Machine Translation Market to Grow At a CAGR of 19.40% during the Period 2012 - 2022

The Global Machine Translation Market was worth USD 0.25 billion in the year 2012 and is expected to reach approximately USD 1.48 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 19.40% during the forecast period.

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Report Overview:
Expanding interest for cost productivity in translation, developing volume of site content, and the huge measure of dialect learning required surpasses the limit of human translation, which thusly is relied upon to fuel the machine translation market. Globalization eases the need to address the linguistic variety of local audiences and web content. The costs of machine translation are relatively low in comparison to conventional human translation. It is additionally quicker than human translation and usually utilized for high-volume content that would alternatively take enormous assets for translation, which is foreseen to drive the machine translation market.

Consumers in the electronics business require effective translation of reports keeping in mind the end goal to accelerate production procedures and time for marketing. An electronics organization needs distributing to be done in numerous languages to give commercial and marketing catalogs, web publishing, press releases for product launches, user manuals, commercial and marketing catalogs, and so on.

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Major Market Players:
The major players in the market are Lionbridge, SYSTRAN and SDL plc.

The global Machine Translation market is segmented as follows-

By Application:
Healthcare
Automotive
Electronics
IT
Military & Defense
Others

By Technology:
SMT
RBMT
Others

Table of Contents:
1.Introduction
2.Executive Summary
3.Market Overview
3.1.Introduction
3.1.1.Market Definition
3.1.2.Market Segmentation
3.2.Market Dynamics
3.2.1.Drivers
3.2.1.1.Increasing demand for high speed translation and cost efficiency
3.2.1.2.Rising Need for Content Localization
3.2.2.Restraints
3.2.2.1.Lack of Accuracy and Quality
3.2.3.Opportunities
3.2.3.1.Emerging Markets to Offer Lucrative Growth Opportunities

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This release was published on openPR.