Global Machine Translation Market share to reach $1.5bn by 2024 - PowerPoint PPT Presentation

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Global Machine Translation Market share to reach $1.5bn by 2024

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More Information @ The machine translation market is advancing at a rapid rate and in order to keep pace with the translation requirements, companies are becoming increasingly aware of the need to localize content into more languages. This is due to the rising demand for location based content across various industrial verticals such as e-commerce, electronics, travel, e-commerce and hospitality. – PowerPoint PPT presentation

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Title: Global Machine Translation Market share to reach $1.5bn by 2024


1
Global Machine Translation Market share to reach
1.5bn by 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2
Key Insights from Machine Translation Market
  • Increasing requirement to localize the rising
    amount of content in the organizations to
    eradicate language barriers is driving the
    machine translation market. The ability to
    translate different languages according to the
    customer preferences and lack of existing
    translators for several specialized fields and
    language combinations is providing tremendous
    growth opportunities for the industry.
  • Growing demand across businesses to implement a
    cost-effective translation system in their
    business process is anticipated to drive the
    adoption rate of machine translation market size
    over the forecast timeframe. Implementation cost
    of these services is lower than traditional
    alternative. In addition to being-cost effective
    in nature, the technology is capable of
    performing at much faster speeds than human
    translators.
  • Players operating in the machine translation
    market have been increasing their RD spending to
    develop cost effective solutions to fulfil
    customer requirements. For instance, Lionbridge
    introduced Smart Automated Translation software
    that quickly translate large volume content with
    minimum error and at lower costs.

3
Continued...
  • Global machine translation market share was
    dominated by SMT technology, which contributed
    over 60 to the revenue in 2016. This is
    attributed to the rising demand in the commercial
    space as it can be trained for specific data set
    and can be used recurrently for a business.
    Furthermore, the demand for cheap, fast computing
    hardware has enabled the SMT demand as it aids
    applications that rely on billions of statistics
    and large data.
  • Automotive applications will witness considerable
    growth due to the increasing use of the
    technology in efficiently interpreting motor part
    catalogs, technical documentation, how-to
    manuals, and automotive websites, such as
    ChromeData. This way the machine translation
    market aids the OEMs in quickening entry into
    international markets and surge revenue and brand
    equity.
  • The players operating in the machine translation
    market include Moravia IT, Lionbridge
    Technologies Inc., Google, Microsoft, Systran
    International, and IBM. In October 2016, AppTek
    LLC and Emergent LLC, announced that they had
    entered a partnership agreement.

4
U.S. Machine Translation Market Share, By
Application, 2016

5

Browse Full Market Research Report On Machine
Translation Market _at_ http//bit.ly/2ohwk2n
Request for a Sample of this Research Report
_at_ https//www.gminsights.com/request-sample/detail
/159
6
360 Analysis
  • Application Trends
  • Healthcare applications are anticipated to
    witness growth due to the booming research and
    clinical content. It helps in translating medical
    documents, insurance claims forms, web medical
    help, patient records, studies and papers,
    educational materials, warnings and IVR scripts.
    The integration of the technology helps a
    physician to communicate with the patients to
    provide better diagnosis and precisely analyze
    the patients issues.
  • Regional Trends
  • Asia Pacific, driven by India and China machine
    translation market size, will witness attractive
    growth owing to the rising demand for
    localization in native languages by several firms
    to enhance their global reach and therefore cater
    to customer requirements effectively. In India,
    several organizations are supporting the
    integration and deployment of MT tools and
    programs to reduce the communication barriers.
  • Competitive Market Share
  • Industry participants include Lionbridge
    Technologies Inc., Moravia IT, Systran
    International, Google Inc., Microsoft
    Corporation, and IBM Corporation. To curtail
    intensifying competition and gain market share,
    players are significantly investing in RD for
    product and technology development.


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