Machine Translation(MT) market will reach at $ 2,543.54 million by 2032 ,Key players- AppTek, Lionbridge Technologies Inc., IBM Corporation, Asia Online Pte Ltd., Lingotek Inc., Cloudwords Inc., Moravia IT, Lingo24 Ltd., Lighthouse IP Group, Lucy Software

Machine Translation(MT) market will reach at $ 2,543.54 million by 2032. The global machine translation market size was valued at USD 564.23 million in 2021 and is expected to develop at a CAGR of 16.23% over the forecast period. Rising Internet penetration and increasing need to reduce operational costs are expected to drive market growth over the next few years. Soaring smartphone penetration and improvement in communication infrastructure have also positively contributed to industry growth.

Technology Insights
The Statistical Machine Translation (SMT) segment dominated the machine translation market in 2016. The effectiveness of SMT over Rule-Based Machine Translation (RBMT) in terms of cost and time has significantly increased its demand over the past few years. SMTs are easy to build and maintain and can be adapted to multiple language pairs. SMT development reduces costs of human resources; however, high computational costs are involved in the process.

Furthermore, SMT systems are replacing current RBMT systems as major players such as Lionbridge, SDL Plc, and other language service providers are offering pure SMT services. Lionbridge uses IBM Corporation's and Microsoft Corporation's technology and has mostly shelved its entire old RBMT platform. Currently, Systran and PROMT Ltd. are among leading players offering RBMT technology.

Leading players of Machine Translation(MT) System including:

AppTek, Lionbridge Technologies Inc., IBM Corporation, Asia Online Pte Ltd., Lingotek Inc., Cloudwords Inc., Moravia IT, Lingo24 Ltd., Lighthouse IP Group, Lucy Software and Services GmbH, Smart Communications, Pangeanic, Systran International, SDL PLC, ProMT, Welocalize Inc., Raytheon BBN Technologies

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The report is classified into multiple sections which consider the competitive environment, latest market events, technological developments, countries and regional details related to the Machine Translation(MT) System. The section that details the pandemic impact, the recovery strategies, and the post-pandemic market performance of each actor is also included in the report. The key opportunities that may potentially support the Machine Translation(MT) System are identified in the report. The report specifically focuses on the near term opportunities and strategies to realize its full potential. The uncertainties that are crucial for the market players to understand are included in the Machine Translation(MT) System report.

As a result of these issues, the Machine Translation(MT) System industry has been hampered. Because of the industry's small number of important enterprises, the Machine Translation(MT) System area is heavily targeted. Customers would benefit from this research since they would be informed about the current Machine Translation(MT) System scenario. The most recent innovations, product news, product variants, and in-depth updates from industry specialists who have effectively leveraged Machine Translation(MT) System position are all included in this research study. Many firms would benefit from Machine Translation(MT) System research study in identifying and expanding their global demand. Micro and macro trends, important developments, and their usage and penetration across a wide variety of end-users are also included in the Machine Translation(MT) System segment.

The market analysis done with statistical tools also helps to analyze many aspects that include the demand, supply, storage costs, maintenance, profit, sales, and production details of the market. Furthermore, the global Machine Translation(MT) System research report provides the details about the Machine Translation(MT) System share, import volume, export volume, and the gross margin of the companies.

Machine Translation(MT) System Segmentation by Type:

Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Hybrid Machine Translation, Neural Machine Translation.

Machine Translation(MT) System Segmentation by Application:

Automotive, Military & Defense, Electronics, Healthcare, Others

Machine Translation Market Share Insights
Key market players include Google, Inc.; SDL Plc; Lionbridge; and Microsoft Corporation. Companies such as Google, Inc. and Microsoft Corporation are working on ways to deploy Neural Machine Translation (NMT) in their product offerings to significantly improve fluency to translate documents in different languages. For instance, in 2016, Google, Inc. launched the NMT tool, which deploys an artificial neural network to undertake multilingual translations of decoding semantic data.

Furthermore, in October 2017, Google, Inc. launched Pixel Buds consisting of built-in Google Assistant and Google Translate, which can translate 40 different languages by using Google Translate technology. Pixel Buds deploys Artificial Intelligence (AI) through the new Google NMT framework. Google Assistant allows the earbuds to translate conversations in real time, along with web search and media connectivity.

In December 2014, Microsoft Corporation released a preview version of Skype Translator for Spanish and English audiences. The Skype Translator preview program was developed to combine features of machine learning, speech recognition, and MT. Skype Translator offers speech-to-speech translation that enables face-to-face interaction for users who speak different languages

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Table of Content:

1 Scope of the Report
1.1 Market Introduction
1.2 Research Objectives
1.3 Years Considered
1.4 Market Research Methodology
1.5 Economic Indicators
1.6 Currency Considered
2 Executive Summary
3 Global Machine Translation(MT) System by Players
4 Machine Translation(MT) System by Regions
4.1 Machine Translation(MT) System Size by Regions
4.2 Americas Machine Translation(MT) System Size Growth
4.3 APAC Machine Translation(MT) System Size Growth
4.4 Europe Machine Translation(MT) System Size Growth
4.5 Middle East & Africa Machine Translation(MT) System Size Growth
5 Americas
6 APAC
7 Europe
8 Middle East & Africa
9 Market Drivers, Challenges and Trends
9.1 Market Drivers and Impact
9.1.1 Growing Demand from Key Regions
9.1.2 Growing Demand from Key Applications and Potential Industries
9.2 Market Challenges and Impact
9.3 Market Trends
10 Global Machine Translation(MT) System Forecast
11 Key Players Analysis
12 Research Findings and Conclusion

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