SELBYVILLE, Del., Oct. 21, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the machine translation market which estimates the market valuation for machine translation will cross US $1.5 billion by 2026. Demand for instantaneous, real-time data translation from corporate organizations, students and tourists will drive the industry's growth.
Hybrid machine translation technology will witness growth during 2020 to 2026 with the demand for highly accurate, automated translation solutions. The technology is characterized by the use of several machine translation approaches within a single system. Hybrid machine translation systems aim to overcome the failures of other translation systems in achieving a satisfactory level of accuracy.
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One of the most widely used hybrid approaches, multi-engine translation technology, is associated with running multiple translation systems in parallel with each other. The output is generated by the combined output of all the sub-systems involved in the process. Demand for enhanced accuracy for error-free translation will drive the hybrid machine translation industry's growth.
The modernizing military and defense sector, adopting technologically advanced solutions to enhance security, will offer market growth opportunities. Accurate translation and interpretation services form an extremely crucial factor for the defense sector as it enables them to take prompt actions accordingly. The ability to read emails and letters in a foreign language or to intercept foreign calls and translate them instantaneously is vital.
War fighters also use machine translation systems to convert captured documents or files. Players are introducing machine translation developed solutions specifically for the defense industry. For instance, Systran offers solutions that can be integrated into any Information Retrieval (IR) or communication systems to facilitate multilingual Information Retrieval and Document Exploitation (DOCEX).
The Middle East and Africa machine translation market is expected to see high growth through 2026, owing to the developing e-commerce industry in the region. The robust retail industry in countries such as Saudi Arabia and UAE, coupled with the advent of digitalization, has boosted online retailing. E-commerce players are focusing on incorporating machine translation systems in their operations to offer product information in the target language to expand their international customer base. Precise item description translated in the target language enables overseas customers to place orders online easily. With the e-commerce industry witnessing rapid growth in the Middle East and North African regions, machine translation systems will experience high demand.
Browse key industry insights spread across 250 pages with 233 market data tables and 27 figures & charts from the report, "Machine Translation Market Share & Forecast, 2020 - 2026" in detail along with the table of contents: https://www.gminsights.com/industry-analysis/machine-translation-market-size
Some major findings of the machine translation market report are:
- Machine translation industry will witness growth with the rise in the demand for accurate real-time translations for ease of communication in the target language. Rise of global trade has surged the demand for machine translation systems to ensure smooth international transactions.
- Development of cloud technologies has enabled the easy deployment of machine translation services over the internet, thereby eliminating the hassle of installing hardware on-premise. Cloud infrastructure has enabled end users to efficiently run machine translation solutions over a web interface.
- Advancement in technologies such as AI and deep learning has enabled to significantly enhance the machine translation system capabilities, increasing the accuracy in translation. AI empowers the system to learn by itself from the large amounts of data collected, in turn improving the results delivered from the past data gathered.
- Modernizing automotive, BFSI and e-commerce industries globally will drive the demand for machine translation systems that offer precise results. E-commerce players use the technology to enhance their marketing strategies for international business expansion. The BFSI sector has employed machine translation techniques to enable seamless communication for overseas customers to avoid misinterpretations caused by manual translation techniques.
- A developed network infrastructure in Europe and North America supports the machine translation industry growth. The growing industrial sector in Asia Pacific will offer growth opportunities to the machine translation market. Rollout of 5G coupled with the growing adoption of cloud will surge the demand for smartphone-based machine translation applications
Browse the complete report's table of contents at https://www.gminsights.com/toc/detail/machine-translation-market-size
Partial chapters of the report's table of contents (TOC):
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
22.214.171.124 North America
126.96.36.199 Asia Pacific
188.8.131.52 Latin America
3.2.3 Industry value chain
184.108.40.206 Software developer
220.127.116.11 Cloud service providers
18.104.22.168 Marketing & distribution channel
3.2.4 Competitive landscape
22.214.171.124 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
3.5.3 Asia Pacific
3.5.4 Latin America
3.6 Industry impact forces
3.6.1 Growth drivers
126.96.36.199 Rapid demand for localization of marketing strategies & content among businesses
188.8.131.52 Growing need for machine translation services to facilitate communication between trading organizations
184.108.40.206 Increasing demand for cost-effective and high-speed translation
220.127.116.11 Investment in AI in North America and Europe
18.104.22.168 Rising demand to improve customer experience in Asia Pacific and Latin America
22.214.171.124 Rapid adoption of smart devices globally
126.96.36.199 Adoption of cloud-based services
3.6.2 Pitfalls and challenges
188.8.131.52 Lack of quality and accuracy
184.108.40.206 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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Machine Translation Market size worth over $1.5 Bn by 2026
Machine Translation Market size is set to be over USD 1.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.