Press release
Machine Translation Market 2018-2024 By Top Players: AppTek LLC, Cloudwords, Inc., Google, IBM, Lingo24 Limited, Lingotek, Inc., Microsoft, Moravia IT, Omniscien Technologies, PangeanicMT, PROMT Ltd., SDL PLC, Raytheon BBN Technologies
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Machine Translation Market size is set to exceed USD 1.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing requirement to localize the rising amount of content in the organizations to eradicate language barriers is driving the machine translation market. The ability to translate different languages according to the customer preferences and lack of existing translators for several specialized fields and language combinations is providing tremendous growth opportunities for the industry.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• AppTek LLC
• Cloudwords, Inc.
• Google Inc.
• IBM Corporation
• Lighthouse IP Group
• Lingo24 Limited
• Lingotek, Inc.
• Lionbridge Technologies, Inc.
• Microsoft Corporation
• Moravia IT
• Omniscien Technologies
• Lucy Software and Services GmbH
• PangeanicMT
• PROMT Ltd.
• SDL PLC
• Systran International
• Raytheon BBN Technologies
• Smart Communications, Inc.
• Welocalize, Inc.
Growing demand across businesses to implement a cost-effective translation system in their business process is anticipated to drive the adoption rate of machine translation market size over the forecast timeframe. Implementation cost of these services is lower than traditional alternative. In addition to being-cost effective in nature, the technology is capable of performing at much faster speeds than human translators.
Players operating in the machine translation market have been increasing their R&D spending to develop cost effective solutions to fulfil customer requirements. For instance, Lionbridge introduced Smart Automated Translation software that quickly translate large volume content with minimum error and at lower costs. Lack of output accuracy and quality provided by the technology is anticipated to inhibit the machine translation market growth. Machines or software sometime fails to translate content with great accuracy. Such mistakes sometimes prove to be very costly and may hamper the overall business growth.
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Global machine translation market share was dominated by SMT technology, which contributed over 60% to the revenue in 2016. This is attributed to the rising demand in the commercial space as it can be trained for specific data set and can be used recurrently for a business. Furthermore, the demand for cheap, fast computing hardware has enabled the SMT demand as it aids applications that rely on billions of statistics and large data.
Automotive applications will witness considerable growth due to the increasing use of the technology in efficiently interpreting motor part catalogs, technical documentation, how-to manuals, and automotive websites, such as ChromeData. This way the machine translation market aids the OEMs in quickening entry into international markets and surge revenue and brand equity.
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The players operating in the machine translation market include Moravia IT, Lionbridge Technologies Inc., Google, Microsoft, Systran International, and IBM. In October 2016, AppTek LLC and Emergent LLC, announced that they had entered a partnership agreement. The partnership will aid, Emergent LLC to make the AppTek solutions and product catalog available on SEWP, where Emergent’s customers can update their businesses and grow their revenue using with AppTek’s technologies.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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