Machine Translation (MT) Market by Technology (SMT, RBMT, NMT), by Deployment Type (On-Premises, Cloud), by Application, by Geography - Global Size, Share, Development, Growth, and Demand Forecast, 2013-2023 - Product Image

Machine Translation (MT) Market by Technology (SMT, RBMT, NMT), by Deployment Type (On-Premises, Cloud), by Application, by Geography - Global Size, Share, Development, Growth, and Demand Forecast, 2013-2023

  • ID: 4451367
  • Report
  • Region: Global
  • 135 pages
  • P&S Market Research
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Machine Translation Market is Forecasted to Witness a CAGR of Over 6.0% During the Period 2017-2023 to Reach $195.4 Million By 2023.

FEATURED COMPANIES

  • Google Inc.
  • Honyaku Center Inc.
  • Microsoft Corporation
  • PROMT Ltd.
  • SDL Plc.
  • SYSTRAN
  • MORE

Machine Translation (MT) Market by Technology (SMT, RBMT, NMT), by Deployment Type (On-Premises, Cloud), by Application (Military & Defense, Healthcare & Life Sciences, Automotive, Travel & Hospitality, Legal & Law Firms, Banking & Finance, Electronics, IT & Telecom Services, Retail & Manufacturing, Media & Entertainment), by Geography (U.S., Canada, Spain, U.K., France, Germany, Italy, Netherlands, Czech Republic, Greece, Portugal, Japan, Indonesia, Singapore, China, India, South Korea, Mexico, Brazil, South Africa) - Global Size, Share, Development, Growth, and Demand Forecast, 2013-2023

Geographically, the market is expected to witness the fastest growth in the Asia-Pacific (APAC) region, mainly attributed to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages in the region.

Emerging demand for content localization to push the machine translation industry

The machine translation industry is witnessing significant growth as a result of the growing demand for content localization. Companies are finding more and more reasons to localize their products, applications, and websites. Companies, worldwide, are recognizing their potential to address the market needs and therefore striving towards meeting customer demands outside their local market. Localization aids them to communicate with the target markets in their language and integrate industry-specific aspects with their culture and develop a local appeal. Localization strategy is significant to not only recognize the demand of a company’s product in the target country but also consider the associated benefits and risks before making any decision. Further, it enables organizations to develop effective marketing campaigns.

Migration of MT to cloud services has been a major trend in the machine translation market

Some of the key technologies used by both academic and commercial domains to deliver systems and contents are Software as a Service (SaaS), Platform as a Service (PaaS), on-demand computing, and cloud computing. Integration of cloud computing with MT technology has emerged as a major trend. In relation to MT, cloud-based MT solutions are gaining acceptance and have the capacity to reduce operational costs as well. Cloud-based solutions improve responsiveness and unification, contributing to the seamless use of MT tools and techniques. Therefore, a significant number of organizations, especially in the developed regions, are shifting their conventional translation apps to the cloud. These extensive operational, strategic, and economic benefits of cloud-based MT are attracting many businesses to adopt these solutions.

SMT to hold the largest size of the machine translation market throughout the analysis period

SMT technology has been the largest revenue contributor in the machine translation industry and is expected to spearhead the market throughout the forecast period. Cloud computing technology helps SMT to run in an effective manner, as it offers high processing power and enhanced storage capacity to the computer. Moreover, SMT offers various benefits over other MT technologies in terms of customizability, community collaboration, and resource requirement.

Europe to hold the second largest size of the machine translation market throughout the analysis period

Europe is the second largest market for machine translation, and also a forerunner in the development and implementation of MT technology. Because of multilingualism, Europe faces challenges posed by official languages, regional languages, and other minority languages compared to other regions. MT plays an important role in this regard in overcoming these challenges and helping the region to generate more revenue through its businesses. In the European Union, MT is widely being adopted regardless of the size of the organization. Initially, only large organizations could integrate MT services because these services were expensive and labor-intensive; however, recent developments in the field of MT have made these services accessible to the whole spectrum of organizations. Additionally, MT offers a strong export market for European companies, and is also considered as the backbone of the European economy.

