The machine translation market is witnessing growth and is projected to reach USD 319.44 million by 2030. In the past few years, the North American region generated the largest revenue share, of above 44%. This technology is growing in the region’s adoption rate because the military and homeland security authorities often utilize it for interpretation and translation tasks alongside immediate post-editing methods.
Machine translation equipment provides an opportunity for soldiers to listen to conversations in different languages faster and easier especially when dealing with terrorists who use chats in languages unknown to the troops. Further, it enables the exchange of information between the military departments participating in combined operations or exercises.
Therefore, military forces are arming themselves with machine foreign language translation systems (MFLTS) to interpret written and spoken materials between different languages. MFLTS text-to-text translation appears immediately, boosting soldiers’ understanding of their targets and facilitating communication within the troops.
APAC is projected to witness the highest CAGR, of above 7.5%, during the projection period. The development can be mainly credited to the enlargement of overseas businesses, a profitable customer base, a rising count of high-net-worth individuals, increasing income levels, the presence of numerous languages, and the increasing concentration of SMEs and large enterprises to advance their digital initiatives.
During the forecast period, the neural category is projected to experience the highest CAGR. The rise in demand for this technology can be attributed to several factors including the escalating data volumes, advancements in technology, and the increasing requests from companies and organizations.
Additionally, in April 2022, AppTek LLC introduced its Neural Machine Translation (NMT) system, which utilizes metadata as input to tailor the machine-translation output. This innovation assists localization professionals in obtaining more accurate and reliable machine translations influenced by user preferences.
To download a free sample copy of this report@ https://www.psmarketresearch.com/market-analysis/machine-translation-market/report-sample
It is expected that cloud-based solutions which are largely in use will register significant growth over the next few years. This growth is due to Small and medium-sized entities (SMEs) and giants in the industry embracing machine translation technology as their method. Heavy business data is getting transferred to cloud-based platforms that provide numerous benefits to firms: easy communications, access availability, cost savings, scalability, and control of data.
During the last few years, the security and defense industry can be seen as the most prominent factor which has led to an aggregate market share of over 10% for it. According to the latest statistics, there are more than 6000 different languages spoken in the world. For this reason, militaries and defense forces develop systems that translate large quantities of text to interact with multilingual on the spot.
SOURCE: P&S Intelligence
