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) 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. Looking forward, IMARC Group expects the global machine translation market to exhibit strong growth during the next five years.
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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:
The report has also examined the competitive landscape of global retail analytics market. Some of the major players in the market are 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:
1. Statistical Machine Translation (SMT)
2. Rule-Based Machine Translation (RBMT)
3. Neural Machine Translation
Breakup by Deployment Type:
Breakup by Application:
5. IT and Telecommunications
6. Military and Defense
Market Breakup by Region:
1. North America
4. Latin America
5. Middle East and Africa
Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
Key highlights of the report:
1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players
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