Europe Machine Translation Market Analysis based on Technology, Application, Share & Forecast by 2024

Graphical Research  |

The Europe machine translation is expected to witness a substantial growth over the forecast period owing to the growing demand from the language service providers. The increasing adoption of machine translation and speech recognition by the service providers has contributed significantly to the growth of the market. This is primarily attributed to the support from the EU financed programs. Moreover, Europe has a strong presence in the U.S as the supplier of translation services to larger clients. There is a strong demand for machine translation from the IT industry that establishes Europe as one of major exporters of the machine translation market.

The Graphical Research report presents a detailed evaluation of “Europe Machine Translation Market (2017 – 2024) based on Application, Technology, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast”, predicted to cross USD 390 million by 2024.

Europe machine translation market

The governments of EU economies are one of the major stakeholders in the Europe machine translation market. The European Commission (EC) introduced online eTranslation services for civil workers in November 2017. The service is accessible to EC information systems through Advance Passenger Information System (API) along with individual users. In addition, contributions from the European Association for Machine Translation are creating opportunities for professional translators, developers, and researchers to promote and develop such systems.

Based on technology, the Europe machine translation market is projected to witness a strong growth in SMT-based systems. These systems yield results by finding similar patterns. These systems require enormous bilingual texts and work by comparing source content to a database of previous translations. . Some of the examples of such systems are open-source Moses system, Google Translate, and Bing Translator. These systems are much more natural when compared with RBMT systems.

The prominent players of the Europe machine translation market are Lionbridge, Sampark, Moravia IT, Lucy Software, Microsoft Corporation  (MSFT), Google Inc.  (GOOGL), IBM Corporation  (IBM), and others. Companies are deploying Neural Machine Translation (NMT) in their product offerings for a larger market share. For instance, Google and Microsoft are developing solutions to effectively translate documents in different languages. Google’s NMT tool was initially launched in 2016 and is based on artificial neural network to decode the semantic data for multilingual translations.

DISCLOSURE: Graphical Research reports have been constructed taking into consideration each regional market as an independent industry, since each country-level industry is governed by a different set of dynamics, consumer behavior and regulatory landscape. In addition to a high degree of accuracy, this approach also enables us to better analyze the industry scenario and offer targeted business intelligence.


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Companies

Symbol Name Price Change % Volume
GOOGL Alphabet Inc. 1,116.56 12.35 1.12 1,471,783 Trade
MSFT Microsoft Corporation 110.97 1.56 1.43 27,763,218 Trade
IBM International Business Machines Corporation 139.25 1.41 1.02 3,113,698 Trade

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