Machine Translation Market Size to Grow USD 1098.8 Million by 2029 With a CAGR of 12.5% | Valuates Reports
BANGALORE, India, Oct. 13, 2023 /PRNewswire/ -- Machine Translation Market Is Segmented By Type ( Cloud,on Premise),by Application (B-end Customer,c-end Customer,government And Defense): Global Opportunity Analysis And Industry Forecast, 2023-2029. It Is Published In Valuates Reports Under The Category Of Foreign Language Resources
The global Machine Translation market is projected to reach USD 1098.8 million in 2029, increasing from USD 487.1 million in 2022, with a CAGR of 12.5% during the period of 2023 to 2029.
Major Factors Driving the Growth of Machine Translation Market:
Strong growth in the machine translation market has been fueled by rising worldwide connectivity and the need for multilingual communication. This expansion has been spurred by elements including the use of artificial intelligence, automation, and the demand for effective and affordable translation solutions across numerous sectors.
A crucial factor in removing language barriers and advancing multilingual communication on a worldwide scale, developments like the greater usage of machine translation and post-editing further highlight its growing relevance in the language and translation sector.
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TRENDS INFLUENCING THE GROWTH OF THE MACHINE TRANSLATION MARKET
The growing need for multilingual content is one of the main factors driving the Machine Translation (MT) industry. To reach a wider audience, companies and people are increasingly attempting to translate their information into different languages. In response to the rising need for multilingual content, this trend has resulted in a boom in the adoption of MT solutions, which can quickly and affordably translate information into several languages. The growing need for multilingual content is one of the main factors driving the Machine Translation (MT) industry. To reach a wider audience, companies and people are increasingly attempting to translate their information into different languages. The use of MT solutions, which can accurately and affordably translate text into many languages, has increased as a result of this trend.
Worldwide, mobile software and applications are becoming incredibly popular. The rising demand to localize these applications for various locations would help the MT industry in 2023. Developers may access a worldwide user base by localizing user interfaces, content, and documentation to certain languages and cultures via machine translation. Additionally, international enterprises and e-commerce platforms are extending their reach. Machine translation has become an essential tool for aiding worldwide growth since these companies need effective and scalable translation solutions to engage with foreign clients and partners.
In order to efficiently provide multilingual service, businesses are integrating machine translation into their customer support systems. The necessity to serve a variety of consumer bases while improving customer happiness and experience is what is driving this trend. To simplify international company operations, machine translation is used for activities including translating papers, websites, and communication materials.
B-end clients frequently look for affordable and effective translation solutions to serve a worldwide audience. The necessity from this market (B-end clients) propels the creation of user-friendly, adaptable machine translation solutions suited to corporate requirements. These products facilitate multilingual company communication, increase market reach, and improve operational efficiency. In order to streamline international corporate operations, machine translation is used for activities including translating papers, websites, and communication materials. B-end clients frequently look for affordable and effective translation solutions to serve a worldwide audience. The necessity of this industry promotes the creation of user-friendly, adaptable machine translation solutions suited to corporate requirements. These products facilitate multilingual company communication, increase market reach, and improve operational efficiency.
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MACHINE TRANSLATION MARKET SHARE ANALYSIS
The machine translation market has seen tremendous growth in North America. Machine translation technologies have been developed as a result of the region's many IT firms and strong focus on innovation. Due to the region's diversified linguistic terrain, there is a significant market need for localization and multilingual content in North America.
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KEY PLAYERS
- Apptek
- Asia Online
- Cloudwords
- IBM
- Lighthouse IP
- Lingo24
- Lingotek
- Lionbridge Technologies
- Lucy Software and Services
- Moravia
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