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Language Technology For Europe 2020: The Missing Piece In The Puzzle?
On 19 June 2012, LT-Innovate, the Forum for Europe’s Language Technology Industry, organises the first LT-Innovate Summit in Brussels.
Stakeholders from industry, research, policy making and finance will come together to discuss the potential of Language Technologies as key strategic drivers of the knowledge economy. The summit will highlight best practice cases, opportunities, barriers and seek to develop a common vision for the future.
Showcase sessions will allow LT companies to present themselves. Innovation Focus sessions will allow stakeholders to develop innovation scenarios for specific economic and societal challenges. The day will culminate in the Award Ceremony of the LT-Innovate Award 2012 and a Gala Dinner.
KNOWLEDGE IS THE NEXT INTERNET FRONTIER.
Language Technology encompasses the many ways to access, capture and exploit the intelligence embedded in data. In short, Language Technology makes data in any language accessible, intelligent, understandable and, ultimately, valuable. Jochen Hummel, Chairman of LT-Innovate, summarises the challenge: “The Knowledge Economy depends on powerful Language Technology”.
LANGUAGE TECHNOLOGY, THE MISSING PIECE IN THE PUZZLE OF THE DIGITAL SINGLE MARKET?
Jochen Hummel states: “Most key objectives of the European Union’s policy drive to encourage innovation, to create a digital single market, to regain global competitiveness and to address societal challenges can only be achieved if knowledge can be seamlessly shared across language borders and if communication is not an issue. This implies a powerful language infrastructure - or Language Cloud - which makes content accessible to anybody, anywhere, in any language!”.
EUROPE SHOULD CAPITALIZE ON KEY ASSETS
Language Technology enables people to access and make sense of data generated in Europe's many languages. The unprecedented demand for information - by institutions, businesses and citizens – is opening and establishing new market opportunities for European Language Technology developers and suppliers. In parallel, Language Technologies are playing a key role in social inclusion as they allow overcoming language barriers in a continent with 63 languages.
Mr. Hummel concludes: “The European Language Technology industry has a solid scientific and engineering base. It has the potential to turn the obstacles of the European multilingual market into an asset and become the fittest for the global markets. Language Technology represents a strategic asset. Europe should treat it as one of its crown jewels! “.
SOME FACTS & FIGURES
→ The worldwide market for translation products and services accounts for 15B€, speech products and services are estimated at 15B€ and the analytics and business intelligence software market is estimated at 8B€.
→ Worldwide demand for language services continues to grow much faster than the general economy, at 10-13% per year in recent years.
→ Research suggests that nearly one million European SMEs may be losing trade as a result of lack of language competences and resources.
→ 82% of European online shops are published in a single language; but 72% of consumers prefer to buy on-line when information is provided in their language.
→ News mining and business intelligence help companies find new market opportunities and learn about their competitors:
LT-Innovate – The Forum of Europe’s Language Technology Industry
LT is the branch of information technology that deals with natural language information. It can roughly be split into three segments: intelligent content, translation and speech.
LT-Innovate was founded in January 2012 as The Forum for Europe’s Language Technology Industry. As of June 2012, it gathers 100+ European companies – mostly small and medium-sized - developing products using intelligent content, speech and translation technologies.
LT-Innovate provides a collaborative platform through which members can:
- Stay informed with latest news, views and developments in the European LT industry;
- Gain access to market analysts who will provide concrete data on the LT industry and forecast future trends;
- Engage in discussions, identify opportunities and solve problems through collaborating in industry-driven Special Interest Groups (SIGs);
- Provide collective feedback to policy makers at national and European level to shape future policies and programmes.
Event website: http://www.lt-