Machine Translation Market Growth Opportunity 2024 Top Key Players: Welocalize, Google, IBM, Lingo24, Lingotek, Lionbridge, Microsoft, Moravia, SYSTRAN

Machine translation market from the automotive application is gaining a considerable traction, owing to the increasing use of MT in interpreting technical documentation, automotive-websites such as ChromeData, motor parts catalogs, and how-to-do manuals. Moreover, machine translation technology has also helped the OEMs in quickly entering international platforms and markets to enhance their reach.

Based on the technology, machine translation market is mainly divided into RBMT and SMT. RBMT technology segment is anticipated to register an annual growth rate of more than 14% over the period of 2017 to 2024, primarily driven by its superior grammatical and predictable approach of breaking down the source and target languages pertaining to the incorporation of vocabulary.

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SMT dominated the technology segment in machine translation market in 2016 by accounting for more than 60% of the global revenue contribution and will register a significant growth rate over the coming timeframe, due to the increasing requirement of fast computing and cheap hardware.

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
Machine translation market is observing a swift uptake with the growing need in several sectors to provide information in native languages. Importance of language localization in most of the businesses have helped to win customers trust and maintain strong client relationships. This fact is making machine translation units an absolute must-have in the business space. Moreover, the surging demand to eradicate linguistic barriers in corporate, hospitals, tourism & travel and many other industrial verticals has stimulated machine translation market. MT engines have also significantly helped the user in cutting project timeline and reducing costs.

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.

Asia Pacific is a powerhouse for the growth of machine translation market, particularly led by India & China. The demand for translation of several local languages to cater the customers effectively will expand the business in this region.
India being a very diverse region with multiple regional languages finds a common issue of communication barrier. India could be a significant market and provide ample opportunities to the investors as the Government of India has launched an initiative called "Digital India", which is likely to develop the IT industry, combat linguistic barriers, and set a clear growth path for the machine translation industry.

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