Press release
Machine Translation Market to grow at 19.0% CAGR from 2017 to 2024
Fractovia.Org
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Machine translation industry encompasses a wide variety of application areas such as electronics, healthcare, IT, automotive, and military & defense. The notable e-commerce industry giants such as eBay, Alibaba, Amazon are using MT technology to expand their business base across the globe, which will fuel machine translation market share from e-commerce applications. Healthcare applications are predicted to exhibit considerable growth rate over the coming seven years, owing to rising clinical and research activities across the medical sector. MT tools help maintain patient records and insurance claim forms and translate medical papers, thereby propelling the industry growth.
Based on technology, machine translation market is mainly divided into RBMT and SMT. SMT covered more than 60% of the industry share of technology segment. The increasing usage of this technology across the commercial sector will boost the product demand significantly. RBMT technology segment will record an annual growth rate of 14% over the period of 2017 to 2024, attributed to its growing application as a language translation tool.
Geographically, U.S. machine translation industry will generate noticeable revenue over the coming timeframe, owing to the availability of more service providers across this region. Moreover, supportive initiations taken by some of the governmental agencies such as the Defense Advanced Research Projects Agency (DARPA) in terms of funding will also favor the industry growth.
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Asia Pacific machine translation industry size will register a flourishing growth rate over the coming years, primarily driven by the product’s surging demand to reduce the communication barrier pertaining to the presence of more number of local languages. India and China will contribute significantly toward APAC growth.
The key participants in machine translation market are Lionbridge Technologies Inc., Moravia IT, Google Inc., Microsoft Corporation, IBM Corporation, and Systran International.
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