Machine Foreign Language Translation Systems market is projected to reach US$ 1071 million in 2029, increasing from US$ 489.2 million in 2022, with the CAGR of 12.2% - Valuates reports

Machine Foreign Language Translation Systems market is projected to reach US$ 1071 million in 2029, increasing from US$ 489.2 million in 2022, with the CAGR of 12.2% during the period of 2023 to 2029.

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Machine foreign language translation systems is a sub-field of computational linguistics, and can translate source content into target languages by using machine-learning technologies from and to any of their supported languages.Machine foreign language translation systems works with large amounts of source and target languages, which are compared and matched with each other by a machine translation engine. There are mainly three types of machine translation methods: Rules-based machine translation, Statistical machine translation, Neural machine translation. Machine translation can work without human intervention to translate considerable amounts of information that cannot be translated conventionally. The apparent benefits of machine translation as following: saves time, reduces costs, and memorizes terms. Humans may use MT to help them render text and speech into another language, or the MT software may operate without human intervention.
Influencing issues, such as economy environments, COVID-19 and Russia-Ukraine War, have led to great market fluctuations in the past few years and are considered comprehensively in the whole Machine Foreign Language Translation Systems market research.
The globalization of businesses, linguistic diversity, and growing requirements for easy communication are driving market growth.
Globalization has significantly facilitated meeting the needs of linguistically diverse local audiences. Growing importance of businesses in emerging markets, creation of online content, and need for enabling global collaboration among employees is expected to drive market growth over the forecast period.

Segment by Type
Cloud
On Premise

Segment by Application
B-end Customer
C-end Customer
Government and Defense

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