Machine Translation Market Will Grow Fastest in APAC Region

The worth of the machine translation market was USD 169.11 million in 2021, and it will advance at a rate of 7.1% in the years to come, to reach USD 319.44 million by the year 2030.

The neural category will grow at the highest rate in the years to come. This will be owing to the increasing data volumes, progressions in technology, and growing requirement from companies and organizations for this neural MT.

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Moreover, cloud-based solution requirement will considerably grow globally in the future. This is because of the rising use of the machine translation technology by SMEs. Numerous enterprises are shifting their data to cloud-based systems for effective communication, ease of access, cost-effectiveness, scalability, and data control.

Amongst the numerous applications, military & defense generates the highest demand, holding a share over 10% in the past. As a lot of languages are spoken globally, military & defense forces need the quick translation of high-volume content, for communication with multilingual inhabitants in the real time.

Communication is important for almost all professions, but it could be the alteration between life and death for defense & military people. This is because language is a key barrier during military processes and defense research agencies.

The industry is also expanding because of the increasing requirement for content localization. Corporations are finding more reasons to target their products, uses, and websites at local inhabitants. As companies realize how attractive they are for customers, they are trying to establish a presence outside their native countries.

North America had the largest share, of over 44%, in the recent past. This was due to the fact that military & homeland security authorities are progressively choosing this technology for conversation understanding and translation, frequently in combination with post-editing methods.

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Machine translation makes it easier for soldiers for decoding terrorists' conversations in a different language, along with letting the militaries of diverse countries communicate during joint processes and exercises.

The APAC machine translation market will grow the fastest, with an over 7.5% CAGR, over the next few years, as stated by a market research institution, P&S Intelligence. The growth has a lot to do with the development of overseas businesses, a profitable customer base, increasing count of HNWIs, presence of a number of languages, and growing focus of SMEs and large enterprises on improving their digital initiatives.

It is because of the growing data volumes, technological progressions in machine translation, and the growing requirement for companies and organizations for machine translation that the market is booming all over the world.

About P&S Intelligence

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