London, 17 March 2015 – An increasing volume of business content that needs to be translated is leading to strong growth in the Global Machine Translation Market, which is expected to grow at a CAGR of 23.53 percent from 2014-2019, says research firm TechNavio.
About the Report
According to the latest report by TechNavio, the global economy has witnessed significant growth of emerging industries like manufacturing and power generation. The volume of business content that needs to be translated has also increased in tandem with industrial growth.
“Machine translation has become crucial to make content available in regional languages to be accessible to all users worldwide,” says Faisal Ghaus, Vice President of TechNavio.
Machine translation software translates huge amounts of data in a short period of time, which helps in increasing the productivity of end-users.
The latest report by TechNavio also emphasizes the steady transition from rule-based translation techniques to statistical translation techniques. Rule-based translation techniques takes a significant amount of time to translate huge amounts of content. However, statistical techniques works well when a large amount of human-translated documents are given to analyze and translate the input data.
“Statistical translation techniques are helpful in translating large amounts of content in less time with a much better performance than that of the rule-based translation technique,” says Ghaus.
Key Information Covered in the Report:
Market segmentation, size and forecast through 2019
Market Growth Drivers:
- Rapidly Increasing Content Volume
- For a full detailed list, view our report.
Market Challenges:
- Dominance of Human Translators
- For a full detailed list, view our report.
Market Trends:
- Integrating Translation Process in Project Plans
- For a full detailed list, view our report.
Key Vendors:
- IBM Corp.
- Lionbridge Technologies Inc.
- SDL International plc
Other Prominent Vendors:
- Asia Online
- Cloudwords
- Lighthouse IP group
- Lingotek
https://www.technavio.com/%3Cp%3E%3Ca%20href%3D%22http%3A//www.technavio….
