Machine Translation Market Insights:
Machine Translation Market size was valued at USD 798 Million in 2021, registering a CAGR of 29.5% during the forecast period (2022-2030), and the market is projected to be worth USD 8.173 Billion by 2030.
Machine translation (MT) refers to software that can fully automate the translation of source information into destination languages. Humans may use MT to assist them in translating text and speech into another language; the MT software may function independently of human participation. MT technologies are frequently used to translate massive volumes of data, involving millions of words that could not be translated in the traditional manner.
Machine Translation Market Research Report” was just released by Market Research Community. It is divided into several categories, including Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation (NMT), Hybrid Machine Translation (HMT), Example-based Machine Translation (EBMT)), application (Automotive, BFSI,E-commerce, Electronics, Healthcare, IT & telecommunications, Military & Defense, Others), Deployment Model (On-premise, Cloud) and companies (Pangeanic, Raytheon Technologies Corporation, SDL Plc (RWS Holdings Plc), Smart Communications Inc. (PLDT Inc.), Systran and Welocalize Inc, Applications Technology Inc., Asia Online Pte Ltd., Cloudwords Inc., International Business Machines Corporation, Lionbridge Technologies Inc), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 29.5%, over the forecast period of 2022–2030
The increased adoption of Machine Translation in the Next Generation industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Machine Translation also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Machine Translation in many sectors also boosts the market growth during the forecast period.
Machine Translation Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||8.173 Billion|
|By Technology||Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation (NMT), Hybrid Machine Translation (HMT), Example-based Machine Translation (EBMT)|
|By Application||Automotive, BFSI,E-commerce, Electronics, Healthcare, IT & telecommunications, Military & Defense, Others|
|By Deployment Model||On-premise, Cloud|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||Pangeanic, Raytheon Technologies Corporation, SDL Plc (RWS Holdings Plc), Smart Communications Inc. (PLDT Inc.), Systran and Welocalize Inc, Applications Technology Inc., Asia Online Pte Ltd., Cloudwords Inc., International Business Machines Corporation, Lionbridge Technologies Inc|
Machine Translation Covid-19 Impact:
The COVID-19 pandemic has had a substantial negative influence on the Machine Translation market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Machine Translation Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Pangeanic, Raytheon Technologies Corporation, SDL Plc (RWS Holdings Plc), Smart Communications Inc. (PLDT Inc.), Systran and Welocalize Inc, Applications Technology Inc., Asia Online Pte Ltd., Cloudwords Inc., International Business Machines Corporation, Lionbridge Technologies Inc
Machine Translation Market Segment Analysis:
- IT & telecommunications
- Military & Defense
- Statistical Machine Translation (SMT)
- Rule-Based Machine Translation (RBMT)
- Neural Machine Translation (NMT)
- Hybrid Machine Translation (HMT)
- Example-Based Machine Translation (EBMT)
By Deployment Model
- On premise
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Machine Translation industries in the region.
Key Machine Translation Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Machine Translation Market segments.
– Largest Market Share Held by Industry to Industry for Machine Translation
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Machine Translation Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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