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Machine Translation Market to Grow by USD 1.23 Billion (2024-2028), Driven by Content Localization Demand, with AI Redefining Market Landscape – Technavio

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NEW YORK, Nov. 18, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global machine translation market  size is estimated to grow by USD 1.23 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.89%  during the forecast period. Increasing demand for content localization is driving market growth, with a trend towards rising use of multilingual AI. However, availability of open-source machine translation service tools  poses a challenge.Key market players include Alphabet Inc., ARGOS TRANSLATIONS Sp. Z o.o., Babylon Software Ltd., Cloudwords Inc., CSOFT International Inc., Global Lingo Ltd., Honyaku Center Inc., International Business Machines Corp., Lingotek Inc., Lingua Custodia, Lionbridge Technologies LLC, Microsoft Corp., Omniscien Technologies, Promt, SYSTRAN SA, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., Welocalize Inc., and RWS Holdings PLC.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Defense, IT, Automotive, and Healthcare), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Alphabet Inc., ARGOS TRANSLATIONS Sp. Z o.o., Babylon Software Ltd., Cloudwords Inc., CSOFT International Inc., Global Lingo Ltd., Honyaku Center Inc., International Business Machines Corp., Lingotek Inc., Lingua Custodia, Lionbridge Technologies LLC, Microsoft Corp., Omniscien Technologies, Promt, SYSTRAN SA, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., Welocalize Inc., and RWS Holdings PLC

Key Market Trends Fueling Growth

Machine translation (MT) is a growing market driven by the need for multilingual communication in various industries. Artificial intelligence (AI) and deep learning techniques are trending in MT, enabling better quality and accuracy through neural networks and natural language processing. Big data and internet penetration have expanded language data availability, benefiting language service providers. E-commerce, education, healthcare, legal services, and travel industries are major consumers of MT. Chatbots and real-time translation are emerging trends, while hybrid approaches offer domain-specific adaptation. Limited language coverage remains a challenge, but advancements in AI and natural language understanding are addressing this issue. Multilingual content creation and customer support are essential for businesses targeting emerging economies and internet users. Speech recognition and deep neural networks are future technologies poised to revolutionize MT. 

In today’s global business landscape, companies and organizations require effective communication with customers, partners, and stakeholders across linguistic borders. Multilingual Artificial Intelligence (AI) solutions enable seamless communication by translating text in real-time. This technology expands market reach and improves access to information and services for non-English speaking populations. Advertising agencies and marketing firms utilize advanced neural machine translation technologies to tailor advertisements and localize content based on audience demographics and purchase history. By automating translation tasks, businesses can streamline processes and enhance customer engagement. 

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Market Challenges

The Machine Translation (MT) market is experiencing significant growth due to the increasing need for multilingual communication in various industries. However, challenges persist in delivering accurate and high-quality translations. Artificial Intelligence (AI) and Deep Learning Techniques are being used to improve MT, but limited language coverage and data availability remain obstacles. Big data and Internet penetration are driving the growth of MT in emerging economies and e-commerce. However, domain-specific adaptation and hybrid approaches are necessary to ensure quality and accuracy. Chatbots and real-time translation are revolutionizing multilingual customer support, while speech recognition and natural language processing are enhancing communication infrastructure. The education, healthcare, legal services, and travel industries are major consumers of MT. Despite these advancements, the role of professional linguists remains crucial in ensuring the quality of translations. Overall, the MT market is evolving rapidly, with AI, big data, and real-time translation being key drivers.The machine translation market is growing due to the use of advanced software like translation memory (TM), translation management software (TMS), and computer-assisted translation (CAT). While proprietary versions of these tools can be expensive, such as SDL Trados Studio, many small and medium-sized enterprises (SMEs) opt for open-source alternatives. Free CAT tools, like Omega T Open TM2 and Anaphraseus, and open-source machine translation engines, such as Apertium and Moses, are available online. These options put pressure on vendors’ pricing strategies, making machine translation more accessible to businesses of all sizes.

