Machine Translation Market Will Grow at a Healthy CAGR by 2024 Profiling Cloudwords, Inc., Google Inc., IBM Corporation, Microsoft Corporation, Moravia IT, Omniscien Technologies, Lucy Software and Services GmbH, PangeanicMT, Welocalize, Inc.

The machine translation market report encompasses an in-depth analysis of the business space in question. All the growth facilitators responsible for furling the revenue scope of this industry are mentioned in the study in conjunction with the competitive and geographical trends characterizing this business. Some of the very pivotal parameters encompassed in the report fall along the lines of industry segmentation, industry ecosystem analysis, vendor matrix, and industry insights.

Key Companies: - AppTek LLC, Cloudwords, Inc., Google Inc., IBM Corporation, Lighthouse IP Group, Lingo, 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.

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Constantly improving levels of accuracy and output offered by software technologies will drive machine translation market share over the forecast timeframe. Advanced methods of learning achieved with the use of improved algorithms have been creating better translation abilities. These technologies have eliminated errors like grammatical mistakes, syntax errors and wrong meanings in automated translations significantly.

The technology has helped translate large amounts of content in lesser time as compared to the human translators. There has been a significant demand from organizations for launching translation system within their business processes which will encourage the machine translation technology's implementation.

Earlier, only big enterprises had the sources to integrate such services due to the extra cost it entails, but the recent technological development has helped robotized translation services be available to a more SMEs and larger enterprises, fostering machine translation market over the projected time period.

Application evaluation:
Application categorization: As per the report, the Application landscape of the machine translation industry is split into -
o Automotive
o Military & defense
o Electronics
o IT
o Healthcare
o Others

Significant aspects concerning the Application landscape that are entailed in the report:
o Substantial details about the Application spectrum of machine translation market are provided in the report.
o The study mentions the revenue projection of the Application categories by the end of the forecast duration.
o The market share that every Application segment will accumulate is given in the report.
o The current and future trends characterizing the Application landscape are also provided in the report.

Technology evaluation:
Technology categorization: As per the report, the Technology landscape of the machine translation market is split into -
o RBMT
o SMT
o Others

Significant aspects concerning the Technology landscape that are entailed in the report:
o Substantial details about the Technology spectrum of machine translation industry are provided in the report.
o The study mentions the revenue projection of the Technology categories by the end of the forecast duration.
o The market share that every Technology segment will accumulate is given in the report.
o The current and future trends characterizing the Technology landscape are also provided in the report.

Europe machine translation market forecast is anticipated to gain substantial traction over the analysis period. Europe is known for the presence of massive automotive industries that need translation services for dealerships, how-to-manuals, and several other data sources. Companies in the region have been laying an emphasis on various data sources to boost businesses.

The European Commission has adopted the project EU-funded Health in my Language (HimL), working with international and Scottish public health organizations. The researchers are involved in the development of completely automated neural-based systems, that can translate various content regarding public health from English to Poland, Romanian, Czech and German.

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The machine translation market research study is inclusive of a massive evacuation of the industry in question. The methodology used to derive valuable insights pertaining to the machine translation industry as well as the primary and secondary sources referred to have been elaborated in the report. Information pertaining to the financial data of mentioned shareholders and the present pricing trends are enumerated in the study.

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