Machine Translation Proving Itself to the World: The Rapid Development
Facilitator, Timesaver, Trainable… These are the few characteristics of machine translation we can discuss. Let’s glance over what is happening in the machine translation industry.
- In 2020, the machine translation market was valued at 650 million dollars. By 2027, this figure is estimated to rise to 3 billion dollars.
- Content related to Computer Software, Legal Services, and Telecommunications takes the lead in obtaining the best MT quality.
- Professional and Business Services, Instructions for Use, and Sales & Marketing are the most difficult fields for MT to provide accurate results.
- In February, Meta emphasized its plan to develop a universal translator that enables conversation between people who speak different languages.
- The e-commerce sector looks promising, especially in the machine translation industry, with more than 33% CAGR (Compound Annual Growth Rate) expected between 2022 and 2030.
- Companies attach great importance to user experience, which is why they started to develop new and customized features. In February, AWS (Amazon.com Inc.) introduced formality customization in Amazon Translate, which regulates the level of formality between input and output for languages such as German, Hindi, Italian, French, Spanish, and Japanese.
The blog post is written based on the article below:
