Global Machine Translation Market is expected to grow at a CAGR of over 15% to exceed USD 1.5 billion by 2024. Technological advancements have led to development of several innovative translation technologies which are providing minimal grammatical errors and consistency. Support from governmental organizations and existence of regulations such as EN 15038 standard is driving the machine translation market growth. The industry is mainly driven by the increasing demand for automated translations to remove repetitive tasks and the rising need for localization to help serve the customers in an enhanced manner.
Rising demand from several organizations to introduce a profitable translation system in their business processes is expected to drive the implementation rate of machine translation technology. Primarily, only large organizations were capable to integrate these services owing to the excessive cost related to the offering, however with recent developments in the technology it has made the availability of robotized translation services available to an entire range of SMEs or large enterprises.
Lack of accuracy and quality in translation of several documents such as aviation manuals, medical equipment, and legal document that require 100% accuracy may result in money wastage and irreparable damage to the company’s image. In such cases, human translators are preferred over machine translators to maintain accuracy, thereby restraining the adoption of machine translation technology.
Statistical machine translation (SMT) technology is anticipated to have a high market share over the forecast timespan. Growing need for cost efficiency, and rising amount of big data across the internet, are some other factors which are driving the machine translation market growth. Cloud computing technology is aiding the SMT technology to run in an effective manner, and is offering high processing power with enhanced storage capacity.
Automotive applications in the machine translation market will witness significant growth owing to the growing usage of the technology in efficiently translating how-to manuals, technical documentation, motor part catalogs, and automotive websites. TIt aims at providing cost effective localization services for the automotive industries.
The U.S. machine translation market is driven by the existence of major service providers such as Google and Microsoft. The U.S. is unceasingly increasing the investments for implementing the technology across applications such as healthcare and military & defense. For instance, in the military & defense industry the country is deploying Machine Foreign Language Translation System (MFLTS) to offer soldiers with machine translations via text and speech which is projected to enhance the machine translation market growth.
Industry players operating in the machine translation market include Google, IBM Lionbridge Technologies Inc., Systran International, Microsoft and Moravia IT. Vendors are facing high competition due to the growing number of players offering parallel technologies to the end-users. To gain market share and curb the competition, they are investing in R&D for product and technology development.