Machine Translation Market to hit $1.5bn by 2024

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Machine Translation Market to hit 1.5bn by 2024
Fractovia.org
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Key Insights of Machine Translation Market

• The global Machine Translation Market share
  report provides numbers for applications and
  regional segments of the industry covering
  historical as well as forecast data for decision
  makers.
• The world today has become a smaller, connected,
  and more dynamic place than before, and the
  progressive growth of machine translation market
  is one of the key reasons contributing to this
  fact. Major companies are aiming to spread their
  business across the globe without the constraint
  of a communication barrier, and machine
  translation industry is contributing remarkably
  toward this cause. MT tools help people
  communicate with each other and decode unknown
  languages, owing to which companies find it
  easier to communicate with clients, improve
  relationships with customers, and help the
  company gain profits. As per the report by Global
  Market Insights, Worldwide machine translation
  market was worth USD 400 million in 2016 and will
  surpass a revenue collection of USD 1.5 billion
  by 2024 with an annual growth rate of 19 over
  the coming years of 2017 to 2024.

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Continued

• Machine translation industry encompasses a wide
  variety of application areas such as electronics,
  healthcare, IT, automotive, and military
  defense. The notable e-commerce industry giants
  such as eBay, Alibaba, Amazon are using MT
  technology to expand their business base across
  the globe, which will fuel machine translation
  market share from e-commerce applications.
  Healthcare applications are predicted to exhibit
  considerable growth rate over the coming seven
  years, owing to rising clinical and research
  activities across the medical sector.
• Based on technology, machine translation market
  is mainly divided into RBMT and SMT. SMT covered
  more than 60 of the industry share of technology
  segment. The increasing usage of this technology
  across the commercial sector will boost the
  product demand significantly. RBMT technology
  segment will record an annual growth rate of 14
  over the period of 2017 to 2024, attributed to
  its growing application as a language translation
  tool.
• Geographically, U.S. machine translation market
  will generate noticeable revenue over the coming
  timeframe, owing to the availability of more
  service providers across this region. Moreover,
  supportive initiations taken by some of the
  governmental agencies such as the Defense
  Advanced Research Projects Agency (DARPA) in
  terms of funding will also favor the industry
  growth.

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

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Continued.

• Asia Pacific machine translation industry size
  will register a flourishing growth rate over the
  coming years, primarily driven by the products
  surging demand to reduce the communication
  barrier pertaining to the presence of more number
  of local languages. India and China will
  contribute significantly toward APAC growth.
• The key participants in machine translation
  market are Lionbridge Technologies Inc., Moravia
  IT, Google Inc., Microsoft Corporation, IBM
  Corporation, and Systran International.

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