Machine Translation Market Infrastructure Growth and Development by 2025
According to a new report published by Reports Monitor titled, “Machine Translation Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Machine Translation market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Machine translation plays a major role in this digitalization era due to the increase in the volumes of big data. It is a translation carried out by a computer with no human involvement. It is a system application which uses machine-learning technologies to transform large text from and to any of the supported language as defined by the user, which meets the growing consumer needs.
The increasing demand for content localization and growing volume of big data across various industries are the major factors for the growing machine translation market. This increase in volume of big data is generating the need for cost-efficient and high-speed translation. As a result many small and large firms are switching from traditional way to digital technologies which is driving the growth of market. However, the system follows a methodical format so certain custom solutions remain unsolved in this regard as well as it is unable to translate from different file formats which creates a limit in the growth of the market. Further, the increasing demand for post-editing machine translation services can be seen as a great opportunity in the machine translation market.
This report provides a detailed analysis of machine translation market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth opportunities in the coming years. The report has been made with a top to bottom examination alongside critical contributions from the different business experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches.
The segmentation of machine translation is based on the application and technologies. Based of application, the machine translation market can be segmented into automotive, healthcare, electronics, information technology, e-commerce and others. Based of technologies, the market can be segmented into rule-based machine translation (RBMT), statistical machine translation (SMT) and others.
On the basis of the region the market is analysed over: North America, Europe, Asia-Pacific and Latin America, Middle East and Africa (LAMEA). The Northern America translation industry is anticipated to grow as number of government initiatives and service providers in the area are expected to increase.
Key players in the industry include SYSTRAN, Lionbridge, Lighthouse IP, Lingotek, Cloudwords Inc, SDL PLC and Moravia IT.
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