- 11 October 2019 18:08
At 23% CAGR, Asia Pacific Machine Translation Market Size Poised to Touch $450mn in 2024
The Asia Pacific machine translation is projected to witness a substantial growth over the forecast period owing to the increasing internet penetration in developing countries including India and China and the growing number of smartphone users. In India, the number of internet users is estimated to reach 500 million by the end of 2018 according to the Internet & Mobile Association of India. The demand for translated content is growing due to the increasing accessibility of internet services to all the sections of the society. The diversity of languages in the Asia Pacific region has augmented the machine translation market to prosper as the service providers are putting efforts to meet the regional demands of diverse population groups. According to the Graphical Research new growth forecast report titled “Asia Pacific Machine Translation Market analysis based on Technology, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024”, estimated to exceed USD 450 million by 2024
According to a report by Google, there were 234 million Indian-language internet users in 2016 while only 175 million English users, and the gap between the two groups is expected to widen going forward. In April 2017, Google launched numerous products to expand the accessibility of its tools to the non-English speaking sections of the society. The company is using Neural Machine Translation technology to improve Google Translate, as well as to improve Chrome's built-in Translate functionality, for nine widely-used Indian languages. Google is also expanding Gboard support to 11 new Indian languages, bringing its total list of supported Indian languages up to 22.
Based on the application, the automotive segment holds a decent share in the Asia Pacific machine translation market. The automotive industry of China and India are contributing significantly toward the growth of the Asia Pacific machine translation market. Car manufacturers are planning to introduce machine translation features in their offerings to differentiate them from their competitors in the market. For instance, in December 2017, the Chinese Ministry of Industry and Information Technology (MIIT) launched a three-year action plan proposal to implement machine translation and speech recognition to service robots, aerial drones, autonomous vehicles, smart home appliances medical imaging diagnosis, and visual identity recognition. This is expected to create an opportunity for the machine translation market in China.
The prominent players of the Asia Pacific machine translation market are iFlytek, Sampark, Moravia IT, Microsoft Corporation, Google, Inc., and IBM Corporation.
Asia Pacific Machine Translation Market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Asia Pacific Machine Translation Market Statistics By Application (Automotive, Military & defense, Electronics, IT, Healthcare, Others); By Technology (RBMT, SMT, Others)