Machine Translation (MT) Market Dynamics Trends, Segmentation, Key PlayersPosted by Devanshu Shrivastava on February 20th, 2020 In 2016, the machine translation (MT) market generated a revenue of 2.3 million and is projected to advance at a 6.7% CAGR during the forecast period (2017–2023). The market is growing due to the rising demand for content localization and increasing volumes of big data across the internet. Machine translation is a process that translates a text from one natural language to another with the help of a computer. In terms of deployment type, the market is divided into cloud and on-premises, between which, on-premises is expected to dominate the market during the forecast period.
When technology is taken into consideration, the machine translation market is categorized into statistical machine translation (SMT), neural machine translation (NMT), rule-based machine translation (RBMT), and others (which include hybrid machine translation and example-based machine translation). Among these, the SMT category held the largest share of the market during the historical period (2013–2016) and is expected to dominate the market during the forecast period as well.
The reason for this is that technology offers more advantages over other translation technologies in terms of resource requirement, customizability, and community collaboration. In terms of application, the machine translation market is divided into media & entertainment, military & defense, retail & manufacturing, healthcare & life sciences, IT & telecom services, automotive, electronics, travel & hospitality, banking & finance, legal & law firm, and others (which include learning, advertising & marketing, and energy & utilities).
Military & defense accounted for the major share of the market in 2016 and is predicted to dominate the market during the forecast as well, as the sector needs swift translation of high-volume content for communicating with multilingual populations on a real-time basis. The emerging demand for content localization is a major driving factor of the machine translation market.
Companies are witnessing a rising need for localizing their applications, products, and websites. The enterprises across the world are increasingly focusing on meeting the demands of customers outside their local market. Localization helps organizations in communicating with the target market in its language and integrating industry-specific aspects with the specific culture and further develops a local appeal.
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