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Machine Translation: Release Latest Trends and Industry Vision by 2022

The global Machine Translation Market size is expected to reach USD 983.3 million by 2022, according to a new study by Grand View Research, Inc., exhibiting a 14.6% CAGR during the forecast period. The reinvention of computer-aided translational tools and growth of adaptive machine translation has considerably widened the scope of the machine translation market.


Key players are increasing their focus on developing advanced MT systems to meet growing consumer needs. For instance, Lilt Inc. has launched an adaptive neural machine translation system to use real-time feedback loop and Artificial Intelligence (AI) to boost the productivity of a human translator. Moreover, the technology is expected to offer opportunities to people for communicating and accessing information in a particular language. This system goes beyond Facebook, Inc.; Apple Inc.; and Microsoft Corporation’s product offerings.
Globalization has significantly contributed to addressing the need for linguistically diverse local audiences. Growing importance of businesses in emerging markets, creation of online content, and need for enabling global collaboration among employees is expected to drive market growth over the forecast period.


Further key findings from the study suggest:
  • The automotive and electronics industries are anticipated to gain substantial market share by 2022 owing to need for timely and accurate translation of large amounts of content in various application segments
  • The MT market in automotive applications is expected to value around USD 140 million by 2022
  • Existence of a large number of players and government initiatives supporting machine translation has impacted industry growth positively in U.S. Google Inc. and Microsoft Corporation have made SMT technology popular with their free online engines in the country
  • Demand for Statistical Machine Translation (SMT) has significantly increased over the past few years, due toits effectiveness over Rule-Based Machine Translation (RBMT) in terms of time and cost
  • SMT contributed to more than 65.0% of the overall MT market revenue
  • Key players in the industry include IBM Corporation; SDL PLC; Lionbridge Technologies Inc.; Asia Online Pte Ltd.; and Lighthouse IP Group.
Grand View Research has segmented the global machine translation market report on the basis of application, technology, and region:
Machine Translation Application Outlook (Revenue, USD Million, 2012 - 2022)
  • Automotive
  • Military & Defense
  • Electronics
  • IT
  • Healthcare
  • Others
Machine Translation Technology Outlook (Revenue, USD Million, 2012 - 2022)
  • RBMT
  • SMT
  • Others
About Grand View Research:
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 compnies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
Contact:
Grand View Research, Inc.
201 Spear Street 1100,
San Francisco, CA 94105
United States
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
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