Machine translation market is observing a swift uptake with the growing need in several sectors to provide information in native languages.

Ocean View, DE -- (SBWire) -- 06/23/2020 --Machine translation market is observing a swift uptake with the growing need in several sectors to provide information in native languages. Importance of language localization in most of the businesses have helped to win customers trust and maintain strong client relationships. This fact is making machine translation units an absolute must-have in the business space. Moreover, the surging demand to eradicate linguistic barriers in corporate, hospitals, tourism & travel and many other industrial verticals has stimulated machine translation market. MT engines have also significantly helped the user in cutting project timeline and reducing costs.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Google
2. IBM
3. Lionbridge
4. Microsoft
5. Moravia
6. SDL plc
7. Welocalize

The growing adoption of advanced technologies to simplify language translation is projected to spur the overall machine translation market. The increasing use of RBMT (rule-based machine translation) technology to precisely break down the target and the source languages make it more grammatically superior than others. Machine translation industry is gaining major revenue from the RBMT as it helps in forming syntactically links and grammatically correct scripts. RBTM technology is estimated to register a CAGR of 14% over the period of 2017-2024.

SMT (statistical based machine translation) is another technological segment, which helps in acquisition of data from parallel quantities and fast learning ability in automatic mode. The Hybrid model in machine translation market makes use of both RMBT & SMT technology to create numerous variations and the lexicon and sentence structure level. SMT technology dominated the global machine translation industry in 2016, having had 60% of industry share. Growing demand of SMTs from the commercial sector and its fast computing hardware has driven the market.

Based on the technology, machine translation industry is mainly divided into RBMT and SMT. RBMT technology segment is anticipated to register an annual growth rate of more than 14% over the period of 2017 to 2024, primarily driven by its superior grammatical and predictable approach of breaking down the source and target languages pertaining to the incorporation of vocabulary.

Healthcare, IT, electronics, automotive, and military & defense are the prominent applications of machine translation market. Healthcare application segment will exhibit noticeable growth rate over the coming years of 2017 to 2024. The growth can be attributed to the growing requirement of translating a vast number of clinical documents. Moreover, the escalating research across the healthcare sector will also boost the requirement of MT tools, which in turn, will influence machine translation industry positively. Installation of this technology across the healthcare sector will help interpret insurance claim forms, medical documents, IVR scripts, patients records, and educational material.

Asia Pacific machine translation market will generate lucrative revenue over the years ahead. The growth can be attributed to the growing adoption of MT tools, mainly across China and India, primarily owing to the fact that these regions exhibit the existence of various local languages. This, in turn, will boost the demand for machine translation market products. Most of the firms across India are implementing MT tools to minimize the communication barrier, which is predicted to create an attractive growth avenue for the industry participants.

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The presence of human translator may impede machine translation market. However, MT being a cost-effective and automated translation method is now broadly accepted by many industrial sectors as a feasible method for quick content translation. Machine translation industry witness's high competition from the existing and new market players. Intensive investments in developing advanced technologies and solutions are set to change the machine translation market dynamics over the coming years.

Some Points From Table Of Content: -
Chapter 4 Machine Translation Market, By Application
4.1 Machine translation industry share by application, 2017 & 2024
4.2 Automotive
4.2.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.3 Military & Defense
4.3.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.4 Electronics
4.4.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.5 IT
4.5.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.6 Healthcare
4.6.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
4.7 Others
4.7.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)

Chapter 5 Machine Translation Market, By Technology
5.1 Machine translation industry share, by technology, 2017 & 2024
5.2 RBMT
5.2.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
5.3 SMT
5.3.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)
5.4 Others
5.4.1 Market estimates and forecast, by region, 2012 – 2024 (USD Million)

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