Machine translation market players coming up with new products

Product launches have been observed as a major strategic step taken by the key vendors operating in the machine translation industry to capture a large market share. Machine translation providers are entering into strategic alliances with technology providers in order to combine their expertise and offer best-in-class translation solutions. Some of the major players operating in the market are International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc., Google Inc., SYSTRAN, TransPerfect Translations International Inc., PROMT Ltd., Microsoft Corporation, Honyaku Center Inc., and Venga Global.

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FEATURED COMPANIES

  • Google Inc.
  • Honyaku Center Inc.
  • Microsoft Corporation
  • PROMT Ltd.
  • SDL Plc.
  • SYSTRAN
  • MORE
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Research Scope
1.3.2 Market Segmentation by Technology
1.3.3 Market Segmentation by Deployment Type
1.3.4 Market Segmentation by Application
1.3.5 Market Segmentation by Geography
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.3.7.1 Value
1.4 Key Stakeholders

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study

Chapter 3. Executive Summary
3.1 Definition of Market Segment
3.1.1 By Technology
3.1.1.1 SMT
3.1.1.2 RBMT
3.1.1.3 NMT
3.1.1.4 Others
3.1.2 By Deployment Type
3.1.2.1 On-premise
3.1.2.2 Cloud
3.1.3 By Application
3.1.3.1 Military & defense
3.1.3.2 Healthcare and life sciences
3.1.3.3 Automotive
3.1.3.4 Travel and hospitality
3.1.3.5 Legal and law firms
3.1.3.6 Banking and finance
3.1.3.7 Electronics
3.1.3.8 IT and telecom services
3.1.3.9 Retail and manufacturing
3.1.3.10 Media and entertainment
3.1.3.11 Others
3.2 MT Process
3.3 Market Dynamics
3.3.1 Trends
3.3.1.1 Continuous technological advancements
3.3.1.2 Combination of TM and MT systems leading to fully integrated workflows
3.3.1.3 Migration of machine translation to cloud services
3.3.2 Drivers
3.3.2.1 Emerging demand for content localization
3.3.2.2 Growing volumes of big data across the internet
3.3.2.3 Impact analysis of drivers on market forecast
3.3.3 Restraints
3.3.3.1 Threat from free translation service providers
3.3.3.2 Lack of quality and accuracy
3.3.3.3 Impact analysis of restraints on market forecast
3.3.4 Opportunities
3.3.4.1 Soaring demand for post editing machine translation (PEMT) services
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Buyers
3.4.2 Bargaining Power of Suppliers
3.4.3 Threat of New Entrants
3.4.4 Intensity of Rivalry
3.4.5 Threat of Substitutes

Chapter 4. Global Market Size and Forecast
4.1 By Technology
4.2 By Deployment Type
4.3 By Application
4.4 By Region

Chapter 5. North America Market Size and Forecast
5.1 By Technology
5.2 By Deployment Type
5.3 By Application
5.4 By Country

Chapter 6. Europe Machine Translation Market
6.1 By Technology
6.2 By Deployment Type
6.3 By Application
6.4 By Country

Chapter 7. Asia-Pacific Machine Translation Market
7.1 By Technology
7.2 By Deployment Type
7.3 By Application
7.4 By Country

Chapter 8. RoW Machine Translation Market
8.1 By Technology
8.2 By Deployment Type
8.3 By Application
8.4 By Country

Chapter 9. Competitive Landscape
9.1 Recent Activities of Major Players
9.2 Global Strategic Developments of Key Players
9.2.1 Product Launch
9.2.2 Partnership
9.2.3 Merger & Acquisition
9.2.4 Other Developments

Chapter 10. Competitive Landscape
10.1 International Business Machines Corporation (IBM)
10.1.1 Business Overview
10.1.2 Product and Service Offerings
10.1.3 Key Financial Summary
10.1.4 Strategic Growth Plans
10.2 Lionbridge Technologies, Inc.
10.2.1 Business Overview
10.2.2 Product and Service Offerings
10.2.3 Strategic Growth Plans
10.3 SDL Plc.
10.3.1 Business Overview
10.3.2 Product and Service Offerings
10.3.3 Strategic Growth Plans
10.4 Google Inc.
10.4.1 Business Overview
10.4.2 Product and Service Offerings
10.4.3 Strategic Growth Plans
10.5 SYSTRAN
10.5.1 Business Overview
10.5.2 Product and Service Offerings
10.5.3 Strategic Growth Plans
10.6 TransPerfect Translations International Inc.
10.6.1 Business Overview
10.6.2 Product and Service Offerings
10.6.3 Strategic Growth Plans
10.7 PROMT Ltd.
10.7.1 Business Overview
10.7.2 Product and service offerings
10.7.3 Strategic Growth Plans
10.8 Microsoft Corporation
10.8.1 Business Overview
10.8.2 Product and Service Offerings
10.8.3 Key Financial Summary
10.8.4 Strategic Growth Plans
10.9 Honyaku Center Inc.
10.9.1 Business Overview
10.9.2 Product and Service Offerings
10.9.3 Key Financial Summary
10.9.4 Strategic Growth Plans
10.10 Venga Global
10.10.1 Business Overview
10.10.2 Product and Service Offerings
10.10.3 Strategic Growth Plans

