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Machine Translation Offers an Adjustable Speed Balance for Corporate & Consumer-Oriented Big Data Solutions, thereby Driving Machine Translation Market Growth.

HYDERABAD, TELANGANA, INDIA, January 24, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Machine Translation Market forecast to reach $1.58 billion by 2025, after growing at a CAGR of 13.06% during 2020-2025 owing to high adoption of machine translation technology in end-user verticals such as military and defense, automotive, healthcare and others for automated translation of source material into another language. Many companies have been adopting advanced technologies of hardware and software in order to improve speed and accuracy of machine translation. Growing requirement to localize the rising amount of content in the organizations to eradicate language barriers and to implement a cost-effective translation system in their business process are anticipated to boost the adoption rate of machine translation market size in the near future. The ability of translating different languages according to the customer preferences and lack of existing translators for several specialized fields and language combinations have been providing growth opportunities for the machine translation industry. The growing importance of businesses in emerging markets, creation of online content, and need for enabling global collaboration among employees will further enhance the overall demand for Machine Translation market size during the forecast period 2020-2025. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Research/Machine-Translation-Market-Research-504145

Key takeaways:

1. North America dominates the Machine or automated translation market owing to presence of huge number of players and early adoption of advanced technologies which set to drive the machine translation market.

2. Statistical machine translation sector dominates the machine translation market owing to easy adoption and low cost.

3. Growing trend in big data set to create huge opportunities for machine translation as computational linguistics and linguistic typology are majorly rely on big data.

4. Military and Defense sector is the key end-user for machine translation market owing to increasing government initiatives on machine translation.

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Segmental Analysis:

1. Statistical Machine Translation (SMT) segment held the largest share in the Machine Translation market in 2018. SMT technology uses statistical analysis and predictive algorithms in order to define the rules that are suitable for the required sentence translation.

2. Military and Defense sector has been the primary market for machine translation. The support from governmental organizations such as the Defense Advanced Research Projects Agency (DARPA) provides extensive funding for machine translation in military & defense industry.

3. According to U.S Federal business, in 2018, the U.S. Army had awarded two contracts for its Machine Foreign Language Translation System (MFLTS) project to the companies Applications Technology (AppTek) for $1.55 million, and another to Raytheon Technologies worth $2.99 million.

4. North America dominated the Machine Translation market with a share of around 34.56%, followed by Europe and APAC. The North America region has a high contribution to the machine translation market owing to the rapid adoption of new technologies such as big data, artificial intelligence, and others by the U.S. companies.

Competitive Landscape:

The top 5 players in the Machine Translation industry are -

1. IBM

2. Microsoft

3. SDL

4. Lionbridge Technologies

5. Omniscien Technologies Inc

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https://www.industryarc.com/Research/Language-Translation-Software-Market-Research-502766

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