According to new research by Research&Marketing, the global machine translation market is expected to weigh $983.3M by year 2022. Several advancements in technology have led to an increase in the sophistication of translation technology, which is capable nowadays to provide translated versions with minimal errors and consistent grammatical coherence. This has considerably widened the scope of use for machine translation. Machine Translation can translate documents rapidly, seamlessly and cost-effectively. Machine Translation for content in regional languages has spurred the MT market over the past few years. The provision of MT as SaaS (Software-as-a-Service) over secure cloud services hosting at data centers is a key area which is expected to add a substantial growth opportunity to the machine translations market. The prominence of cloud computing over the last few years has resulted in a spectacular demand in growth for cloud-based translation (whether machine translation or computer assisted translation tools). The growth in cloud computing is expected to boost even more the growth of machine translation market, possibly as a result of API services plugging in to websites. R&D over the last few years and the technological applications by several providers have enabled machine translation technology to seamlessly integrate into a wide range of products, from CMS to enterprise-level systems and even handheld consumer devices. The proliferation of smartphones has also led to the introduction of machine translation apps providing instant translation of multilingual text and sometimes voice.
Machine Translation Market Expected to Reach $983.3 Million by 2022
Further key findings from the study point to:
- Industries that produce “controlled language” documentation like the electronics industry or the automotive sector are expected to gain significant market share and are key to this growth.
- Government initiatives (particularly in the US and Europe) and the presence of a large number of service providers has helped boost market growth in the U.S. Microsoft and Google, have made SMT technology very popular across the world thanks to their free online engines.
- Machine translation in healthcare is expected to gain market share from 2015 to 2022. The ever increasing need for accurate, timely translation of large amounts of content is expected to push the demand in various industries.
- Millions of segments of glossaries, bilingual texts, and other data are required for an MT engine to learn by examples when we approach the training of Statistical MT translation engines. The demand for SMT and Hybrid Machine Translation (like PangeaMT) has increased over the past few years, due to its effectiveness over rule-based systems in terms of development time and cost. Research shows it is to remain the largest in the technology market through 2022.
- Machine translation providers tend to commercialize their products and machine translation services through their own websites, although they sometimes sell indirectly through a network of specialist agents. However, the majority of providers prefer having a direct sales channel. Machine Translation solutions are available as commercial software solutions or as free, web-based applications (e.g., Microsoft Bing Translator and Google Translate).
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Short overview of PangeaMT platform without API for in-house translation engine generation and translation