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North America Machine Translation Market to Cross $600 Mn by 2026
Published Date: 2021-01-19
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According to the Graphical Research new growth forecast report titled “North America 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)”, Estimated To Exceed USD 600 Million By 2026.
The North America machine translation market growth can be attributed to increasing demand for cross-cultural interaction and understanding of content over the web. A rise in internet penetration across the globe is supporting market demand. The integration & globalization of communication technology is driving the use of machine translation in various applications. Technological advancements have led to the development of several sophisticated translation technologies that provide grammatical coherence and minimal errors. In January 2019, New York-based Waverly Labs launched a pair of earbuds that instantly translates 15 languages and allows users to have a seamless conversation.
Example-based machine translation is estimated to show substantial growth over the forecast period due to the rising need to ensure optimum quality of the content translation. The content uploaded on the system is prone to manual errors. Example-based machine translation uses historical translated data to reduce error in content translation. The technology requires minimum prior knowledge, thus is quickly adaptable to several language pairs. The growing demand for real-time language translation technology will boost the example-based machine translation industry growth.
The deployment of machine translation in automotive applications is anticipated to increase significantly over the forecast timeline. The automotive sector employs machine translation technologies for technical document translation, corporate communications, and video training materials for operations in manufacturing plants. The automotive industry uses machine translation techniques to translate service manuals & bulletins, wiring diagrams, installation instructions, diagnostics, technical training material, and labor time guides. Players offering automotive translation services partner with automotive customers’ marketing partners to produce translations for e-mails, marketing collateral, catalogs/brochures, videos, advertisements, online content, and newsletters.
Some of the key industry players operating in the North America machine translation market include Raytheon BBN Technologies Corp. (Raytheon Technologies), SDL PLC, Microsoft Corporation, Lionbridge Technologies, Inc., Moravia IT s.r.o. (RWS Holdings), PangeanicMT, PROMT Ltd., Omniscien Technologies, and Systran International.
The North America machine translation research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2020 to 2026 for the following segments:
North America Machine Translation Market, By Technology
- Statistical Machine Translation (SMT)
- Rule-based Machine Translation (RBMT)
- Neural Machine Translation
- Hybrid Machine Translation
- Example-based Machine Translation
North America Machine Translation Market, By Deployment Model
Machine Translation Market, By Application
- IT & Telecommunications
- Military & Defense
The above information is provided for the following countries: