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Global Machine Translation Market 2021 Share, Growth by Top Company, Region, Application, Driver, Trends & Forecast

Machine Translation

Machine Translation Market” report provides strategic supports mentioned by the business specialists with market sources, amount of manufacturing cost structure, raw materials, forecasts, turnover, manufacturing outlays, latest market trends, labor cost, demands and much more. Machine Translation market report covers a comprehensive market structure through the globe with an in-depth study of major dynamics (Drivers, Challenges, Opportunities).  

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Key Market Trends:

Statistical Machine Translation is Expected to Hold the Major Market Share

– Statistical machine translation (STM) system relies on the statistical analysis of large bilingual corporation to train the stochastic models describing the mapping between a source language (SL) and a target language (TL).
– The demand for SMT has significantly increased over the past few years, due to the effectiveness of this technology over rule-based machine translation (RBMT) in terms of the cost and time.
– Further, a big advantage of SMT is the handiness of platforms and algorithms. This means that a lot of the work for building and training a corpus might already be done, and can be found at a much cheaper rate than usual. As a result, one can train and add new languages quickly, in contrast to other MT models.
– Moreover, companies like Microsoft Corporation and Google Inc. have made SMT technology popular with free online engines in the United States. Google Translate is the most known example of SMT. The translations are the results of a statistical model if it is powered by the SMT algorithms.

Asia-Pacific to Witness the Fastest CAGR

– The Asia-Pacific market is driven by the Indian and Chinese machine translation market sizes. These markets are expected to witness attractive growth, owing to the rising demand for localization in native languages by several firms, in order to enhance their global reach by catering the customers’ requirements productively. Asia-Pacific regions are mainly dominated by two emerging economies of the world i.e. China and India.
– China and witnessed positive growths, owing to the linguistically diverse culture of the Asia-Pacific region. These factors create a higher demand for translated content for significantly catering across the regional market.
– In India, several organizations are supporting the integration and deployment of MT tools and programs to reduce communication barriers. With the launch of the government’s ‘Digital India’ initiative, has strategized to grow significantly in the global IT industry. This factor is expected to offer ample opportunities for the companies to expand their reach across the Indian market.

Market Overview:

  • The machine translation market is expected to register a CAGR of 7.1% during the forecast period 2019 – 2024. As the machine translation applications are achieving significantly high accuracy levels, they are increasingly getting employed in diverse areas of business, introducing new applications and enhanced machine-learning models.
  • – The translation market is witnessing an excess demand based on the rising use of computer-assisted tools. The necessity to use the technology in favor of the more efficient translation process is, therefore, continuously increasing.
  • – Using machine translation technology, the text is being translated increasingly faster with the help of computers. It is used by many translation companies to generate multilingual content.
  • – Some of the key factors augmenting the growth of the machine translation market are growing volumes of Big Data, increasing demand for content localization, and increasing need for cost-effective and high-speed translation.
  • – However, accessibility of free of charge translation engines is hampering the growth of the machine translation market during the forecasted period.

    Key Manufacturers Like 

  • IBM Corporation
  • Microsoft Corporation
  • SDL PLC
  • Lionbridge Technologies Inc.
  • Omniscien Technologies Inc.
  • Lingotek Inc.
  • RWS Holdings PLC
  • Welocalize Inc.
  • Smart Communications Inc.
  • Systran International Co. Ltd.
  • AppTek Partners LLC
  • Google LLC
  • Cloudwords Inc.
  • PROMT Ltd
  • Yandex N.V..

    Scope of the Report:

  • Machine translation (MT) refers to fully automated software that can translate source content into target languages. Humans may use MT to help them render text and speech into another language, or the MT software may operate without human intervention. MT tools are often used to translate vast amounts of information involving millions of words that could not possibly be translated the traditional way. The quality of MT output can vary considerably, MT systems require training in the desired domain and language pair to increase quality.
  • Machine Translation market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Machine Translation market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Machine Translation market have also been involved in the study.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

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    Key Questions Answered in Market Report: –

    • What will the market growth rate, Overview and Analysis by Type of Machine Translation market in 2023?
    • What are the key factors driving, Analysis by Applications and Countries Machine Translation market?
    • What are Dynamics, This Overview Includes Analysis of Scope, and price analysis of top Vendors Profiles of Machine Translation ?
    • Who are Opportunities, Risk and Driving Force of Machine Translation market? Knows Upstream Raw Materials Sourcing and Downstream Buyers
    • Who are the opportunities and threats faced by the vendors in Machine Translation space? Business Overview by Type, Applications, Gross Margin and Market Share
    • What are the Machine Translation market opportunities, market risk and market overview of the Market?

    Lastly, the Global Machine Translation Market Research covers a complete market structure across the world with a comprehensive analysis of major key factors. This report provides planned orientations referred by the industry experts.

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    Study objectives of Machine Translation Market Report:

    • To provide a detailed analysis of the market structure along with the Machine Translation market forecast of various segments and sub-segments of the Machine Translation market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Machine Translation market trends that influence the global Machine Translation market

    Detailed TOC of Machine Translation Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Growing Demand for Content Localization
    4.3.2 Increase in the Need for Cost Efficiency and High-speed Translation
    4.4 Market Restraints
    4.4.1 Lack of Quality and Accuracy
    4.4.2 Accessibility of Open Source Translation Engines
    4.5 Industry Value Chain Analysis
    4.6 Industry Attractiveness – Porter’s Five Force Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Technology
    5.1.1 Statistical Machine Translation
    5.1.2 Rule-based Machine Translation
    5.1.3 Neural Machine Translation
    5.1.4 Other Technologies
    5.2 By Deployment
    5.2.1 On-Premise
    5.2.2 Cloud-based
    5.3 By End User
    5.3.1 Automotive
    5.3.2 Military and Defense
    5.3.3 Healthcare
    5.3.4 IT
    5.3.5 Electronics
    5.3.6 E-commerce
    5.3.7 Other End Users
    5.4 Geography
    5.4.1 North America
    5.4.2 Europe
    5.4.3 Asia-Pacific
    5.4.4 Latin America
    5.4.5 Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 IBM Corporation
    6.1.2 Microsoft Corporation
    6.1.3 SDL PLC
    6.1.4 Lionbridge Technologies Inc.
    6.1.5 Omniscien Technologies Inc.
    6.1.6 Lingotek Inc.
    6.1.7 RWS Holdings PLC
    6.1.8 Welocalize Inc.
    6.1.9 Smart Communications Inc.
    6.1.10 Systran International Co. Ltd.
    6.1.11 AppTek Partners LLC
    6.1.12 Google LLC
    6.1.13 Cloudwords Inc.
    6.1.14 PROMT Ltd
    6.1.15 Yandex N.V.

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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