(MENAFN- IMARC Group) The latest report by IMARC Group, titled “Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” The global machine translation market grew at a CAGR of around 14% during 2015-2020. Machine translation (MT) refers to automated translation in which computer software is used to translate a text from one natural language to another. This tool interprets and analyzes all the elements in the text by using extensive expertise in grammar, syntax, and semantics in both the source and target language. Google translate and LingoHub are some well-known machine translation engines used across the globe.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
The global MT market is primarily driven by the reinvention of translational tools and the growth of adaptive machine translation. Besides this, the demand for cloud-based applications, which eliminate the need to invest in in-house hardware development or installations and provide access to different services via cloud servers, is also influencing the market growth. Moreover, several key players are launching advanced MT systems to enhance the productivity of human translators. This technology has also made it easier to disseminate healthcare information about the outbreak of coronavirus disease (COVID-19) in various regional languages. These factors are expected to provide a positive impact on the market in the coming years 2021-2026. Looking forward, IMARC Group expects the global machine translation market to exhibit strong growth during 2021-2026.
Competitive Landscape with Key Player:
Applications Technology Inc.
Asia Online Pte Ltd., Cloudwords Inc.
International Business Machines Corporation
Lionbridge Technologies Inc.
Pangeanic, Raytheon Technologies Corporation
SDL Plc (RWS Holdings Plc)
Smart Communications Inc. (PLDT Inc.)
Systran and Welocalize Inc.
Breakup by Technology Type:
Statistical Machine Translation (SMT)
Rule-Based Machine Translation (RBMT)
Neural Machine Translation
Others
Breakup by Deployment Type:
On-Premises
Cloud-Based
Breakup by Application:
BFSI
Automotive
Electronics
Healthcare
IT and Telecommunications
Military and Defense
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Key Highlights of the Report:
Market Performance (2015-2020)
Market Outlook (2021- 2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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