Machine translation (MT) is an automated translation. It is the process by which computer software is used to translate a text from one natural language (such as English) to another (such as Spanish).
It is estimated that the CAGR (Compounded Annual Growth Rate) of the world Machine Translation market in the forecast period will reach xxxx%, and the total market value is expected to reach USD xxxx million in 2026 from USD xxxx million in 2019.
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Key Dynamics
The growing popularity of cloud-based computing and the requirement for multilingual solutions are primarily propelling the global MT industry development. The emerging computer-based translation utensils and the increased adaptive machine translation has considerably widened the scope of the Machine Translation (MT) market. Escalating advancement on Machine Translation systems by key players has become a major dynamic that propelling market growth. Further, as the machine translation technologies set to provide a viable solution for users to communicate and access information in a particular language, such smart-featured translation technology will get into the mainstream in the overall translation sector.
Unlike the traditional translation methods, the latest Machine Translation technologies capable of a real-time feedback loop and boosting productivity through Artificial Intelligence (AI) to a human translator.
Automotive and Electronics application will see positive growth over the forecast period due to the upsurge need for accurate and timely translation of large amounts of content in these sectors.
Segmentation
On the basis of type, Machine Translation (MT) Market segmented into
l Rule-Based Machine Translation (RBMT)
l Statistical Machine Translation (SMT)
l Others
On the application, Machine Translation (MT) Market segmented into
l Automotive
l Military & Defense
l Electronics
l IT
l Healthcare
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Competitive Landscape
Google Inc.
Honyaku Center Inc.
International Business Machines Corporation (IBM)
Lionbridge Technologies, Inc.
Microsoft Corporation
PROMT Ltd.
SDL Plc.
SYSTRAN
TransPerfect Translations International Inc.
Venga Global
Regional Spotlights
The creation of online content, growing requirement for enabling global collaboration among employees followed by the ongoing globalization has addressed the need for tackling linguistic diversification among global areas.
North America is one the most contributing region, backed up by government incentives regarding machine translation technology coupled with the presence of a large number of players, for instance, Google Inc, which made SMT (Statistical Machine Translation) popular with their free online engines across the country.
Overall Regions Outlook
l North America (U.S., Canada, Mexico)
l Europe (Germany, France, Italy, Spain, U.K., Nordic Countries, Belgium, Russia, Rest of Europe
l Asia Pacific (China, India, Australia, Japan, South Korea, Australia and New Zealand, Rest of Asia Pacific)
l Latin America, Middle East & Africa (Brazil, Nigeria, Argentina, South Africa, GCC Countries.
l Others
In-depth Machine Translation (MT) Market Report: Intended Audience
l Machine Translation (MT) hardware manufacturers
l Raw material or component suppliers of Machine Translation (MT) equipment
l Downstream vendors and end-users
l Traders, distributors, and resellers of Machine Translation (MT) equipment
l Internetwork industry associations and software solution companies
l Product managers, Translation Machine industry administrator, C-level executives of the industries
l Market Research and consulting firms
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Years considered for the study
l Base Year: 2018
l Estimated Year: 2019
l Forecast Period: 2019 to 2026
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