NEW YORK, May 26, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, machine translation market size is projected to grow at a CAGR of 6.7% during 2017-2023, to reach $195.4 million by 2023. The market is growing mainly due to the emerging demand for content localization, growing volumes of big data, and growing need for cost-effective and high-speed translation.
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Combination of translation memory (TM) and machine translation (MT) systems leading to fully integrated workflows is a major trend in the machine translation market. For many years, TMs have been a very beneficial tool for accelerating translation projects and reducing costs. Many organizations operating in the MT market, including TransPerfect and SDL plc, have started combining the power of MT with the power and functionality of TMs to offer higher quality translations. User generated content (UGC) such as community content, web forums, blogs, customer reviews, and wiki pages are considered as powerful tools for improving multilingual customer experience. Historically, it was difficult to translate UGC with the help of MT due to the dynamic nature of such content. Customized MT is expected to gain momentum for the purposes of improving user experience and developing truly multilingual engagement across these content types.
From the geographical standpoint, North America was the largest machine translation market, contributing 46.3% to the global market in 2016. This region is also expected to remain the largest MT market throughout the forecast period. Military & defense authorities in the region are increasingly choosing machine translation tools for interpretation and translation services, followed by post editing techniques because of the increasing amount of data and scarcity of human translators. During the forecast period, the revenue share of the region is likely to fall with a simultaneous increase in the revenue share of other regions.
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The key players in the machine translation market are entering into partnerships with other firms to improve their position in the market. For instance, in September 2017, Lionbridge Technologies partnered with Kronaby (a Swedish designer of connected smartwatches), to extend support to its first worldwide product line. Lionbridge offerings will integrate with Kronaby’s sitecore content management to provide worldwide consistency in content.
The key players in the machine translation market are Lionbridge Technologies Inc., IBM, Google Inc., SDL Plc., SYSTRAN, Microsoft Corporation, Venga Global and PROMT Ltd.
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