporation, Omniscien Technologies, Systran International, IBM Corporation, Tencent Cloud TMT, Cloudwords Inc., Moravia IT s.r.o. (RWS Holdings), Amazon.com Inc., PROMT Ltd., Alibaba Cloud, and Google LLC.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Machine translation industry 360⁰ synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Technology trends
2.1.4 Deployment model trends
2.1.5 Application trends
Chapter 3 Machine Translation Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Software developer
3.2.3.2 Cloud service providers
3.2.3.3 Marketing & distribution channel
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Business growth
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Automated translation
3.4.2 Raw machine translation
3.4.3 AI & machine learning
3.4.4 Cloud computing
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Rapid demand for localization of marketing strategies & content among businesses
3.6.1.2 Growing need for machine translation services to facilitate communication between trading organizations
3.6.1.3 Increasing need for cost efficient and high-speed translation
3.6.1.4 Investment in AI in North America and Europe
3.6.1.5 Adoption of cloud-based services
3.6.1.6 Rapid adoption of smart devices globally
3.6.1.7 Rising demand to improve customer experience in Asia Pacific and Latin America
3.6.2 Pitfalls and challenges
3.6.2.1 Lack of quality and accuracy
3.6.2.2 Accessibility of open source translation software
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.9 PESTEL analysis
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