Machine Translation Market to witness substantial gains till 2024, Growing demand across businesses to implement a cost-effective translation system | Global Players are Welocalize, Google, IBM, Lingo24, Lingotek, Lionbridge, Microsoft, Moravia, SYSTRAN

Machine translation market is likely to chart out a flourishing growth path over the years, with many firms adopting MT tools to avoid the language barrier while expanding their business across the globe. The implementation of machine translation will help to provide a cost-effective solution to customers and reduce the overall project timeline. As per the report by Global Market Insights, Inc., “Worldwide machine translation market generated a revenue of more than USD 400 million in 2016 and will record an annual growth rate of 19% over the coming years of 2017 to 2024.”

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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.

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

Chapter 1 Methodology & Scope

1.1 Methodology

1.1.1 Initial data exploration

1.1.2 Statistical model and forecast

1.1.3 Industry insights and validation

1.1.4 Scope, definition and research parameters

1.2 Data Sources

1.2.1 Secondary

1.2.2 Primary

Chapter 2 Executive Summary

2.1 Machine translation industry 3600 synopsis, 2012 – 2024

2.1.1 Regional trends

2.1.2 Application trends

2.1.3 Techology trends

Healthcare, IT, electronics, automotive, and military & defense are the prominent applications of machine translation market. Healthcare application segment will exhibit noticeable growth rate over the coming years of 2017 to 2024. The growth can be attributed to the growing requirement of translating a vast number of clinical documents. Moreover, the escalating research across the healthcare sector will also boost the requirement of MT tools, which in turn, will influence machine translation industry size positively. Installation of this technology across the healthcare sector will help interpret insurance claim forms, medical documents, IVR scripts, patients records, and educational material.

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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.

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.

Geographically, U.S. will be the prominent revenue generator for North America machine translation industry share, owing to the availability of ample service providers across this region. Favorable government support from organizations such as the Defense Advanced Research Projects Agency (DARPA) will also augment the industry 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

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.

The machine translation market size 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.

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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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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