Sellbyville, DE -- (SBWIRE) -- 03/23/2019 -- Machine Translation Market growth will be driven by increasing adoption of advanced technologies to simplify language translation. The increasing use of RBMT (rule-based machine translation) technology to precisely break down the target and the source languages make it more grammatically superior than others. Machine translation industry is gaining major revenue from the RBMT as it helps in forming syntactically links and grammatically correct scripts. RBTM technology is estimated to register a CAGR of 14% over the period of 2017-2024. SMT (statistical based machine translation) is another technological segment, which helps in acquisition of data from parallel quantities and fast learning ability in automatic mode. The Hybrid model in machine translation market makes use of both RMBT & SMT technology to create numerous variations and the lexicon and sentence structure level.

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Automotive applications will witness considerable growth due to the increasing use of the technology in efficiently interpreting motor part catalogs, technical documentation, how-to manuals, and automotive websites, such as ChromeData. This way the machine translation market aids the OEMs in quickening entry into international markets and surge revenue and brand equity.

Rising demand from several organizations to introduce a profitable translation system in their business processes is expected to drive the implementation rate of machine translation technology. Primarily, only large organizations were capable to integrate these services owing to the excessive cost related to the offering, however with recent developments in the technology it has made the availability of robotized translation services available to an entire range of SMEs or large enterprises.

Machine translation market is observing a swift uptake with the growing need in several sectors to provide information in native languages. Importance of language localization in most of the businesses have helped to win customers trust and maintain strong client relationships. This fact is making machine translation units an absolute must-have in the business space. Moreover, the surging demand to eradicate linguistic barriers in corporate, hospitals, tourism & travel and many other industrial verticals has stimulated machine translation market. MT engines have also significantly helped the user in cutting project timeline and reducing costs. As per a report by Global Market Insights, Inc., "Machine Translation Market is anticipated to record a heathy growth rate of above 19% over the period of 2016-2024."

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E-commerce applications have also witnessed a significant upswing in their online sale with the use of machine translation to sell more by supporting to new languages and to new countries. Major e-commerce biggies including eBay, Amazon, and Alibaba are effectively using MT to reap the maximum profits by expanding to new regions.

Asia Pacific is a powerhouse for the growth of machine translation market, particularly led by India & China. The demand for translation of several local languages to cater the customers effectively will expand the business in this region. India being a very diverse region with multiple regional languages finds a common issue of communication barrier. India could be a significant market and provide ample opportunities to the investors as the Government of India has launched an initiative called "Digital India", which is likely to develop the IT industry, combat linguistic barriers, and set a clear growth path for the machine translation industry. Quite similarly, the Spanish government in 2015, also announced to provide USD 97.21 million for the development of MT tools and natural language processing technologies.

The U.S. machine translation market is driven by the existence of major service providers such as Google and Microsoft. The U.S. is unceasingly increasing the investments for implementing the technology across applications such as healthcare and military & defense. For instance, in the military & defense industry the country is deploying Machine Foreign Language Translation System (MFLTS) to offer soldiers with machine translations via text and speech which is projected to enhance the machine translation market growth.

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