Asia Pacific Machine Translation Market size crossed USD 100 million in 2019 and is anticipated to register a growth rate of 22% from 2020 to 2026.
The APAC machine translation industry growth is attributed to the rapid adoption of advanced technology and smart devices across the globe. AI is revolutionizing several industries, leading to new business models, rapid digital transformation, and technology that is more integrated into the natural environment. Advancements in AI technologies are driving the trend of voice assistants that enable hands-free digital communication with smart devices. Virtual digital assistants such as Alexa, Siri, Cortana, and Google Home use machine translation software to understand different languages and provide quick & meaningful feedback. For instance, as of March 2020, Google Assistant supports 44 languages on smartphones followed by Siri voice assistant supporting 21 languages and Amazon Alexa supporting eight languages.
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COVID-19 Impact Analysis
The COVID-19 pandemic has proliferated the trend toward online education across the region, significantly increasing the market revenue. Nations across APAC, especially India, Mainland China, and Hong Kong, have exhibited sharp spikes in the digital enrollment of students with increased investments in online education start-ups. The COVID-19 scenario will result in rising concerns for health and self-monitoring among the population, which will increase the development of medical diagnosis applications and chatbots. Companies in the market are strategizing with free-trial services in various languages, which will accelerate their adoption in different medical applications.
APAC Market, By Technology
Neural Machine Translation (NMT) had a substantial market share in 2019 as it enhances cross-communication skills to a wider audience and offers language customization that is done professionally to enhance the user experience.
Since Google LLC introduced Neural Machine Translation (NMT) system in 2016, the company has made several advancements to increase the fluency and accuracy of the translation. For instance, in October 2019, Google LLC launched a global NMT system that can handle over 25 billion examples for over 100 languages. The system significantly improves the translation quality of low-resource languages and demonstrates effective transfer learning ability.
APAC Market, By Deployment Model
The Asia Pacific cloud-based machine translation market is estimated to propel at a lucrative rate till 2026. Cloud service providers are focusing on expanding their offerings with the adoption of neural machine learning to achieve real-time translation services such as business communication and live customer support. Cloud service providers are also integrating AI technologies to optimize their translation process.
In June 2019, SDL announced the development of its SDL Language Cloud, which is an end-to-end intelligent translation solution. The single cloud-based solution can access human expertise and machine intelligence, optimizing the translation process for improved scalability and visibility across the global content supply chain.
APAC Market, By Application
The developing electronics industry globally will surge the demand for advanced machine translation solutions for technical document translations. As electronic manufacturers market and sell their products internationally, machine translation services play a vital role in enhanced marketing. Electronic companies use these services to ensure accurate translation for manuals, after-sales customer support, and internal specification documentation.
As large consumer electronics manufacturers target global expansion, they are increasingly using machine translation technology. For international expansion, they ensure that their products and related documentation, such as user manuals, legal agreements, and instruction guides, are compatible with the target markets and global business processes.
Competitive Industry Landscape
Prominent industry players include Alibaba Cloud, Welocalize Inc., AppTek LLC, Tencent Cloud TMT, AWS (Amazon.com, Inc.), Baidu, Cloudwords Inc., PangeanicMT, Google LLC (Alphabet Inc.), PROMT Ltd., Omniscien Technologies, and Yandex.Cloud LLC (Yandex N.V.).
Market players are focusing on strategic alliances to leverage their technology, improve their offerings, and maintain their market position. For instance, in June 2020, RWS Holdings PLC, a provider of language, intellectual property support & localization services, acquired Iconic Translation Machines, Ltd. for USD 10 million. The acquisition provided the company with a competitive advantage of leveraging language technology for enhancing its capabilities in the (Neural Machine Translation) NMT sector.