APAC Machine Translation Market size is estimated to reach USD 400 million by 2026, according to a latest forecast report by Graphical Research.
The Asia Pacific machine translation industry is proliferating due to an increasing need for localization of marketing strategies among various enterprises. Organizations expanding their business operations in a foreign market are adopting localization strategies to address customers’ buying patterns and track behavior patterns to offer them a familiar experience. Localization of marketing campaigns enables a better understanding of consumers’ languages, cultures, and traditions.
The translation of website content helps companies to easily connect with consumers on a personal level, build brand image, and increase loyalty. With companies making their products and services available in multiple markets, demand for translation and localization will grow in the coming years. Distributing & translating digital marketing content for global consumers using conventional methods is complicated and difficult, thus encouraging companies to leverage machine translation software solutions.
Rising demand for telemedicine for proactive surveillance, rapid diagnosis, maintaining patients’ records, and additional information related to COVID-19 will add lucrative growth opportunities to machine translation providers. Governments are taking initiatives and introducing several investment plans to deploy telemedicine services in their regions. This leads to companies developing enhanced online screening, consulting platforms, and risk identification platforms for the public.
Statistical Machine Translation (SMT) market is anticipated to witness significant growth during the forecast period due to demand for high-quality and accurate translation techniques. This model is applied to untranslated target texts to make a probable match to recommend a reasonable translation. SMT systems are phrase-based and gather translations using overlap phrases.
Browse detailed statistical insights from the report, “Asia Pacific Machine Translation Market Size By Deployment Model (On-premise, Cloud), By Technology (Statistical Machine Translation (SMT), Rule-Based Machine Translation (RBMT), Neural Machine Translation, Hybrid Machine Translation, Example-based Machine Translation), By Application (Automotive, BFSI, E-commerce, Electronics, Healthcare, IT & Telecommunications, Military & Defense), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026” along with the table of contents (ToC) @
The Asia Pacific cloud-based machine translation segment held a substantial market share in 2019. Industry players offering on-premise machine translation systems also focus on offering deployment, maintenance, support, and upgrading services that ensure optimum performance of the systems. Companies with stringent data hosting regulations are adopting on-premise machine translation systems to ensure 100% data security and privacy. On-premise deployment also enables these companies to ensure large volume real-time translations while ensuring information confidentiality.
BFSI enterprises are significantly adopting machine translation to enhance various applications such as intelligent document search, investment analysis, and customer services & insights. Banks are leveraging Natural Language Processing (NLP), a branch of AI, to automate document processing, analysis, and client service processes. The growing penetration of digitalization across the banking sector will support the adoption of machine translation services.
Some of the key market 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.).
The APAC machine translation market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026 for the following segments:
Asia Pacific Market, By Technology
- Statistical Machine Translation (SMT)
- Rule-Based Machine Translation (RBMT)
- Neural Machine Translation
- Hybrid Machine Translation
- Example-based Machine Translation
Asia Pacific Market, By Deployment Model
Asia Pacific Market, By Application
- IT & Telecommunications
- Military & Defense
The above information has been provided for the following countries:
- Asia Pacific
- South Korea