As the world becomes more interconnected, the demand for accurate and efficient translation services continues to grow. But can AI ever fully replace human translators? According to experts, it's unlikely.
AI translations may be accurate, but they often lack the lexical richness and nuance of human-translated texts. This is because AI models make choices based on probability, not lived experience, resulting in translations that can feel robotic and lack the "spice of life."
Despite these limitations, the AI translation sector is still a lucrative market for many companies. Among the key players in this space is Smartcat, a Boston-based company founded in 2016 by physicist turned entrepreneur Ivan Smolnikov.
Smartcat offers a range of automated translation tools for enterprises, catering to clients ranging from Fortune 500 companies to government entities. The company's AI platform supports a wide range of use cases for multilingual content, offering tools, apps, and managed services for translating written and spoken content into over 280 languages.
While AI translation models are used, Smartcat also provides access to a network of human translators and copy editors for review and fine-tuning. Customers can choose from AI translation, human translation, or a combination of both, depending on their needs and budget.
Investors have shown confidence in Smartcat's growth potential, with the company recently raising $43 million in a Series C funding round led by Left Lane Capital. This funding will be used to expand the team, develop new products, and enhance marketing and sales efforts.
Looking ahead, the AI translation sector is poised for significant growth, with projections indicating a compound annual growth rate of 13.5% from 2023 to 2030. As the market continues to evolve, companies like Smartcat are well-positioned to capitalize on the increasing demand for efficient and accurate translation services.