Global Machine Translation Market is valued USD 435 million in 2016 is anticipated to grow USD 1483 million with the compounded annual growth of 14.60% over the forecast period 2018-2025.
New York 21 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Machine Translation Market industry is poised to raise USD 1483 million by 2025. Technological advancements have resulted in development of translation theory with minimal errors and grammatical consistency, which has considerably broadened the scope for Machine Translator. Cost-effective and rapid conversion of documents in regional languages has spurred industry growth over the past few years. Moreover, several multinational companies use this method owing to its cost-effectiveness to develop multilingual content for their global websites. Use of professional linguists to provide post-editing of content that has been machine-translated can result in greater accuracy of translated content. Growing number of Internet users worldwide has widened demand for cross-cultural interaction and understanding of content over the web. The necessity for such social interaction has spurred demand for modernization in MT services. Globalization and integration of communication technology has created opportunities for provision of machine translation as a service
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The industry is seeming to be fairly competitive. Some of the leading market players App Tek, Asia Online Pte Ltd, Cloudwords Inc, Lighthouse IP Group, Lingo24 Ltd., Lionbridge Technologies Inc, Lingotek Inc., Moravia IT, Pangeanic, ProMT, Raythean BBN Technologies and so on and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- China and India have witnessed tremendous growth in recent years. The linguistically diverse culture of the Asia Pacific region has witnessed greater demand for translated content.
- North America dominated the industry in 2016.
Bizwit Research & Consulting LLP has considered following segments for the study:
- Military & Defence
- North America
- Asia Pacific
- Latin America
- Rest of the World