Insights on the Machine Translation Global Market to 2027 - Rising Popularity of Cloud-based Applications Represents One of the Key Driving Factors - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Oct 6, 2022--

The "Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global machine translation market size reached US$ 162.4 Million in 2021. Looking forward, the publisher expects the market to reach US$ 305.1 Million by 2027, exhibiting a CAGR of 11.08% during 2021-2027.

Companies Mentioned

• 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
• Welocalize Inc.

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Machine translation (MT) refers to a sub-field of computational linguistics that translates source content into target languages. It is a fully automated software, which allows customization and enhances the overall output by limiting the scope of permissible substitutions. It is useful in domains wherein formal or formulaic language is employed.

MT can work without human intervention to translate considerable amounts of information that cannot be translated conventionally. At present, the growth of adaptive machine translation, along with the reinvention of computer-aided translational tools, is offering lucrative opportunities to leading players in the industry.

The rising popularity of cloud-based applications represents one of the key factors strengthening the growth of the market. Cloud technology provides access to different services via cloud servers, thereby eliminating the need to invest in in-house hardware development or installations.

Moreover, the increasing requirement of organizations to localize their content in different languages and capture international markets is positively influencing the sales of MT solutions across the globe. Furthermore, key players are focusing on the development of advanced MT solutions to expand their product portfolio.

For instance, Lilt Inc., an Artificial Intelligence (AI) powered language service provider, recently launched an adaptive neural machine translation system to utilize a real-time feedback loop and enhance the productivity of a human translator. Besides this, machine translation services are being developed to disseminate healthcare information regarding the ongoing coronavirus disease (COVID-19) pandemic in various regional languages.

Key Questions Answered in This Report:

• How has the global machine translation market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global machine translation market?
• What are the key regional markets?
• What is the breakup of the market based on the technology type?
• What is the breakup of the market based on the deployment type?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global machine translation market and who are the key players?
• What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Machine Translation Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakup by Technology Type

7 Market Breakup by Deployment Type

8 Market Breakup by Application

9 Market Breakup by Region

10 SWOT Analysis

11 Value Chain Analysis

12 Porters Five Forces Analysis

13 Price Analysis

14 Competitive Landscape

14.1 Market Structure

14.2 Key Players

14.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/6o1a8o

View source version on businesswire.com:https://www.businesswire.com/news/home/20221006005717/en/

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INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY OTHER TECHNOLOGY

SOURCE: Research and Markets

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