Machine Translation Industry Global Market Growth, Size, Trends, Insights And Forecast To 2026

Machine Translation Market trends will be prominently driven with the robust deployment of instant and accurate real-time data translation techniques across corporate organizations. The systems ensure an ease of communication to students and tourists in the targeted language along with offering smooth international transactions in the expanding global trade.

Implementation of cloud technologies has discarded the risks associated with the installation of on-premise hardware systems besides rendering effective results for the translation systems. These factors are likely to influence the higher demand for machine translation services across the web platforms.

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Technological progressions like AI and deep assist to enhance translation accuracy by auto-learning solutions when dealing with a large quantity of collected data. These techniques help to improve the results derived from the accumulated data and offer improved machine translation system abilities. Estimates reveal that global machine translation market size will be worth more than USD 1.5 billion by 2026.

Market value for hybrid machine translation systems is expected to reach a significant revenue owing to the increasing demand for accurate automated solutions to provide an error-free translation. The hybrid technology makes use of various machine translation techniques within a single system along with rendering superior accuracy by restricting the setbacks caused by other systems. Multi-engine translation technology is an extensively deployed hybrid solution that employs a parallel running procedure for multiple translation solutions and the overall output generated from this approach accounts for the sum of the outputs from all the sub-systems in the process.

Application across the military and defense sector will add impetus to machine translation industry share in the coming years owing to the increasing demand for advanced solutions to improve security. There is a rising need for precise translation and interpretation services to enable quick and accurate actions in the defense segment. Machine translation software are mainly utilized by warfighters to read e-mails and letters scripted in foreign languages.

They further intercept international calls and translate them promptly as well as transform the captured documents or files. This has encouraged various technical developments by solution providers to promote machine translation metrics in the defense industry. For instance, Systran offers the incorporation of translation solutions into communication systems to ensure multilingual Information Retrieval as well as Document Exploitation (DOCEX).

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Automotive, BFSI, and e-commerce applications will boost the global industry prospects in the coming years considering the need for productive and precise translation results. Machine translation systems are highly adopted in the e-commerce sector to refine the marketing strategies implemented for international business expansion. Furthermore, the BFSI segment witnesses an extensive deployment of the technology to regulate seamless communication with foreign customers besides eradicating misinterpretations arising from the manual translation approach.

Middle East and Africa machine translation industry will gain traction in the coming years owing to the expanding e-commerce industry as well as the emergence of digitalization to offer online retailing in Saudi Arabia and UAE. E-commerce companies are deploying machine translation tools and software to provide product information in the specified languages to assist international customers to easily place online orders, complimenting the expansion of their worldwide customer base. The ongoing COVID-19 could have also considerably influenced regional trends.

Developments in network infrastructure and the enlargement of the industrial sector will surge the need across the European and North American countries. The rising adoption of 5G technology and cloud solutions will augment the demand for smartphone-based machine translation in the APAC region. Facebook, in October 2020, launched its first-ever multilingual machine translation model, M2M-100, that can translate over 100 languages. The system is widely used as a BLEU metric to evaluate machine translations.

Browse key industry insights spread across 250 pages with 233 market data tables and 27 figures & charts from the report, Machine Translation Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/machine-translation-market-size

Report Content

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    AI & machine learning

3.4.2    Cloud computing

3.5    Regulatory landscape

3.5.1    North America

3.5.2    Europe

3.5.3    Asia Pacific

3.5.4    Latin America

3.5.5    MEA

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 demand for cost-effective and high-speed translation

3.6.1.4    Investment in AI in North America and Europe

3.6.1.5    Rising demand to improve customer experience in Asia Pacific and Latin America

3.6.1.6    Rapid adoption of smart devices globally

3.6.1.7    Adoption of cloud-based services

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    Threat of new entrants

3.8.2    Threat of substitutes

3.8.3    Bargaining power of buyers

3.8.4    Bargaining power of suppliers

3.8.5    Industry rivalry

3.9    PESTEL analysis

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