Press release
Machine Translation Market Size Grows at CAGR of 11.42% & to Reach US$ 339.6 Million By 2028 | IMARC Group
Machine Translation Market
IMARC Group's latest report, titled "Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global machine translation market size reached US$ 179.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 339.6 Million by 2028, exhibiting a growth rate (CAGR) of 11.42% during 2023-2028.
Machine Translation Uses:
Machine translation (MT) refers to the sub-field of computational elements that decode the source content into target languages. These are fully automated software, which allow customization and enhance the overall output by limiting the scope of admissible substitutions. The MT software can be categorized into various types, such as statistical machine translation (SMT), rule-based machine translation (RBMT), neural machine translation, etc. These tools are useful in domains where formal or formulaic language is used. In addition, the MT software can work without human intervention to translate considerable amounts of information that cannot be decoded conventionally. As a result, these software find extensive utilization across several sectors, including automotive, electronics, healthcare, military, defense, etc.
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Machine Translation Market Growth and Development:
The escalating demand for cloud-based applications is among the primary factors driving the machine translation market. Besides this, cloud technology provides access to various services via cloud servers, thereby reducing the need for investing in in-house hardware installations, which is further augmenting the market growth. Moreover, the elevating requirement for organizations to localize their content in various languages and capture international markets is also catalyzing the global market. Apart from this, the leading players, such as Lilt Inc., an artificial intelligence (AI) powered language service provider, are launching adaptive neural machine translation systems, which is acting as another significant growth-inducing factor. Furthermore, the inflating need for these services to distribute healthcare information in various regional languages, owing to the sudden outbreak of the COVID-19 pandemic across the globe, is anticipated to propel the machine translation market over the forecasted period.
Competitive Landscape with Key Players:
• Applications Technology Inc
• Asia Online Pte Ltd
• Cloudwords Inc
• International Business Machines Corporation
• Lionbridge Technologies Inc
• Pangeanic
• Raytheon Technologies Corporation
• SDL Plc (RWS Holdings Plc)
• Smart Communications Inc. (PLDT Inc.)
• Systran
• Welocalize Inc
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Key Market Segmentation:
Breakup by Technology Type:
• Statistical Machine Translation (SMT)
• Rule-Based Machine Translation (RBMT)
• Neural Machine Translation
• Others
Breakup by Deployment Type:
• On-Premises
• Cloud-Based
Breakup by Application:
• BFSI
• Automotive
• Electronics
• Healthcare
• IT and Telecommunications
• Military and Defense
• Others
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Contact us:
IMARC Group
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Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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