Machine Translation Market Analysis 2023: Share, language Services and Trending Technology By 2028

PRESS RELEASE

Published April 12, 2023

How Big is the Machine Translation Market ? :

IMARC Group’s latest report, titled “Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the machine translation industry trends 2023. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global machine translation market size reached US$ 179.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 339.6 Million by 2028, exhibiting a growth rate (CAGR) of 11.42% during 2023-2028.

Machine Translation (Using Software):

Machine translation (MT) refers to the sub-field of computational elements that decode the source content into target languages. These are fully automated software, which allow customization and enhance the overall output by limiting the scope of admissible substitutions. The MT software can be categorized into various types, such as statistical machine translation (SMT), rule-based machine translation (RBMT), neural machine translation, etc. These tools are useful in domains where formal or formulaic language is used. In addition, the MT software can work without human intervention to translate considerable amounts of information that cannot be decoded conventionally. As a result, these software find extensive utilization across several sectors, including automotive, electronics, healthcare, military, defense, etc.

Request Free Sample Report (Exclusive Offer on this report): https://www.imarcgroup.com/machine-translation-market/requestsample

Competitive Landscape with Key Players:

Applications Technology Inc
Asia Online Pte Ltd
Cloudwords Inc
International Business Machines Corporation
Lionbridge Technologies Inc
Pangeanic
Raytheon Technologies Corporation
SDL Plc (RWS Holdings Plc)
Smart Communications Inc. (PLDT Inc.)
Systran
Welocalize Inc

Machine Translation Market language Services, and Development:

The escalating demand for cloud-based applications is among the primary factors driving the machine translation market. Besides this, cloud technology provides access to various services via cloud servers, thereby reducing the need for investing in in-house hardware installations, which is further augmenting the market growth. Moreover, the elevating requirement for organizations to localize their content in various languages and capture international markets is also catalyzing the global market.

Apart from this, the leading players, such as Lilt Inc., an artificial intelligence (AI) powered language service provider, are launching adaptive neural machine translation systems, which is acting as another significant growth-inducing factor. Furthermore, the inflating need for these services to distribute healthcare information in various regional languages, owing to the sudden outbreak of the COVID-19 pandemic across the globe, is anticipated to propel the machine translation market over the forecasted period.

Ask Analyst for Instant Discount and Download Full Report with TOC & List of Figure: https://www.imarcgroup.com/machine-translation-market

Key Market Segmentation:

Breakup by Technology Type:

Statistical Machine Translation (SMT)
Rule-Based Machine Translation (RBMT)
Neural Machine Translation
Others

Breakup by Deployment Type:

On-Premises
Cloud-Based

Breakup by Application:

BFSI
Automotive
Electronics
Healthcare
IT and Telecommunications
Military and Defense
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Browse More Research Reports:

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact us:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800