Global Mahine Translation Market by Applications, Classifications, Analysis, Consumption, Performance Report 2017-2022
According to a new report published by Reports Monitor titled, “Machine Translation Market By Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Machine Translation Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. Asia Pacific dominates the Machine Translation Market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
Machine translation system is a kind of programme which uses natural language processing technology to automatically translate a text from one language to another. Google translator is the good example of machine translation system. The machine translation systems are less expensive and can add human review of machine translation to improve quality. It is good for translating web content and web pages.
The market is growing rapidly as most of the companies are becoming aware of the need of localize content into more languages. This is due to the increasing demand for location based content across different industries such as e-commerce, electronics, travel, and hospitality. The technology provides information to the users in their native language, thus driving the growth of the market. Machine translation engines shorten project timeline and helps in reducing costs for customers which are the factors responsible for the growth of the market. Companies are finding more and more reasons to localize their products, applications, and websites.
According to the segmentation the market is divided into various segments including by deployment, by technology, by application, and by region. On the basis of deployment the market is classified into on-premises and cloud. The technology segment is bifurcated into RBMT, SMT, and others. The application of the market is categorized into automotive, banking & finance, electronics, healthcare, IT & telecom services, legal & law firms, media & entertainment, military & defense, retail & manufacturing, travel & hospitality, and others.
Key Question Answered:
• What will be the market size in 2025 and at what rate it will grow?
• Who are the major key players in global Machine Translation market and what are their strategies?
• Which vertical industry is expected to show major growth?
• What segment and region will lead the market and why?
The major companies profiled in the report include: Google Inc., IBM Corporation, Lionbridge Technologies Inc., Microsoft Corporation, Moravia IT, Pangeanic Translations, SLATOR, Smart Communications, Inc., Systran International, TransPerfect Translations International Inc.
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