Machine Translation Software Market - Introduction
- Machine translation software is a fully automated solution to translate or convert the source content to required targeted languages. Machine translation software is majorly used to translate the huge amount of database in required languages format that could not be possible with traditional way or manually.
- Machine translation software is used by companies to generate translated data with the help of software advanced AI based tools in short period of time. It helps to increase the efficiency and productivity of the company and employees.
- Machine translation software offers different features such as advanced post-editing collaboration tools, quality assurance tools, and multi-device online access to enhance the performance of the translation process.
- Machine translation software helps freelance translators and enterprises to enhance the quality of the translation with advanced translating tools for commercial projects.
- Solution providers are offering machine translation software integrated with artificial intelligence (AI) technology to suggest the most suitable sequence of words or sentences during the translation process. This advanced feature is expected to help drive the demand for machine translation software among different industries during the forecast period.
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Key Drivers of the Machine Translation Software Market
- Increasing number of businesses across different regions has generated demand for language translation platforms, which is expected to drive the growth of the machine translation software market. Increasing adoption of neural machine translation by leading players such as Alibaba and Google to provide language translation services is also expected to boost the growth of the machine translation software market.
- Companies are investing in the content localization process, which is expected to create better business opportunities for solution providers of machine translation software.
Lack of content accuracy and translation quality expected to hinder the market
- Lack of translated content accuracy and quality as compared to the original content may restrain the growth of the machine translation software market.
- Several companies are offering free access to the translation platform for more market penetration, which is also expected to hamper the growth of the machine translation software market.
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Impact of COVID-19 on the Global Machine Translation Software Market
- Companies are expanding their geographical presence to capture more market share in Asia Pacific due to the increasing impact of COVID-19 on business growth. Most new start-ups and market-leading companies are adopting machine translation software to operate all business operations with other companies in different regions. In such a scenario, machine translation software is an easier platform to access and store all necessary information about the company.
- Demand for machine translation software is expected to increase during the forecast period and as lockdown conditions.
North America to Hold Major Share of the Global Machine Translation Software Market
- North America holds a prominent share of the machine translation software market due to the presence of key solution providers and increasing investment by companies on advanced language tools to manage global business operations in the region.
- The machine translation software market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing number of manufacturing and service providing companies and IT companies and also increasing investment by major players to provide machine translation software solutions in these regions.
Key Players Operating in the Global Machine Translation Software Market
- Google, LLC
Google, LLC. is a multinational company that develops and provides Internet-based products and services. The company’s core products include Google Search, Maps, Android Platform, Chrome Browser, YouTube, Google Play, Gmail, and smartphones. Google, LLC. offers a web-based translation platforms for users and range of wireless devices such as wireless chargers, Wi-Fi routers, citizen broadband radio service, Google Daydream View, Google Home, and Chromecast
- SDL plc
SDL plc was founded in 1992 and is based in Maidenhead, U.K. The company is a global provider of language translation platforms for businesses. It focuses on the document and software localization process to improve the performance of the translation software.
Other key players operating in the global machine translation software market include International Business Machines Corporation, Lionbridge Technologies, Inc., Lingo24 Limited, Lucy Software & Services GmbH, Smart Communications, Inc., and Omniscien Technologies (Asia Online Pte Ltd.)
Global Machine Translation Software Market: Research Scope
Global Machine Translation Software Market, by Technology
- Rule-based Machine Translation
- Statistical-based Machine Translation
- Neural Machine Translation
Global Machine Translation Software Market, by Deployment
- Cloud Based
Global Machine Translation Software Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Machine Translation Software Market, by Industry
- Military & Defense
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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