Machine Translation (MT) Market is Projected to Grow at USD 983.3 Machine Translation (MT) Market 2022

Machine Translation (MT) Market is Projected to Grow at USD
983.3 million by 2022: Radiant Insights, Inc
The global machine translation market is expected to reach USD 983.3 million by 2022. Technological
advancements have led to the development of sophisticated translation technology with minimal errors
and grammatical coherence, which has considerably widened the scope for machine translation. The
ability to rapidly, seamlessly and cost-effectively translate documents and content in regional languages
has spurred the machine translation market over the past few years.
The provision of machine translation Software-as-a-Service (MTSaaS) over secure cloud offerings hosted
in data centers is expected to offer substantial growth opportunity for the market. Increasing prominence
of cloud computing has resulted in growing demand for cloud-based translation tools, which is further
expected to boost the machine translation market. Constant R&D and technological advancements have
enabled the technology to seamlessly integrate into a range of products from enterprise-level systems to
consumer devices. Upgrading of communication networks and the rising proliferation of smartphones has
led to the introduction of machine translation apps that provide instant translation of multilingual text.
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Further key findings from the study suggest:
Electronics and automotive industries are expected to gain significant market share by 2022. Application
of machine translation in healthcare is expected to gain market share over the next six years. The need for
accurate and timely translation of a large amount of content is expected to drive demand in various
application industries.
Training of SMT-based translation engines consists of feeding in millions of segments of glossaries,
bilingual texts, etc. for the engine to learn by examples. The demand for SMT has significantly increased
over the past few years, due to its effectiveness over RBMT in terms of time and cost. It is also expected
to remain the largest technology market through 2022.
Government initiatives and the presence of a large number of service providers has helped boost market
growth in the U.S. Microsoft and Google, two of the largest technology providers based in the U.S., have
made statistical machine translation technology popular with their free online engines.
Machine translation providers often sell products through their own websites or indirectly through a
network of specialist sales agents. Most providers prefer having a direct sales force to market and sell
their offerings. MT solutions are available as commercial software solutions (e.g., SYSTRAN Enterprise
Server and SDL BeGlobal) or as free, web-based applications (e.g., Microsoft Bing Translator and
Google Translate).