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Global Machine Translation Market Share By Key Players: Smart Communications., Welocalize, Google, IBM, Lingo24, Cloudwords, Inc., Lingotek, Lionbridge, Microsoft, Moravia, SDL plc, SYSTRAN

12-13-2018 10:12 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Machine Translation Market

Machine Translation Market

Global Machine Translation Market in U.S. is set to be driven by the presence of a large number of service providers in the region. The support from governmental organizations such as the Defense Advanced Research Projects Agency (DARPA) provides extensive funding for MT for military & defense industry. In addition, the organization has Spoken Language Communication and Translation System for Tactical Use (TRANSTAC) program aimed at evolving transportable two-way speech translation systems that can operate on handheld and laptop devices.

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Asia Pacific, driven by India and China machine translation market size, will witness attractive growth owing to the rising demand for localization in native languages by several firms to enhance their global reach and therefore cater to customer requirements effectively. In India, several organizations are supporting the integration and deployment of MT tools and programs to reduce the communication barriers. With the launch of the government's "Digital India" initiative, India is poised to grow significantly in the global IT industry, which will offer ample opportunities for the companies to expand their reach in the Indian market.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Welocalize
2. IBM
3. Lingo24
4. Cloudwords, Inc.
5. Lingotek
6. Lionbridge
7. Microsoft
8. Moravia
9. SDL plc
10. SYSTRAN
11. Smart Communications.
12. Google

Global Machine Translation Market 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.

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Machine Translation Market size is set to exceed USD 1.5 billion to grow at 19.0% CAGR estimation from 2017 to 2024. 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.

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.

Browse key industry insights spread across 120 pages with 92 market data tables & 11 figures & charts from the report, Machine Translation Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/machine-translation-market-size

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.

RBMT technology is predicted to grow at a CAGR of over 14% from 2017 to 2024 due to the usage of verbal information to precisely break down the target and source languages, making it more predictable and grammatically superior than other approaches. It can also be customized with a terminology management system to modify the generated text by specifying the terminology that should be used.

Browse Related Reports: https://www.gminsights.com/industry-analysis/software-defined-networking-sdn-market

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
Web: www.gminsights.com

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