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Segment Overview 

This machine translation market report extensively covers market segmentation by

Application 1.1 Defense1.2 IT1.3 Automotive1.4 HealthcareDeployment 2.1 On-premises2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Defense-  The global machine translation market is experiencing significant growth due to the increasing demand for advanced electronic warfare systems in defense sectors. These systems are essential for safeguarding critical assets and infrastructure, as well as countering unconventional security threats. Machine translation plays a crucial role in the development of electronic warfare systems, with extensive use in various stages. The need for improved intelligence, stealth capabilities, and precision attack is driving the market’s growth. Modern electronic warfare systems offer multiple advantages, including the ability to combine support, protection, and attack functions in one unit. They also provide real-time impact recording and offer defensive countermeasure solutions. Defense forces can quickly update their threat library and classify new and existing threats using machine translation. The equipment used in electronic warfare is undergoing advancements, thanks to progressions in algorithms and software. These systems are available in various sizes and power levels, making them suitable for use on land, air, sea, or space. The demand for machine translation in defense sectors is expected to continue, leading to market growth.

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Research Analysis

Machine translation (MT) is a subfield of computational linguistics that utilizes artificial intelligence (AI), deep neural networks, and natural language processing to translate text from one language to another. The market for machine translation is growing rapidly due to the increasing demand for multilingual communication in various sectors, including digital content, e-commerce, travel, healthcare, and more. Deep learning techniques, such as neural networks, are increasingly being used to improve the accuracy and fluency of machine translation. The proliferation of the internet and smartphone penetration, as well as the availability of big data, are also driving the growth of the machine translation market. Language localization is a critical application of machine translation, enabling businesses to reach international audiences more effectively. However, it is important to note that machine translation is not a replacement for professional linguists and translation theory, but rather a tool to facilitate communication and streamline the translation process. Communication infrastructure, including translation memory systems and terminology databases, are essential for effective machine translation. The market for machine translation is expected to continue growing as more industries recognize the value of multilingual communication in an increasingly globalized world.

Market Research Overview

Machine Translation (MT) is a subfield of Natural Language Processing (NLP) that utilizes Artificial Intelligence (AI), Deep Learning Techniques, and Neural Networks to translate text or speech from one language to another. The market for Machine Translation is growing rapidly due to the increasing need for multilingual communication, multilingual content creation, and multilingual customer support. Factors driving the growth of the market include Internet penetration, smartphone penetration, and the availability of large amounts of language data. Big data and Deep Learning Techniques are being used to improve the quality and accuracy of MT systems. The market covers various applications such as E-commerce, Education, Healthcare, Legal Services, Travel, and others. Challenges include limited language coverage and the need for domain-specific adaptation. Hybrid Approaches that combine AI and professional linguists are also gaining popularity. Chatbots and Speech Recognition are also being integrated into MT systems to provide real-time translation and multilingual communication infrastructure.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationDefenseITAutomotiveHealthcareDeploymentOn-premisesCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Global Times: Interdisciplinary technologies bring more cultural relics to life

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November 19, 2024

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BEIJING, Nov. 18, 2024 /PRNewswire/ — In a fully equipped laboratory in Beijing, a dragon-head architectural component from the Tang Dynasty (618-907) discovered at the Guzhou ruins in Xiong’an New Area, North China’s Hebei Province is prepped for a CT scan.

Thanks to the use of CT scans, 3D modeling, and other high-tech facilities in this laboratory, the restoration and research of the dragon head is progressing smoothly. The Key Laboratory of Archaeological Sciences and Cultural Heritage at the Chinese Academy of Social Sciences (CASS) is promoting the revitalization of more cultural relics with the help of technology, and has become a new example of cutting-edge technology used in archaeological work.

In recent years, China has intensified efforts to integrate technology into archaeology. Remote sensing satellites have been used to accurately document the shapes of excavation sites, 3D imaging can reconstruct collapsed underground spaces, and 3D digital modeling is now used to ­reverse-engineer and replicate decayed wooden boxes. Advances in deep-sea technology have expanded China’s underwater archaeology from depths of 50 meters to 2,000 meters.

These interdisciplinary collaborations are uncovering the limitless potential of archaeological science and continually enhancing China’s ability to protect cultural heritage.

