Machine Translation Market 2022 Size, Scope, Growth Outlook, Demand by Top Key Players, Forecast and Research by Market Insights Reports

Machine Translation Market With strategic analysis, micro and macro market trend and scenarios, pricing analysis, and a holistic assessment of market conditions in the future term, this market research study keeps a close eye on major rivals. It's a thorough research that focuses on key and secondary drivers, market share, leading segments, and geographic analysis. The Machine Translation market also examines significant players, major collaborations, mergers and acquisitions, as well as current innovation and corporate strategies.

The Machine Translation Market was valued at USD 153.8 million in 2020, and it is expected to reach USD 230.67 million by 2027, registering a CAGR of 7.1%, during the period of 2022-2028.

Top Key Players are covered in this report: IBM Corporation, Microsoft Corporation, SDL PLC, Lionbridge Technologies Inc., Omniscien Technologies Inc., Lingotek Inc., RWS Holdings PLC, Welocalize Inc., Smart Communications Inc., Systran International Co. Ltd, AppTek Partners LLC, Google LLC, Cloudwords Inc., PROMT Ltd, Yandex NV

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Recent Development:

March 2020 - The European Commission's automated eTranslation tool was made available to all the region's small and medium-sized enterprises (SMEs). The SMEs can use the eTranslation tool primarily to translate documents or plain text between any of the 24 official European Union languages, as well as Icelandic, Russian, and Norwegian. The service has been made free of charge while guaranteeing the confidentiality and security of all the translated data.

Key Market Trends:

Neural Machine Translation is Expected to Drive the Market Growth

- In the past few years, one of the most exciting developments in the automated translation domain has been the development of neural machine translation (NMT). The technology uses large quantities of data fed into an artificial neural network to predict the likelihood of a sequence of words, typically modeling the entire sentences in a single integrated model. The model learns by doing, in other words, artificial translation intelligence.

- NMT is also being improved continuously and refined and is anticipated to become even better in the next few years. They are expected to be embedded in the analytics and other software solutions using across the industry that can make use of these solutions even more easily, where the queries can be done in natural language, while the machine answers them. This can significantly cut the cost of organizations adopting them, prompting them to go for these solutions.

The regions are further sub-divided into:

North America - US, Canada, and Mexico
Europe - UK, Germany, France, Italy, Russia, Spain & Rest of Europe
Asia-Pacific - China, India, Japan, South Korea, Australia & Rest of APAC
Latin America - Brazil, Argentina, Peru, Chile & Rest of Latin America
Middle East and Africa - Saudi Arabia, UAE, Israel, South Africa

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Key market aspects are illuminated in the report:

Executive Summary: It covers a summary of the most vital studies, the Global Machine Translation market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.

Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Machine Translation market, the years measured, and the study points.

Company Profile: Each company in this market sector is screened based on its goods, value, SWOT analysis, capacity, and other key characteristics.

Manufacture by region: This Global Machine Translation Market report offers data on imports and exports, sales, production and key companies in all studied regional markets

We Offer Customization on Report Based on Specific Client Requirement:

- Free country Level analysis for any 5 countries of your choice.

- Free Competitive analysis of any 5 key market players.

- Free 40 analyst hours to cover any other data point.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc.MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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