Machine translation market to depict heavy gains via healthcare and IT applications over 2017-2024
Machine translation market is likely to chart out a flourishing growth path over the years, with many firms adopting MT tools to avoid the language barrier while expanding their business across the globe. The implementation of machine translation will help to provide a cost-effective solution to customers and reduce the overall project timeline. As per the report by Global Market Insights, Inc., “Worldwide machine translation market generated a revenue of more than USD 400 million in 2016 and will record an annual growth rate of 19% over the coming years of 2017 to 2024.”
U.S. Machine Translation Market Share, By Application, 2016
Healthcare, IT, electronics, automotive, and military & defense are the prominent applications of machine translation market. Healthcare application segment will exhibit noticeable growth rate over the coming years of 2017 to 2024. The growth can be attributed to the growing requirement of translating a vast number of clinical documents. Moreover, the escalating research across the healthcare sector will also boost the requirement of MT tools, which in turn, will influence machine translation industry size positively. Installation of this technology across the healthcare sector will help interpret insurance claim forms, medical documents, IVR scripts, patients records, and educational material.
The IT sector will generate a huge revenue due to the emergence of e-commerce, which needs machine translation tools to explore business opportunities around the globe. This, in turn, will stimulate machine translation market size over the coming seven years. The automotive sector is also another lucrative avenue that will generate noticeable gains over the years ahead.
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Based on the technology, machine translation industry is mainly divided into RBMT and SMT. RBMT technology segment is anticipated to register an annual growth rate of more than 14% over the period of 2017 to 2024, primarily driven by its superior grammatical and predictable approach of breaking down the source and target languages pertaining to the incorporation of vocabulary.
SMT dominated the technology segment in machine translation market in 2016 by accounting for more than 60% of the global revenue contribution and will register a significant growth rate over the coming timeframe, due to the increasing requirement of fast computing and cheap hardware.
Geographically, U.S. will be the prominent revenue generator for North America machine translation industry share, owing to the availability of ample service providers across this region. Favorable government support from organizations such as the Defense Advanced Research Projects Agency (DARPA) will also augment the industry growth.
Asia Pacific machine translation market will generate lucrative revenue over the years ahead. The growth can be attributed to the growing adoption of MT tools, mainly across China and India, primarily owing to the fact that these regions exhibit the existence of various local languages. This, in turn, will boost the demand for machine translation market products. Most of the firms across India are implementing MT tools to minimize the communication barrier, which is predicted to create an attractive growth avenue for the industry participants.
Market players are investing significantly in research & development activities to introduce products based on advanced technologies into the market, which will help them gain considerable profit. Some select industry giants are also engaging in strategic partnerships to expand their customer base. The key players in machine translation market are Moravia IT, Lionbridge Technologies Inc., Google Inc., IBM Corporation, Systran International, and Microsoft Corporation.
Author Name :Sunil Hebbalkar