“Technology and archaeology have always been areas of interdisciplinary integration and collaboration. Over the last century, the development of archaeology, from its traditional roots to the present, has been closely intertwined with technological advancements,” Chen Jiachang from the China Academy of Cultural Heritage told the Global Times.

“From the early integration of geology and archaeology to the modern-day application of advanced technologies, these innovations have increasingly aided archaeologists in analyzing remnants of ancient societies, reconstructing their structures, and understanding their social forms,” Chen said.

Technological power

The new laboratory consists of 13 sub-laboratories for archaeological sciences, five for cultural heritage conservation, and five joint archaeological laboratories. It integrates advanced technologies from disciplines including molecular biology, chemistry, geosciences and physics to facilitate interdisciplinary and inter-institutional research in archaeological science and heritage conservation.

Following laboratory analysis and preliminary cleaning of the dragon head’s eyes and nose, large areas of paint were found on the gray ceramic surface. The dragon’s pupils are black, while the eyeliner around them is green.

Liu Yong, head of the Key Laboratory of Archaeological Sciences and Cultural Heritage, recalled to the Global Times that “the top part of the dragon head is missing, and cracks can be seen in its nose and eyebrows, preventing any movement of the artifact.”

So further discovery of the dragon’s pupil and eyeliner colors can’t bear any more movement on the artifact.

One key reason has influenced the team’s decision to use curved-surface fluorescence technology to create a 3D model of the painted artifact. Fluorescence, with its penetrating properties, interacts with different elements to reveal colors hidden beneath layers of soil. “Normally, the green color shines from malachite, while the white ears are calcium carbonate, but we can only figure it out after the fluorescence test.”

“Because it couldn’t be moved, we used soil packing to stabilize it and employed CT scanning to examine whether the dragon head was solid or hollow,” Liu explained. “CT technology is primarily used on artifacts for pre-detection. It helps assess the preservation status and internal structure and provides information for protective cleaning.”

The development of portable CT technology has also transitioned such equipment from fixed to mobile, allowing for better balancing of artifact protection and research. “The goal is to maximize archaeological information while protecting the artifact,” Liu said.

Increasingly, not just field archaeologists but also physicists, geologists, and experts from various other fields are becoming involved in this emerging field of archaeological science.

Wider applications

From aerial and drone remote sensing to satellite remote sensing, these increasingly advanced technologies provide a broader distribution of data about archaeological sites, enabling more comprehensive hypotheses about historical scenarios.

“In the past, we used radar. Satellite remote sensing offers higher density points, forming more detailed surface information,” Chen said. “Now the application of technology helps archaeologists clarify ancient societal remains.”

Chen explained that technologies such as residue DNA analysis and isotope analysis, combined with archaeological interpretations of historical records and research, create a chain of factual evidence for the reconstruction of ancient societies. “It’s a collaboration across disciplines – unifying science and archaeology.”

However, even with advancements in technology and conservation, challenges remain. Natural weathering continues to pose problems for artifacts like the Yungang Grottoes and the Leshan Giant Buddha.

The conservation of stone grotto artifacts faces three main challenges: structural reinforcement, water infiltration prevention, and weathering resistance. While grouting and other techniques can address the first two problems through innovative approaches tailored to the artifact, combating weathering – considered a global challenge – requires breakthroughs in material research.

“Just as chip manufacturing needs new material development, creating advanced infiltration reinforcement materials is key to preserving grottoes,” Chen said.

There are more advanced technologies playing necessary roles in China’s significant archeological projects beyond the conservation of stone grottoes. For instance, in the conservation of Sanxingdui artifacts, the application of ivory analysis revealed similarities in structure and materials to those of stone grottoes. This fusion of technology and archaeology has allowed Sanxingdui artifacts to gain renewed life.

Ultimately, the goal of technology in archaeology is to reconstruct the framework of ancient societies, revealing the structures and dynamics of human life within their historical contexts. “Archaeology and technology complement each other, creating a synergistic effect,” Chen concluded.

