Machine Translation Market Research Report 2022, Trends, Share, Size, Demand and Future Scope 2027

PRESS RELEASE

Published February 7, 2023

IMARC Group’s latest report, titled “Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global machine translation market size reached US$ 162.4 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 305.1 Million by 2027, exhibiting a growth rate (CAGR) of 11.84% during 2022-2027.

Machine Translation (MT) or automated translation uses artificial intelligence to translate text automatically from one language to another without human intervention. It examines all text elements and recognizes how the words impact one another. Machine translation is used to translate faster and more efficiently, providing a good starting point for professional human translators. It works very fast, translating millions of words almost instantaneously. It also helps to process documents in a foreign language, search for relevant terms, and remember them for future applications. It raises productivity and the ability to deliver translations faster, lowering the time to market.

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Machine Translation Market Demand:

The global market is majorly driven by the increasing demand for machine translation by military and homeland security authorities. In line with this, the growing focus of SMEs and large companies to improve their digital initiatives is significantly contributing to market growth. Furthermore, the rising integration of cloud computing with MT technology is creating a positive outlook for the market. Apart from this, the key players are focusing on improving the user experience in terms of communication, such as the development of a universal speech translator for facilitating conversation between individuals with different natural languages, which is expected to positively influence the market. Besides, the increasing demand for the localization of marketing strategies and content among businesses is catalyzing the market. Additionally, the growing requirement for machine translation services to facilitate communication between trading organizations and the rising demand for cost-efficient and high-speed translation are providing a boost to the market.

Competitive Landscape:

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

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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 (2016-2021)
Market Outlook (2022-2027)
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.

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