The report “Machine Translation (MT) Market – Global Demand Analysis & Opportunity Outlook 2028” by Research Nester details prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The International Telecommunication Union (ITU), in one of its statistics stated that individuals using the internet around the world reached to 3924 million in the year 2018 from 2035 million in the year 2010.
The statistics portray the rising internet penetration around the globe on the back of advancements in information and communication technology. Business organizations around the world are increasingly taking up this opportunity to expand their businesses across various online platforms so as to stay ahead in competition by attracting new customers and increasing their sales. Additionally, owing to the vast diversifying linguistic culture across nations around the globe, there is a demand for content translation services, which can help businesses expand their reach directly to end customers. The increasing need amongst business owners for providing content in local languages so as to increase their brand reputation is thereby anticipated to drive the growth of the global MT market.
The global MT market is anticipated to grow at a CAGR of around 11% during the forecast period, i.e. 2020-2028. The market is segmented by deployment into cloud and on-premises. The cloud segment is anticipated to hold the largest market share on account of several benefits, such as access to services from anywhere and at any time, affordable costs of cloud based services, among others.
Geographically, the global MT market is segmented into five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region. Asia Pacific is anticipated to hold the largest market share on account of rising demand for localization of content to native languages, especially from nations such as India and China, as these regions are known to have a diverse linguistic culture. Additionally, the growing IT industry in the region is anticipated to support the growth of the MT market.
However, concerns for the availability of free of charge translation engine which is impacting negatively towards the sales of machine translation software providers is thereby estimated to act as a barrier to marekt growth.
The report also looks into existing competitive scenario of some of the market's key players such as IBM Corporation (NYSE: IBM), Microsoft Corporation (NASDAQ: MSFT), SDL Plc (LON: SDL), Lionbridge Technologies, Inc., Asia Online Pte Ltd., RWS (LON: RWS), Welocalize, Smart Communications, Inc., SYSTRAN, AppTek and Lingotek.
The profiling enfolds key information of these companies comprising of business overview, products, and services, key financials and recent news and developments.