View original content:https://www.prnewswire.com/news-releases/global-times-interdisciplinary-technologies-bring-more-cultural-relics-to-life-302309382.html

SOURCE Global Times

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Grand Opening of The 2nd China Marine Equipment Expo on November 15th

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November 19, 2024

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FUZHOU, China, Nov. 18, 2024 /PRNewswire/ — On November 15th, the highly anticipated exhibition of the marine equipment industry, the 2nd China Marine Equipment Expo (CMEE) began its opening ceremony in the city of Fuzhou, Fujian, at the Fuzhou Strait International Conference and Exhibition Center.

This year’s CMEE spans 100,000 square meters. The indoor exhibition area, covering 80,000 square meters, is located in Halls 1-8 of the Fuzhou Strait International Conference and Exhibition Center, featuring 15 major exhibition sections. The yacht exhibition, covering 20,000 square meters, is located at the Guancheng Datong Marina, adjacent to the exhibition center. Focusing on “Green Intelligence, New Quality Future,” the exhibition invited Norway as the first Honourable Guest Country, and attracted nearly 800 renowned marine-related enterprises, universities, and research institutions. Alongside numerous long-standing partners, including China State Shipbuilding Corporation (CSSC), China Three Gorges Corporation, DongFang Electric Corporation, Nanjing Iron and Steel, Beijing New Building Materials, Hudong-Zhonghua Shipbuilding, Fujian Shipbuilding, Ningde Future, Shenhao Technology, China Classification Society, American Bureau of Shipping, Registro Italiano Navale, Harbin Engineering University, Northwestern Polytechnical University, Shanghai Jiao Tong University, and the Chinese Academy of Sciences, new partners, including Shell, Wärtsilä, Accelleron, Kongsberg, Burckhardt, PetroChina, China National Nuclear Corporation, China General Nuclear Power Group, CRRC, Huadian Heavy Industries, CATL, BYD, Xuzhou Construction Machinery Group, Yuchai Cynland Hyentech, ChinaLCO, and Boya Gongdao Robot Technology, also joined, offering a multi-level, multi-dimensional, and multi-sectoral view of the marine equipment industry’s robust growth.

Over 7,000 products are on display, including notable innovations such as CSSC’s first domestically-built large cruise ship, the “Aida Modu”, Burckhardt’s LNG-BOG compressor 2KM90MG, China Classification Society’s Ship Clean Energy Comprehensive Assessment System, Ningde Future’s 7.5-meter polyethylene methanol ship, Supcon’s integrated solution for “Automatic Control + Autonomous Ships + Ship-Shore IT Integration + Maritime Cybersecurity,” Shell’s Alexia 40XC high-performance cylinder lubricant, and BYD’s marine power supply. These state-of-the-art marine technologies and equipment represent the latest advancements in the marine equipment industry worldwide.

Over 30 professional forums, meetings, and science outreach activities will be held, including 16 forums, 10 procurement matchmaking meetings, promotion and unveiling ceremonies, 5 interactive science outreach activities, and 7 livestreams. Over 200 industry leaders and professionals in marine economy, and officials from leading companies gave key speeches exploring cutting-edge technology in the marine field, creating a platform for professionals to discuss challenges and opportunities.

The 2024 China Shipbuilding Industry Annual Conference, jointly organized by the China Association of the National Shipbuilding Industry and 714th Research Institute of CSSC, will be held from November 15-18, featuring a main forum, the Shipbuilding Industry 50 Forum, and 12 specialized forums. Topics include sustainable development in the shipbuilding industry (ESG), maritime cybersecurity, smart ocean industry development, marine green materials, energy management in shipbuilding, and new technologies and materials for ship coating and welding. The conference will cover policy interpretation, industry development, and technology trends, providing fresh insights, experiences, and ideas to drive development in the shipbuilding and marine engineering equipment sectors. The release of the “Blue Book of the Development of the Shipbuilding Industry” and the “China Shipbuilding Industry Intellectual Property Development Report” will also be featured during the conference.

This year, CMEE has received the full support of the 714th Research Institute, further emphasizing international exchanges and cooperation, deepening “Blue Partnerships,” focusing on highlighting advanced technologies in the marine equipment sector, facilitating the commercialization of achievements and industrial penetration, placing greater importance on marine culture, fostering a cohesive drive for building a central marine city.

