The machine translation market in Global is poised to experience substantial growth in the coming years, fueled by the increased requirement for content localization among businesses. According to market research, the global machine translation market was valued at USD 752.5 million in 2021 and is projected to grow at a CAGR of 30.5 per cent during the forecast period.
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The traditional method of hiring human translators for accurate content localization is both time-consuming and costly. In response, companies are investing in machine translation software to quickly translate content for specific audiences, leading to significant time and cost savings. The rising internet penetration, increased smartphone usage, and advancements in communication infrastructure further contribute to the expansion of the machine translation market.
With the ease of communication, linguistic diversity, hyper-globalization, and democratization of knowledge, machine translation has evolved. Modern AI tools and efficient machine learning techniques have been incorporated into the technology, allowing for more accurate and faster translations. Google Translate, one of the most widely used machine translation systems, supports over 130 languages and is intimately associated with the search engine and Android OS.
The COVID-19 pandemic has also impacted the machine translation market. As businesses faced financial crises and revenue growth challenges, machine translation technology emerged as a solution to meet the information needs resulting from the pandemic. Industries are implementing various machine translation technologies and services to support digital transformation programs, enhance consumer interactions, and establish customized relationships.
Despite its advantages, machine translation faces obstacles such as the inability to recognize cultural cues, context clues, and regional colloquial speech, which can lead to inconsistent and culturally inappropriate translations. However, advancements in neural machine translation (NMT) have significantly improved translation quality. NMT, which predicts word sets using large amounts of data supplied into an artificial neural network, offers faster and more accurate translations, making it a dominant segment in the machine translation market.
In Poland, the machine translation market is expected to witness substantial growth, driven by the increasing adoption of machine translation technologies by large businesses and language service providers (LSPs). Companies such as Smartcat have invested in multiple machine translation tools to strengthen their businesses, enabling them to interface with various statistical and neural machine translation versions.
North America currently holds a significant market share in the machine translation industry, with the US IT industry driving demand. Tech giants in the region, including Microsoft Corporation and Google Inc., have made significant investments in machine learning and artificial intelligence, contributing to the region's growth. The Asia-Pacific (APAC) region is predicted to be the fastest-growing machine translation market due to the rapid expansion of international businesses, rising income levels, and the predominance of various languages.
Prominent players in the machine translation market include AWS (Amazon.com, Inc.), Alibaba Cloud, AppTek LLC, Baidu, Google LLC (Alphabet Inc.), Microsoft Corporation, IBM Corporation, Lionbridge Technologies, Inc., and Tencent Cloud TMT, among others.
As the demand for content localization continues to rise in Poland, the machine translation market is poised for significant growth. With the advancements in technology and the increasing need for efficient translation processes, machine translation is expected to play a crucial role in facilitating effective communication in a globalized world.
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