The global machine translation market is anticipated to grow at a significant CAGR during the forecast period. The machine translation is considered to be a booming area of research and Innovation nowadays. The application of machine translation is very vast starting from the commercial market to the aerospace and defense market. Since the companies are distributed all across the globe they must communicate clearly and rapidly so that they can collaborate effectively.
Therefore, machine translation enables companies to perform all the activities in various languages in an effective manner. In addition, the use of machine translation enables the company to have a much higher level of confidence that the communications are accurate and truly useful for enabling business agility. Machine translation is in coming out as a necessary technology for any global enterprise that wants to be agile hence driving the machine translation market.
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Moreover, one of the major reasons why enterprises want to invest so heavily in the machine translation industry is that it will enable the companies to leverage their customers as well as allow them for the localization of their business. The amount of content that enterprises produce is growing exponentially and there are not enough translators. So, machine translation has become a mandatory tool for enterprises. Additionally, innovation in artificial intelligence is changing the way that companies approach the problem of helping customers.
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However, the neural networks and deep learning revolutionize enterprises as well as other fields. For instance, machine translation has a very vast application in military and defense, and the technology is used by the soldiers of the US. The US soldiers that are posted in Afghanistan use smartphone-based machine translation technology to bridge the language gap between soldiers and the people of Afghanistan. Smartphones using the latest generation of machine translation technology convert English into Afghanistan’s local language pesto and then pesto back into English. Such applications of technology tend to give a boost to the growth of the global machine translation market.
Key Findings Covered in the Report
• North America to hold a considerable share in the machine translation market.
• The statistical machine translation segment to hold the largest in 2018.
• Automotive industry adopting technology to deliver better performance.
Global Machine Translation Market- Segmentation
• Statistical Machine Translation
• Rule-based Machine Translation
• IT & Telecommunication
• Military & Defence
Machine Translation Market – Segment by Region
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East Africa
• Google LLC
• Honyaku Center Inc.
• IBM Corp.
• Lingotek Inc.
• Lionbridge Technologies, Inc.
• Microsoft Corp.
• OmniLingua Worldwide, LLC
• Omniscien Technologies Inc.
• PROMPT LLC
• RWS Holdings PLC
• SAP SE
• SDL Plc
• Systran S.A.S.
• Raytheon Technologies Corp.
• Venga Global
• Welocalize Inc.
• Yandex LLC
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