Setting CMEE apart from other marine exhibitions, is the establishment of a 20,000-square-meter outdoor exhibition area that includes an immersive yacht experience combining science outreach activities, interactions, and hands-on activities, the standout feature of CMEE.

View original content:https://www.prnewswire.com/apac/news-releases/grand-opening-of-the-2nd-china-marine-equipment-expo-on-november-15th-302309392.html

SOURCE China Marine Equipment Expo

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Brook Gaming Teams Up with CAPCOM Street Fighter League: Pro-US 2024 as Official Sponsor

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November 19, 2024

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Brook Gaming has been named the official sponsor of the CAPCOM Street Fighter League: Pro-US 2024, a premier fighting game event.The partnership reflects Brook Gaming’s dedication to empowering the global fighting game community (FGC) through innovative, high-quality gaming solutions that enhance competitive experiences.Brook Gaming aims to elevate the gaming experience by providing tools that prioritize performance, adaptability, and user preference for competitive gamers.The collaboration includes special promotions, exclusive gear showcases, and interactive activities to engage fans and highlight Brook Gaming’s innovative solutions.

TAIPEI CITY, Nov. 18, 2024 /PRNewswire/ — Brook Gaming, a leading innovator in gaming accessories and solutions, proudly announces its role as the official sponsor for the highly anticipated CAPCOM Street Fighter League: Pro-US 2024. This partnership marks an exciting milestone in Brook Gaming’s mission to empower the global fighting game community (FGC) and enhance competitive gaming experiences.

As the official sponsor, Brook Gaming will showcase its dedication to high-quality gaming solutions and a commitment to fostering the competitive gaming scene. With a proven history of supporting gamers through versatile and advanced technology, Brook Gaming’s involvement will elevate the gaming experience of the global fighting game community (FGC) and emphasize performance and customization.

“Partnering with CAPCOM’s Street Fighter League: Pro-US 2024 showcases our dedication to enhancing the competitive gaming scene,” said Richard Cheng, CEO at Brook Gaming. “We believe that every gamer should have the freedom to compete using their preferred setup, and this sponsorship aligns perfectly with that vision.”

The Street Fighter League: Pro-US 2024 is a cornerstone event in the fighting game calendar, attracting elite players and audiences worldwide. Known for fostering intense competition and showcasing top-tier fighting game talent, this league exemplifies the spirit of the FGC. Brook Gaming’s contributions as a sponsor will add a new dimension to the event, highlighting the importance of performance and adaptability.

Brook Gaming’s partnership with the Street Fighter League also includes special promotions, exclusive gear showcases, and interactive fan engagement activities. This collaboration reinforces Brook Gaming’s position as the top choice for gamers who prioritize performance, adaptability, and innovation.

For the latest updates on Brook Gaming’s involvement in the Street Fighter League: Pro-US 2024 and upcoming promotions, follow Brook Gaming’s official X (formerly Twitter) profile and visit their website at https://brook.gg/PS5.

ABOUT BROOK GAMING
From all button box and high-performance fighting boards to cross-platform controller converters and monsters auto catchers, Taiwan-based gaming hardware company Brook Gaming has always been generating the joy of gaming for gamers around the world without any limits. Whether it’s for playing your retro console with modern controllers, adding new functionalities to your game, or designing the ultimate arcade stick for your tournaments, Brook Gaming has a solution for you. Here at Brook Gaming—Your Game, Our Play. Know more at www.brookaccessory.com.

ABOUT CAPCOM
Capcom is a leading worldwide developer, publisher, and distributor of interactive entertainment for game consoles, PCs, handheld, and wireless devices. Founded in 1983, the company has created hundreds of games, including groundbreaking franchises Resident Evil™, Monster Hunter™, Street Fighter™, Mega Man™, Devil May Cry™ and Ace Attorney™. Capcom maintains operations in the U.S., U.K., Germany, France, Hong Kong, Taiwan, Singapore and Tokyo, with corporate headquarters located in Osaka, Japan. More information about Capcom and its products can be found at www.capcom.com or news.capcomusa.com.

CONTACT: Katy Ho, katy@zeroplus.com.tw

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SOURCE Brook Gaming (Zeroplus Technology Co., Ltd.)

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