North America Machine Translation Market worth over 0mn by 2024
North America is the leading machine translation market globally owing to the abundant demands from the IT sector of the U.S. North America’s IT sector holds more than 60% of the regional market demand. This is attributed to the presence of IT technology giants in the region. IT companies are one of the major adopters of this technology for meeting the requirements of global customers. This is one of the major reasons for the North America machine translation market.
According to the Graphical Research new growth forecast report titled “North America 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 600 million by 2024.
Machine translation is mainly used by large enterprises as the deployment of these systems requires high initial cost and resource allocation. Machine translation tools are used as content localization tool and are common in larger organizations. With smaller firms and organizations in North America, the trend of outsourcing such services has been observed. However, when faced with enormous volumes of data, organizations may deploy machine translation as an on-premise business activity.
Moreover, the presence of several providers in the region backed by supportive government policies is driving the North America machine translation market. The increasing investments and developments in artificial intelligence and machine learning by technology giants will bolster the North America machine translation market.
On the basis of technology, the SMT segment has shown a lucrative growth over the forecast period in this region. Google translate and Microsoft translation use SMT machine translation technology for its online services and applications. Recently, when Google Translate was first launched, Phrase-Based Machine Translation (PBMT) was used as a key algorithm. PMBT algorithm works by splitting sentences into phrases and words that can be translated mainly autonomously. This is considered as the simplest and most popular version of SMT.
Major companies in the machine translation market in North America are IBM, Microsoft, and Google. In October 2017, Google launched Pixel Buds, a real-time translator that connects web search and connectivity incorporated with a built-in Google Assistant and Google Translate capable of translating 40 different languages.
Link: North America Machine Translation Market worth over 0mn by 2024