The increased need for content localization majorly drives the global machine translation market. The conventional ways of hiring human translators for content localization and translation in local languages are time-consuming and expensive. To this end, companies are channeling robust funds toward deploying machine translation software. Proliferated penetration of the internet and technology as a cost saver has further propelled the adoption of the machine translation software. Growing smartphone penetration and cutting-edge developments in communication technology have added sharp spikes to the global demand for machine translation software. The low-cost availability of tech-based translation that offers greater accuracy and saves time has nurtured fertile ground for the machine translation market to grow and flourish in the upcoming years.
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Next-generation Technological Advancements to Bolster Machine Translation Market Growth Prospects
State-of-art advancements in machine translation technology and ingenious implementation methodologies such as crowdsourcing have succeeded in curtailing the cost of translation. Moreover, the application of MT technology promotes efficiency and saves time and effort. Evidently, globalization has initiated a shift toward leveraging communication technology in day-to-day operations. This has unlocked numerous possibilities for computer-assisted tools such as machine translation to enhance translation outcomes. The consistently growing need for effective translation procedures has put forth the need for sustainable solutions that are cost-efficient. Against this backdrop, the key players are making robust investments in the research and development of more advanced solutions to strengthen their feat in the global machine translation market.
Ramping Digital Transformation Programs Leveraging Comprehensive Machine Translation Technologies to Augur Well for Market
World over, various industries are leveraging diverse state-of-the-art technologies for machine translation and services to uphold their digital transformation programs. These programs are relevant to addressing mission-critical procedures, differentiating customer experiences, and optimizing organizational issues. Furthermore, governments across the globe are making significant efforts to contain the spread of the virus. Additionally, the surging demand for better customer experiences alongside enhancing experiences and relationships with customers is further amplifying the demand for machine translation solutions. Over the projection period, the automotive sector is likely to increase applications apropos to machine translation to establish differentiation. Consistent developments, and robust investments in new strategies to magnify are set to magnify the utilization of machine translation solutions in automobiles.
North America to Sustain Leading Position in Machine Translation Market due to Increased Investment by Tech Giants in Machine Learning
North America has ranked amongst the most prominent markets in the world due to its burgeoning US IT industry. Having acquired the first mover's advantage in technology acceptance and implementation, the region has forged itself as the global machine translation market leader. Ascended demand from international consumers has further propelled the regional market to sophistication. Favorable government norms and concentration of service providers are steering the market to another level. Considering the aforementioned prospect, the tech giants in the region are increasing their investments and development in machine learning, and AI.
Prominent Market Players
Some of the most competitive players operating in the global machine translation market include Alibaba Cloud, AWS (Amazon.com, Inc.), IBM Corporation, Moravia IT s.r.o. (RWS Holdings), Baidu, Google LLC (Alphabet Inc.), Systran International, AppTek LLC, Microsoft Corporation, Cloudwords Inc., Omniscient Technologies, Lionbridge Technologies, Inc., Smart Communications, Inc., Raytheon BBN Technologies Corp. (Raytheon Technologies), and Tencent Cloud TMT.
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