The Global Machine Translation Market was valued at USD 800.1 Million in 2023 and is expected to reach USD 1766.5 Million by 2029, growing at a CAGR of 14.12% during 2023-2029.

Pune, Maharashtra -- (SBWire) -- 09/11/2023 --The Global Machine Translation Market study with 132+ market data Tables, Pie charts & Figures is now released by HTF MI. The research assessment of the Market is designed to analyse futuristic trends, growth factors, industry opinions, and industry-validated market facts to forecast till 2029. The market Study is segmented by key a region that is accelerating the marketization. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. Some of the players studied are Applications Technology (AppTek) (United States), Asia Online Pte Ltd. (Singapore), Cloudwords Inc. (United States), IBM Corporation (United States), Lighthouse IP Group (United States), Lingo24 Ltd. (United Kingdom), Lingotek Inc. (United States), Lionbridge Technologies, Inc. (United States), Lucy Software and Services GmbH (Germany), RWS Holdings (Moravia IT) (United Kingdom), Pangeanic (Spain), ProMT (Russia).

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Definition:
Over the past few decades, due to increasing international trades across the globe, the need for language translators is needed. In addition to this, manual translators are time-consuming and not totally reliable. Thus, the introduction to machine translators has minimized the time consumed as well as increased the reliability of the machine translators. Machine translation (MT) is an automated translation process by which computer software is used to translate a text from one natural language (such as mostly used language like English) to another language (Italian, Spanish and many others). The increasing demand from numerous applications will further show lucrative growth over the forecasted period.

Market Trends:
Increasing Adoption of Artificially Intelligent Machine Translators
Introduction to Video Localization Leading to Increasing Regional Expansion

Market Drivers:
Upsurging Need for Timely and Accurate Translation of Large Amounts
Existence of Larger Developers and Increasing Government Initiatives Assisting Machine Translation

Market Opportunities:
Time Saving Operations has led to Improved Business Growth
Provides Comparatively Cheaper Solution for Software Solutions

Target Audience:
New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations, Others

Global Machine Translation Market Competitive Analysis
Know your current market situation! Not just new products but ongoing products are also essential to analyse due to ever-changing market dynamics. The study allows marketers to understand consumer trends and segment analysis where they can face a rapid market share drop. Figure out who really the competition is in the marketplace, get to know market share analysis, market position, % Market Share, and segmented revenue.

Players Included in Research Coverage: Applications Technology (AppTek) (United States), Asia Online Pte Ltd. (Singapore), Cloudwords Inc. (United States), IBM Corporation (United States), Lighthouse IP Group (United States), Lingo24 Ltd. (United Kingdom), Lingotek Inc. (United States), Lionbridge Technologies, Inc. (United States), Lucy Software and Services GmbH (Germany), RWS Holdings (Moravia IT) (United Kingdom), Pangeanic (Spain), ProMT (Russia)

Additionally, Past Global Machine Translation Market data breakdown, Market Entropy to understand development activity and Patent Analysis*, Competitors Swot Analysis, Product Specifications, and Peer Group Analysis including financial metrics are covered.

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Segmentation and Targeting
Essential demographic, geographic, psychographic, and behavioural information about business segments in the Machine Translation market is targeted to aid in determining the features the company should encompass in order to fit into the business's requirements. For the Consumer-based market - the study is also classified with Market Maker information in order to understand better who the clients are, their buying behaviour, and patterns.

Machine Translation Product Types In-Depth: Rule-Based Machine Translation (RBMT), Statistical Machine Translation (SMT), Example-Based Machine Translation (EBMT), Hybrid Machine Translation (HMT), Neural Machine Translation (MT)

Machine Translation Major Applications/End users: On-Premise, Cloud

Machine Translation Major Geographical First Level Segmentation:
- APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (U.S., Canada, and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, UAE, South Africa)

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Research Objectives:
- Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).
- To analyze the with respect to individual future prospects, growth trends and their involvement to the total market.
- To analyze reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
- To deliberately profile the key players and systematically examine their growth strategies.

FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)

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