March 24, 2020
As per the report titled ‘Asia Pacific Machine Translation Market Size By Technology, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024’, available with Market Study Report LLC, Asia Pacific machine translation market is projected to cross USD 450 million by the year 2024
Increasing internet penetration coupled with growing number of smartphone users, especially in developing nations such as India and China are driving the growth of machine translation market in Asia Pacific. Improved accessibility of internet services to all sections of the society is fueling the demand for translated content. The diversity of languages in APAC region has encouraged services providers to adopt machine translation services to cater to the needs of huge & diverse population base.
According to Google, in 2016, there were 234 million internet users preferred Indian language, while only 175 million users preferred English. The gap between the two groups is further expected to expand in the following years. Hence, in April 2017, Google launched numerous products for non-English speaking communities of the society. Google is using Neural Machine Translation technology to improve Google Translate and Chrome’s built-in translate feature by adding nine of the most commonly used India languages to the application. Google is also adding the support of 11 new Indian languages to Gboard, bringing the total supported Indian languages to 22. Technological advancements and incorporation of more languages will support the growth of machine translation market in APAC over the forecast timeline.
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Speaking of the application spectrum, automotive segment presently holds a considerable share of machine translation market in APAC. Rapid expansion of the automotive sector in India and China is playing an important role towards the growth of machine translation market. Growing focus by manufacturers to differentiate their product offerings is boosting the adoption of machine translations solutions in automotive sector. Citing an instance, in December 2017, Chinese Ministry of Industry and Information Technology (MIIT) proposed a three-year action plan to implement machine translation and speech recognition to aerial drones, service robots, autonomous vehicles, medical imaging diagnosis, smart home appliances, and visual identity recognition.
iFlytek, Moravia IT, Sampark, Microsoft Corporation, IBM Corporation, and Google, Inc. are the major competitors of Asia Pacific machine translation market.
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