Published Date: 2021-03-24
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European Machine Translation Market size is projected to cross USD 500 million by 2026, according to a latest forecast report by Graphical Research.
Increase in the number of students undertaking higher education courses abroad is projected to drive the Europe market. International students in the University of Oxford accounted for around 45% of total student body in 2020. Language barrier is cited as the most critical issue among international students that it affects their academic performance. This has driven the demand for machine translation software that enables students to translate words in different languages. For instance, Yandex Translate software offered by Yandex N.V. allows students to translate words in over 90 different languages.
The increasing demand to improve customer experience among several industry verticals will propel the European machine translation market growth. With increasing globalization strategies among businesses, the need to automate support processes and improve satisfaction of global customer base is growing considerably. Customers belonging to different countries often expect services in their native language. According to Unbabel Inc., around 61% of consumers in France and 58% in Germany prefer to buy products exclusively in their native language. Machine translation software helps companies in literal translation and enables them to have a deep understanding of local etiquette, customs, and traditions, to deliver a consistently high-quality customer experience.
The ongoing COVID-19 pandemic positively impacted the Europe machine translation market in FY2020. The machine translation tools have helped several countries to effectively communicate with global individuals while dealing with COVID-19 pandemic. For instance, in October 2020, government officials from Tilde and Latvian Standard (LVS) visited the National Agency for Standards and Metrology of Georgia to implement standardization project for developing rapid response measures to contain the spread of COVID-19. One of the aims of the project was to develop a machine translation tool to provide reliable and fast translation to Georgian for information regarding personal protective equipment.
Browse detailed statistical insights from the report, “Europe Machine Translation Market Size By Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation, Hybrid Machine Translation, Example-based Machine Translation), By Deployment Model (On-Premise, Cloud), 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) @
https://www.graphicalresearch.com/industry-insights/1072/europe-machine-translation-market
On-premise machine translation is anticipated to hold majority of the market share over the forecast period. The on-premise deployment model is highly secure and prevents threats associated with data breach in translation of sensitive content. The on-premise model is reliable and customized as well as provides full control over translation and content, enabling operators to meet compliance requirements. Stringent regulations including the UK Data Protection Act 2018 and General Data Protection Regulation (GDPR) direct enterprises to improve data protection & privacy of individuals across the Europe market. Due to privacy concerns, businesses are more likely to adopt on-premise models compared to cloud-based software.
The expanding e-commerce sector in Europe will offer growth opportunities to the machine translation market. According to Capgemini e-retail index Interactive Media in Retail Group (IMRG), online retail sales growth in the UK was up by 36% year-on-year, that is the highest annual growth since 2007. The e-commerce sector is majorly adopting reliable machine translation tools to enable consumers access websites and purchase products in their native language. In addition, while advertising products globally, companies may make mistakes in translation that severely impacts their brand image. For instance, in August 2020, Inter IKEA Systems B.V., an online retailer, experienced mistranslations gaffe while advertising its bedding materials in Bahrain. Such incidents have encouraged leading companies to invest in robust machine translation software to avoid clerical errors.
Key players operating in the European market include Cloudwords Inc., Moravia IT s.r.o., IBM Corporation, Amazon.com, Inc., Microsoft Corporation, Google LLC, AppTek LLC, Raytheon BBN Technologies Corp, Systran International, Smart Communications, Inc., PROMT Ltd., SDL PLC, PangeanicMT, and Yandex.Cloud LLC. The players are focusing on new product launches to strengthen their industry position and expand their product portfolio.
The European machine translation market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:
Europe Market, By Technology
Europe Market, By Deployment Model
Europe Market, By Application
The above information has been provided for the following countries:
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