Machine Translation Market size was valued at USD 433.0 million in 2016 and is expected to develop at a CAGR of 14% over the forecast period.
The industry is seeing a transition from human translators to MTs, an efficient tool that provides similar language conversions while significantly saving time and money. Advances in MT technology and new implementation approaches, including crowdsourcing, are expected to reduce MT cost and improve efficiency.
This technology has found high adoption rates among language service providers who use their services to correlate and enhance their output. Additionally, the use of big data for social media data mining to collect information about products and businesses is providing growth opportunities for service providers.
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Key players in the industry include IBM Corporation; SDL PLC; Lionbridge Technologies Inc.; Asia Online Pte Ltd.; and Lighthouse IP Group.
Machine Translation Application
- Automotive
- Military & Defense
- Electronics
- IT
- Healthcare
- Others
Machine Translation Technology Outlook
- RBMT
- SMT
- Others
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Scope of the Report
The research study analyzes the global Machine Translation industry from 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions, considering multiple aspects some of which are listed below as:
Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
Geographic Coverage
o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume
Key Questions Answered by Machine Translation Market Report
1. What was the Machine Translation Market size in 2018 and 2019; what are the estimated growth trends and market forecast (2021-2027).
- What will be the CAGR of Machine Translation Market during the forecast period (2021-2027)?
3. Which segments (product type/applications/end-user) were most attractive for investments in 2018? How these segments are expected to grow during the forecast period (2021-2027).
4. Which manufacturer/vendor/players in the Machine Translation Market was the market leader in 2018?
5. Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.
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