Report Ocean recently released a research report on the Machine Translation Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global machine translation market size was US$ 712.0 million in 2021 and is forecast to reach US$ 2160.3 million by 2030. The global machine translation market is expected to grow at a compound annual growth rate (CAGR) of 14.3% during the forecast period from 2022-2030.
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Factors Influencing
- The growing influence of businesses, mainly in the emerging economies, and the creation of massive online content are contributing to the growth of the global machine translation market.
- The growing use of cloud-based applications is forecast to fuel the growth of the global machine translation market.
- The machine translation (MT) industry is forecast to witness rapid growth because of the increasing demand for content localization. Moreover, the expansion of companies outside the local market is forecast to benefit the global machine translation market.
- The cost-efficiency of machine translation systems is forecast to boost the growth of the global machine translation market.
- Growing threats related to free translation service providers may slow down the market growth.
- The development of advanced machine translation systems to cater to consumer needs would accelerate the market growth. Lilt Inc. introduced an adaptive neural machine translation system to increase the potential of a human translator and offer opportunities for establishing effective communication in a particular language.
Geographic Analysis
Regionally, North America is expected to emerge as the largest revenue contributor in the global machine translation market. It is due to the increasing demand for machine translation from the military and defense sector and the growing use of cloud-based technologies.
Apart from that, the Asia-Pacific region would register significant growth in the global machine translation market due to the large customer base, developing overseas businesses, increasing number of high net worth individuals (HNWIs). Moreover, the region is home to a large number of cultures and languages. As a result, it would propel the growth of the Asia-Pacific machine translation market.
COVID-19 Impact Analysis
The global machine translation market has gained traction, owing to the increasing demand for content localization and high-speed translation. The players in the global machine translation market witnessed favorable growth opportunities in the healthcare sector. The systems, such as Google AI and ML translation, helped people understand the information related to the COVID-19 spread. Moreover, India’s MyGov COVID-19 website was updated to translate the information into 10 different languages. As a result of growing demands, the COVID-19 pandemic is forecast to have a positive impact on the global machine translation market.
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Competitors in the Market
- Microsoft Corporation
- Baidu
- Google LLC
- Alibaba Cloud
- Amazon
- Systran International
- International Business Machines Corporation (IBM)
- Lionbridge Technologies Inc.
- SDL Plc
- Honyaku Center Inc.
- Other prominent players
Market Segmentation
Insight by Technology
- Statistical Machine Translation (SMT)
- Rule-Based Machine Translation (RBMT)
- Neural Machine Translation (NMT)
- Others
Insight by Deployment Type
- On-Premises
- Cloud
Insight by Application
- Military & Defense
- Healthcare & Life Sciences
- Automotive, Travel & Hospitality
- Legal & Law Firms
- Banking & Finance
- Electronics
- It & Telecom Services
- Retail & Manufacturing
- Media & Entertainment
- Others
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Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Machine Translation Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Machine Translation market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Machine Translation Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Machine Translation market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Machine Translation market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Machine Translation market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Machine Translation market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Machine Translation business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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