Asia-Pacific to Drive Future Growth of Machine Translation Market

Companies have nowadays realized the all-important need to connect with the people they are hoping to sell their products or services to. This, they are doing by marketing their offerings in vernacular and local languages. By using machine translation (MT), companies can communicate with people outside their area in local languages and make their offerings more attractive by adding culture-specific scenarios and jargons in their advertising campaigns.

Business needs such as those mentioned above are expected to drive the machine translation market from a value of $122.3 million in 2016 to $195.4 million in the coming years at a CAGR of 6.7%. Simply put, MT is the use of computer or software to translate content from one language to another. One of the major advantages of MT is that it reduces the time and cost incurred due to manual translation. Further, it takes care of huge content volumes at once by doing the minimal in places where an exact word-to-word translation is unnecessary, such as web chats and content generated by users. Many companies use MT as first-step translation followed by human editing due to the inconsistent quality provided by the former, but still the cost incurred is quite low.

Healthcare & life sciences, military & defense, travel & hospitality, automotive, banking & finance, legal & law firms, IT & telecom services, electronics, media & entertainment, retail & manufacturing, and lots of other industries use machine translation. Among these, the military & defense sector accounted for the heaviest utilization of the technology in 2016 because militaries need to communicate with people in areas with multiple languages. Now, even though this sector will continue using MT the most in the coming years, the demand for the technology is predicted to rise the sharpest in the retail & manufacturing industry.

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Across the world, North America has been the largest machine translation market up till now, as the region’s military & defense and retail & manufacturing sectors are among the largest in the world. This is also why the continent will use the technology the most in the coming years. However, the usage of MT is predicted to see the sharpest increase in Asia-Pacific, as countries such as India and China are spending increasingly on defense and are witnessing a rapid expansion of their industrial niche. Further, by 2020, almost 62.0% of the global data will be generated in emerging markets, many of which are in APAC, compared to the present share of 36.0%.

Thus, as the volume of data increases further and companies go all out to market their products, MT would be used even more than present.

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