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

Machine Translation Market

Machine Translation Market

Machine Translation Market is projected to grow at a CAGR of 19% by 2024. 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 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.

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Major manufacturers covered in this report are Welocalize, IBM, Lingo24, Cloudwords, Inc. Lingotek, Lionbridge, Microsoft, Moravia, SDL plc, SYSTRAN, Smart Communications., Google

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.

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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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.

The U.S. machine translation market 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.

The machine translation market is primarily driven by the rising demand for automated translations to eliminate repetitive tasks and the escalating need for localization to better serve the customers by the companies. In addition, several companies are deploying the technology to deliver multilingual content for their global website.

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Machine translation market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

Machine translation market by application

• Automotive
• Military & defense
• Electronics
• IT
• Healthcare
• Others
Machine translation market by technology

• RBMT
• SMT
• Others

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.

Contact Us:

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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