According to 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. Looking forward, IMARC Group expects the global machine translation market to exhibit strong growth during 2021-2026. Machine translation (MT) is an automated software used to translate source content into target languages. It can work without human intervention to translate considerable amounts of information. It limits the scope of permissible substitutions to allow customization and enhance the overall output. At present, the increasing utilization of adaptive machine translation is offering lucrative opportunities to key players in the industry.
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.
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The rising popularity of cloud-based applications, which provide access to various services via cloud servers, represents one of the key factors strengthening the growth of the MT market. Moreover, the leading players are focusing on the development of advanced MT solutions to expand their consumer base. For instance, Lilt Inc., an artificial intelligence (AI) powered language service provider, launched a neural machine translation system to use real-time feedback and enhance the productivity of the human translator. Furthermore, MT services are providing healthcare information about the coronavirus disease (COVID-19) in different regional languages, which is anticipated to fuel the market growth.
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Key Market Segmentation:
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
Breakup by Deployment Type:
Breakup by Application:
- IT and Telecommunications
- Military and Defense
Market Breakup by Region:
- North America
- Latin America
- 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
- Competitive Structure
- Profiles of Key Players
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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