Scope of the Study
Over the past few decades, due to increasing international trades across the globe, the need for language translators is needed. In addition to this, manual translators are time-consuming and not totally reliable. Thus, the introduction to machine translators has minimized the time consumed as well as increased the reliability of the machine translators. Machine translation (MT) is an automated translation process by which computer software is used to translate a text from one natural language (such as mostly used language like English) to another language (Italian, Spanish and many others). The increasing demand from numerous applications will further show lucrative growth over the forecasted period.
The market study is being classified by Type (Rule-Based Machine Translation (RBMT), Statistical Machine Translation (SMT), Example-Based Machine Translation (EBMT), Hybrid Machine Translation (HMT) and Neural Machine Translation (MT)), by Application (Automotive, Military & Defense, Electronics, IT, Healthcare and Others) and major geographies with country level break-up. According to AMA, the Global Machine Translation market is expected to see growth rate of 14.12% and may see market size of USD1290.98 Million by 2024.
Applications Technology (AppTek) (United States), Asia Online Pte Ltd. (Singapore), Cloudwords Inc. (United States), IBM Corporation (United States), Lighthouse IP Group (United States), Lingo24 Ltd. (United Kingdom), Lingotek Inc. (United States), Lionbridge Technologies, Inc. (United States), Lucy Software and Services GmbH (Germany), RWS Holdings (Moravia IT) (United Kingdom), Pangeanic (Spain) and ProMT (Russia) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are BBN Technologies (United States), SDL plc (United Kingdom), Smart Communications, Inc. (Philippines), Systran International (United States) and Welocalize Inc.(United States).
Research Analyst at AMA predicts that European Players will contribute to the maximum growth of Global Machine Translation market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Machine Translation market by Type, Application and Region.
On the basis of geography, the market of Machine Translation has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Upsurging Need for Timely and Accurate Translation of Large Amounts
- Existence of Larger Developers and Increasing Government Initiatives Assisting Machine Translation
- Increasing Adoption of Artificially Intelligent Machine Translators
- Introduction to Video Localization Leading to Increasing Regional Expansion
- Complexities in Maintaining Operational Consistency and Reliability
- Lack of Skilled Workforce Required for Developing Machine Translators
- Time Saving Operations has led to Improved Business Growth
- Provides Comparatively Cheaper Solution for Software Solutions
- Hard to Design Automated Translator Based on Human Intelligence and Error Handling Capability
Key Target AudienceMachine Translation Providers, Machine Translator Manufacturers, Machine Translator Distributors and Suppliers, Machine Translators Industry Associations, Research and Development Institutes, Government Agencies, Upstream and Downstream Buyers and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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