Europe machine translation market will witness steady growth over the forecast period of 2020-2026 due to rapid globalization of various automobile manufacturing companies to increase their global market base. The regional machine translation industry share is reported to reach a value of $500 million by the end of 2026.
Auto manufacturers interact with millions of foreign customers who enquire about different aspects of their products and services. This is where there is an increased demand for machine translation solutions to provide quick translations of various end-user queries and solve them as well. These efforts also help improve customer experience.
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The Europe machine translation market is rapidly expanding, thanks to constant innovations being done to improve its infrastructure. This will positively impact machine translation sector in the region as several healthcare institutions are increasingly using this software to effectively communicate with a foreign patient about their health status. The use of these solutions has greatly reduced the language barrier between a doctor and their patient.
The COVID-19 pandemic reportedly played an active role in fostering demand for machine translation services in Europe. This was in response to the increasing demand among customers to get important updates about the status of the pandemic. An example of this is that German Government’s Federal Ministry of Health (BMG) had released all updates and important information regarding the pandemic in German, English, Turkish and Russian languages. This was possible only with the use of machine translation software.
Neural Machine Translation (NMT) is a technological breakthrough for many as it is programmed to imitate a human brain and provide closely related translations as per the context. This advancement in AI has helped several industries in providing accurate translations for various purposes and has also saved time and effort. Many industry participants are heavily investing in continuous research and development in this area to refine and improve its overall performance. Its use will hugely benefit Europe machine translation market.
The education sector will also play a pivotal part in the growth of Europe machine translation market as the region attracts heavy number of international students. For example, out of the total number of students who attended the University of Oxford in 2020, nearly 45% of them were international students. These statistics have led to an increased demand for machine translation software to translate academic instructions, as language barrier can be a major factor that affected their overall academic performance.
E-commerce boom is also reported to have a positive impact on machine translation demand in Europe. This is because e-commerce websites written in native languages not only provide more traffic for an online shop owner but also help increase customer satisfaction. Machine translation software provide accurate translations which are free of human errors and save a lot of time and energy.
For example, Inter IKEA Systems B.V., an online retailer, faced a lot of flak from customers in Bahrain for flawed translations of their bedding materials on their website. The percentage of such incidents will greatly reduce with the introduction of machine translation services.
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Some of the providers of machine translation software in Europe are AppTek LLC, Google LLC, Moravia IT s.r.o., IBM Corporation, Cloudwords Inc., Microsoft Corporation, Yandex.Cloud LLC, PROMT Ltd. and many others.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 List of data sources
1.2.1 Secondary
1.2.2 Primary
Chapter 2 Market Snapshot
2.1 Europe machine translation market snapshot
Chapter 3 Europe Machine Translation Market Trends
3.1 Industry coverage
3.2 Industry size, 2016 – 2026
3.3 Impact of COVID-19 pandemic
3.4 Value chain analysis
3.4.1 Company product snapshot
3.5 Innovation landscape
3.6 Regulatory norms & directives
3.7 Drivers & restraints
3.7.1 Market drivers
3.7.2 Market restraints
3.8 Industry analysis - Porter's
3.9 Competitive benchmarking, 2019
3.9.1 Strategy dashboard
3.10 PEST analysis
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