List of Tables
Table 1 Analysis Period Of The Study
Table 2 Drivers For The Market: Impact Analysis
Table 3 Restraints For The Market: Impact Analysis
Table 4 Advantages And Disadvantages Of Smt And Rbmt Technology
Table 5 Comparison Of Smt And Rbmt Technology
Table 6 Global Machine Translation Market, By Technology, ‘000$ (2013 - 2016)
Table 7 Global Machine Translation Market, By Technology, ‘000$ (2017 - 2023)
Table 8 Global Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2016)
Table 9 Global Machine Translation Market, By Deployment Type, ‘000$ (2017 - 2023)
Table 10 Global Machine Translation Market, By Application, ‘000$ (2013 - 2016)
Table 11 Global Machine Translation Market, By Application, ‘000$ (2017 - 2023)
Table 12 Global Machine Translation Market, By Region, ‘000$ (2013 - 2016)
Table 13 Global Machine Translation Market, By Region, ‘000$ (2017 - 2023)
Table 14 North America Machine Translation Market, By Technology, ‘000$ (2013 - 2016)
Table 15 North America Machine Translation Market, By Technology, ‘000$ (2017 - 2023)
Table 16 North America Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2016)
Table 17 North America Machine Translation Market, By Deployment Type, ‘000$ (2017 - 2023)
Table 18 North America Machine Translation Market, By Application, ‘000$ (2013 - 2016)
Table 19 North America Machine Translation Market, By Application, ‘000$ (2017 - 2023)
Table 20 North America Machine Translation Market, By Country, ‘000$ (2013 - 2016)
Table 21 North America Machine Translation Market, By Country, ‘000$ (2017 - 2023)
Table 22 Europe Machine Translation Market, By Technology, ‘000$ (2013 - 2016)
Table 23 Europe Machine Translation Market, By Technology, ‘000$ (2017 - 2023)
Table 24 Europe Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2016)
Table 25 Europe Machine Translation Market, By Deployment Type, ‘000$ (2017 - 2023)
Table 26 Europe Machine Translation Market, By Application, ‘000$ (2013 - 2016)
Table 27 Europe Machine Translation Market, By Application, ‘000$ (2017 - 2023)
Table 28 Europe Machine Translation Market, By Country, ‘000$ (2013 - 2016)
Table 29 Europe Machine Translation Market, By Country, ‘000$ (2017 - 2023)
Table 30 Asia-Pacific Machine Translation Market, By Technology, ‘000$ (2013 - 2016)
Table 31 Asia-Pacific Machine Translation Market, By Technology, ‘000$ (2017 - 2023)
Table 32 Asia-Pacific Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2016)
Table 33 Asia-Pacific Machine Translation Market, By Deployment Type, ‘000$ (2017 - 2023)
Table 34 Asia-Pacific Machine Translation Market, By Application, ‘000$ (2013 - 2016)
Table 35 Asia-Pacific Machine Translation Market, By Application, ‘000$ (2017 - 2023)
Table 36 Asia-Pacific Machine Translation Market, By Country, ‘000$ (2013 - 2016)
Table 37 Asia-Pacific Machine Translation Market, By Country, ‘000$ (2017 - 2023)
Table 38 Row Machine Translation Market, By Technology, ‘000$ (2013 - 2016)
Table 39 Row Machine Translation Market, By Technology, ‘000$ (2017 - 2023)
Table 40 Row Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2016)
Table 41 Row Machine Translation Market, By Deployment Type, ‘000$ (2017 - 2023)
Table 42 Row Machine Translation Market, By Application, ‘000$ (2013 - 2016)
Table 43 Row Machine Translation Market, By Application, ‘000$ (2017 - 2023)
Table 44 Row Machine Translation Market, By Country, ‘000$ (2013 - 2016)
Table 45 Row Machine Translation Market, By Country, ‘000$ (2017 - 2023)
Table 46 IBM Corporation - at a Glance
Table 47 IBM Corporation Key Financial Summary
Table 48 Lionbridge Technologies, Inc. - at a Glance
Table 49 Sdl Plc. - at a Glance
Table 50 Google Inc. - at a Glance
Table 51 Systran - at a Glance
Table 52 Transperfect Translation International Inc. - at a Glance
Table 53 Promt Ltd. - at a Glance
Table 54 Microsoft Corporation - at a Glance
Table 55 Microsoft Corporation Key Financial Summary
Table 56 Honyaku Center Inc. - at a Glance
Table 57 Honyaku Center Inc. Key Financial Summary
Table 58 Venga Global - at a Glance

List of Figures
Fig 1 Research Methodology
Fig 2 Regional Split Of Primary And Secondary Research
Fig 3 Breakdown Of Primary Research By Region
Fig 4 Breakdown Of Primary Research By Industry Participant
Fig 5 Breakdown Of Primary Research By Company Type
Fig 6 Data Triangulation Approach
Fig 7 Global Machine Translation Market Summary
Fig 8 Mt Process
Fig 9 Porter’S Five Forces Analysis
Fig 10 Bargaining Power Of Buyers
Fig 11 Bargaining Power Of Suppliers
Fig 12 Threat Of New Entrants
Fig 13 Threat Of Substitutes
Fig 14 Global Machine Translation Market, By Technology, ‘000$ (2013 - 2023)
Fig 15 Global Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2023)
Fig 16 Global Machine Translation Market, By Application, ‘000$ (2013 - 2023)
Fig 17 Worldwide Major Machine Translation Markets
Fig 18 North America Machine Translation Market Snapshot
Fig 19 North America Machine Translation Market, By Technology, ‘000$(2013 - 2023)
Fig 20 North America Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2023)
Fig 21 North America Machine Translation Market, By Application, ‘000$ (2013 - 2023)
Fig 22 North America Machine Translation Market, By Country, ‘000$ (2013 - 2023)
Fig 23 Europe Machine Translation Market Snapshot
Fig 24 Europe Machine Translation Market, By Technology, ‘000$ (2013 - 2023)
Fig 25 Europe Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2023)
Fig 26 Europe Machine Translation Market, By Application, ‘000$ (2013 - 2023)
Fig 27 Europe Machine Translation Market, By Country, ‘000$ (2013 - 2023)
Fig 28 Asia-Pacific Machine Transaltion Market Snapshot
Fig 29 Asia-Pacific Machine Translation Market, By Technology, ‘000$ (2013 - 2023)
Fig 30 Asia-Pacific Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2023)
Fig 31 Asia-Pacific Machine Translation Market, By Application, ‘000$ (2013 - 2023)
Fig 32 Asia-Pacific Machine Translation Market, By Country, ‘000$ (2013 - 2023)
Fig 33 Row Machine Transaltion Market Snapshot
Fig 34 Row Machine Translation Market, By Technology, ‘000$ (2013 - 2023)
Fig 35 Row Machine Translation Market, By Deployment Type, ‘000$ (2013 - 2023)
Fig 36 Row Machine Translation Market, By Application, ‘000$ (2013 - 2023)
Fig 37 Row Machine Translation Market, By Country, ‘000$ (2013 - 2023)
Fig 38 Recent Activities Of Major Players
Fig 39 IBM Corporation Revenue Split By Segment And Geography (2016)
Fig 40 Microsoft Corporation Revenue Split By Segment And Geography (2016)
Fig 41 Honyaku Center Inc. Revenue Split By Segment (2016)
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  • Google Inc.
  • Honyaku Center Inc.
  • International Business Machines Corporation (IBM)
  • Lionbridge Technologies, Inc.
  • Microsoft Corporation
  • PROMT Ltd.
  • SDL Plc.
  • SYSTRAN
  • TransPerfect Translations International Inc.
  • Venga Global
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