Machine Translation Market Size To Reach US$ 305.1 Million by 2027

IMARC Group's latest report, titled "Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global machine translation market size reached US$ 162.4 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 305.1 Million by 2027, exhibiting a growth rate (CAGR) of 11.84% during 2022-2027.

Machine Translation (MT) or automated translation uses artificial intelligence to translate text automatically from one language to another without human intervention. It examines all text elements and recognizes how the words impact one another. Machine translation is used to translate faster and more efficiently, providing a good starting point for professional human translators. It works very fast, translating millions of words almost instantaneously. It also helps to process documents in a foreign language, search for relevant terms, and remember them for future applications. It raises productivity and the ability to deliver translations faster, lowering the time to market.

Request Free Sample Report (Exclusive Offer on this report): https://www.imarcgroup.com/machine-translation-market/requestsample

Machine Translation Market Demand:

The global market is majorly driven by the increasing demand for machine translation by military and homeland security authorities. In line with this, the growing focus of SMEs and large companies to improve their digital initiatives is significantly contributing to market growth. Furthermore, the rising integration of cloud computing with MT technology is creating a positive outlook for the market. Apart from this, the key players are focusing on improving the user experience in terms of communication, such as the development of a universal speech translator for facilitating conversation between individuals with different natural languages, which is expected to positively influence the market.

Besides, the increasing demand for the localization of marketing strategies and content among businesses is catalyzing the market. Additionally, the growing requirement for machine translation services to facilitate communication between trading organizations and the rising demand for cost-efficient and high-speed translation are providing a boost to the market.

Competitive Landscape:

• Applications Technology Inc
• Asia Online Pte Ltd
• Cloudwords Inc
• International Business Machines Corporation
• Lionbridge Technologies Inc
• Pangeanic
• Raytheon Technologies Corporation
• SDL Plc (RWS Holdings Plc)
• Smart Communications Inc. (PLDT Inc.)
• Systran
• Welocalize Inc

Ask Analyst for Instant Discount and Download Full Report with TOC & List of Figure: https://www.imarcgroup.com/machine-translation-market

Key Market Segmentation:

Breakup by Technology Type:

• Statistical Machine Translation (SMT)
• Rule-Based Machine Translation (RBMT)
• Neural Machine Translation
• Others

Breakup by Deployment Type:

• On-Premises
• Cloud-Based

Breakup by Application:

• BFSI
• Automotive
• Electronics
• Healthcare
• IT and Telecommunications
• Military and Defense
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Browse More Research Reports:

• https://www.abnewswire.com/pressreleases/india-mushroom-market-industry-overview-sales-revenue-demand-and-forecast-by-20232028_630714.html

• https://www.abnewswire.com/pressreleases/india-drones-market-analysis-top-companies-new-technology-demand-opportunity-and-forecast-by-20232028_630716.html

• https://www.abnewswire.com/pressreleases/india-extended-warranty-market-20232028-by-distribution-channel-application-enduser-demand-opportunity-and-forecast_630718.html

• http://www.abnewswire.com/pressreleases/india-ferrite-magnet-market-overview-industry-top-manufactures-market-size-opportunities-and-forecast-by-20222027_632222.html

• http://www.abnewswire.com/pressreleases/india-idiopathic-pulmonary-fibrosis-treatment-market-growth-insight-epidemiology-demand-opportunity-and-forecast-by-20222027_632224.html

• https://www.abnewswire.com/pressreleases/kitchen-appliances-market-size-in-india-top-brands-price-trends-industry-top-manufactures-demand-and-forecast-report-20222027_632226.html

Contact us:

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.