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Machine Translation Market :: Solution, Services, Application and Market Insight 2023
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It has been observed that the volume of data has been increasing across various industries. Switching from analogue to digital technologies and increase in the number of mobile devices and applications are some of the major factors that are likely to fuel the volume of data. The growing volume of big data across the internet is generating the demand for cost-efficient and high-speed translation. According to a research, human translators across the globe can address less than one millionth part of the content generated every day. As MT can cope with high volume of data, perform at high speed and reduce cost associated with translation, many language service providers (LSPs) are increasingly incorporating MT tools with human translation to provide better customer experience and close this gap. Also, with the growing demand of machine translation, the machine translation market has been incorporating further developments such as custom machine translation (CMT). The digital universe is expected to reach zettabytes of data by 2020, which is further expected to increase the importance of machine translation in the years to come.
Asia-Pacific (APAC) is likely to emerge as the fastest growing market for machine translation, registering a CAGR of 7.5% during the forecast period. The growth of this market in the APAC region can mainly be attributed to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages. Among all the countries in the Asia-Pacific region, Japan accounted for the largest share of 22.8% of the regional machine translation market. China and India are the most populous nations and spending power of these countries make them attractive destination for business.
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The key players in the machine translation market are International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc., Google Inc., SYSTRAN, TransPerfect Translations International Inc., PROMT Ltd, Microsoft Corporation, Honyaku Center Inc., and Venga Global.
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