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Rising Demand For Content Localization Helping Machine Translation Market Grow
The increasing big data volume on the internet and rising demand for content localization are driving the machine translation (MT) market. In 2016, it valued $122.3 million, and it is predicted to grow at a 6.7% CAGR during the forecast period (2017–2023). The process of translating text from one natural language to another by the use of a computer is referred to as machine translation.
The migration of machine translation to cloud services is trending in the machine translation market. Both the commercial and academic sectors are using different approaches, such as platform as a service (PaaS), software as a service (SaaS), and cloud computing for content delivery. Cloud-based solutions are gaining acceptance as they help in reducing operational costs and improving responsiveness and unification, and contribute to the seamless operations of MT techniques and tools.
Another trend in the market is the combination of translation memory (TM) and MT systems to smoothen the workflow. The database that contains a collection of translated sentences and paragraphs is referred to as translation memory. These are being used to speed up the translation projects and reduce their cost. Many organizations in the translation business, such as SDL PLC and Transperfect, are combining TM with MT to offer high-quality translations.
One of the key drivers of the machine translation market is the generation of a huge amount of data from various industries. This is being observed due to the adoption of digital technologies and an increasing number of mobile devices. Therefore, the demand for high-speed and cost-effective translation is rising. A research states that less than one millionth part of the content being generated every day is addressed by human translators across the globe.
Another driving factor for the machine translation market is the rising demand for content localization. To widen their reach, companies are increasingly localizing their products, websites, and applications. Localization helps enterprises communicate with consumers in their regional language and develop a local appeal by integrating industry-specific aspects with the local culture. The major hindrances in localization implementation are the low speed, high cost, and inferior quality of localization projects. MT is taking care of these issues by delivering the projects in less time and in a cost-effective way.
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The region segment of the machine translation market is subdivided into Asia-Pacific (APAC), North America, Europe, and Rest of the World. During the forecast period, with a 7.5% CAGR, the APAC region is projected to be the fastest growing market. The usage of several languages, a lucrative customer base, increasing disposable income, fast growth of businesses, and surging number of high-net-worth individuals are adding to the market growth in the APAC region.
Therefore, the market would continue to grow during the forecast period with companies looking at innovative marketing strategies.
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