Global Machine Translation Market Report 2021-26: Global Size, Share and Industry Trends – The Courier – The Courier

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.

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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 the next five years.

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

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.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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