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Machine translation provides an adjustable speed balance for enterprise and consumer big data solutions, thereby driving the growth of the machine translation market.
HYDERABAD, Telangana, India, Jan. 24, 2023 /EINPresswire.com/ — IndustryARC finds in its latest report that the machine translation market will reach 1.5 billion by 2025, after growing at a CAGR of 13.06% from 2020 to 2025. We predict that it will reach $80 million. Machine translation technology is widely employed in end-user industries such as military and defense, automotive, and healthcare to automatically translate source material into another language. Many companies employ advanced hardware and software technology to improve the speed and accuracy of machine translation. Market size adoption of machine translation in the near future due to the growing need to localize the growing content within organizations to eradicate language barriers and implement cost-effective translation systems for business processes rate is expected to increase. The ability to translate different languages according to customer preferences and the shortage of existing translators for some specialties and language combinations provide growth opportunities for the machine translation industry. The growing importance of business in emerging markets, the need to create online content, and enable global collaboration among employees drives the overall growth in market size for machine translation during the forecast period 2020-2025. Demand will increase further. This report provides a complete analysis of the market, its major segments, growth drivers, trends, drivers and challengers, key players, etc.
Click here to see the full report summary.
https://www.industryarc.com/Research/Machine-Translation-Market-Research-504145
Important points:
1. North America dominates the machine or automated translation market due to the presence of a huge number of players and early adoption of advanced technologies set to drive the machine translation market.
2. The statistical machine translation sector dominates the machine translation market due to its ease of implementation and low cost.
3. The increasing trend of big data sets creating huge opportunities for machine translation, as computational linguistics and linguistic typology mainly rely on big data.
4. Military and defense sectors are major end-users of the machine translation market due to increasing government initiatives on machine translation.
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Segment analysis:
1. Statistical Machine Translation (SMT) segment accounted for the largest share of the machine translation market in 2018. SMT technology uses statistical analysis and predictive algorithms to define suitable rules for translating the required sentences.
2. Military and defense sectors are major markets for machine translation. Support from government agencies such as the Defense Advanced Research Projects Agency (DARPA) provides significant funding for machine translation in the military and defense industry.
3. In 2018, the U.S. Army awarded two Machine Foreign Language Translation System (MFLTS) project contracts to Application Technologies (AppTek) for $1.55 million and another to Raytheon Technologies in 2018, according to U.S. Federal Operations. Awarded for $10,000.
4. North America dominated the machine translation market with a share of about 34.56%, followed by Europe and APAC. The rapid adoption of new technologies such as big data and artificial intelligence by US companies has made the North American region a major contributor to the machine translation market.
Competitive environment:
The top 5 players in Machine Translation industry are:
1. IBM
2. Microsoft
3.SDL
4. Lionbridge Technology
5. Omnisien Technologies, Inc.
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https://www.industryarc.com/reports/request-quote?id=504145
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IndustryARC is one of the world’s leading market research and consulting firms. We produce over 500 unique market reports each year. If you are looking for a detailed overview of a particular market, please contact IndustryARC’s team. Not only can you purchase your preferred market report from the website, but you can also get personalized support for specific reports.
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