Ocean View, DE -- (SBWire) -- 04/21/2020 --Asia Pacific machine translation market will generate lucrative revenue over the years ahead. The growth can be attributed to the growing adoption of MT tools, mainly across China and India, primarily owing to the fact that these regions exhibit the existence of various local languages. This, in turn, will boost the demand for machine translation industry products. Most of the firms across India are implementing MT tools to minimize the communication barrier, which is predicted to create an attractive growth avenue for the machine translation market participants.
Market players are investing significantly in research & development activities to introduce products based on advanced technologies into the market, which will help them gain considerable profit. Some select industry giants are also engaging in strategic partnerships to expand their customer base. The key players in machine translation market are Google, IBM, Lionbridge, Microsoft, Moravia, SDL plc, Welocalize.
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The e-commerce sector is expected to attribute a considerable amount of revenues towards machine translation market. Major companies within the e-commerce sector such as Amazon, eBay and Alibaba have begun using machine translation technologies in order to efficiently and effectively deal with language barriers within the global business environment.
For instance, Alibaba Machine Translation has been serving prime international businesses of the company such as AliExpress, Taobao Overseas, Lazada and Tmall Global, among others. Machine translation system has aided the e-commerce sector to be able to reach a huge number of consumers, explore and enter new machine translation market that have high potential for growth.
The statistical machine translation (SMT) technology has been slated to constitute a high market share during the study period. With the growing requirement for cost efficiency as well an increasing focus towards incorporating big data across enterprises, machine translation market is bound to witness significant growth.
The cloud computing technology has been helping the SMT technology to be able to run effectively and has been providing high processing power with improved storage capacity. Cloud adoption has proven to be cheaper than establishing physical systems and has allowed access to the latest technologies and services to a greater number of businesses.
Machine translation market trends have been experiencing a significant boom owing to the active efforts taken to strengthen the defense and military forces. For instance, Raytheon BBN Technologies had been offered USD 4 million in June 2017 for software licenses for automatic speech recognition, recognition of text-to-speech, software for optical character recognition and machine translation by the U.S. Army for its Machine Foreign Language Translation System Program (MFLTSP).
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This shall help the US Army in communicating with the Pashto and Arabic speakers. Similar efforts by military department of other developed countries as well as consistently rising defense expenses in North America will drive machine translation development.
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Machine Translation Market Trends 2020 to 2024 : Google, IBM, Lionbridge, Microsoft, Moravia, SDL Plc, Welocalize
The e-commerce sector is expected to attribute a considerable amount of revenues towards machine translation market