Machine Translation Market size is set to cross USD 7.5 billion by 2030, according to a new research report by Global Market Insights Inc.
Growing industry competition coupled with the entry of new players will drive the machine translation industry growth. The developing market has created opportunities for new companies. The presence of an economical machine translation technology will propel its utilization and fuel market growth.
The COVID-19 pandemic supported the machine translation market in 2020. Increasing safety concerns have encouraged educational institutes to temporarily shut down their campuses. This factor created barriers for students in terms of completing their application forms. The demand for machine translation technology will observe growth owing to the presence of several students undertaking higher education in foreign colleges. For instance, in the academic year 2020/2021, the UK witnessed over 8.7% growth rate in the number of international students.
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Increasing focus on maintaining data confidentiality and safety
The on-premise deployment model market will grow rapidly from 2022 to 2030, which is attributed to the safety offered by the system. Industries dealing in confidential data refrain from migrating data on a cloud platform.
Browse key industry insights spread across 280 pages with 236 market data tables and 31 figures & charts from the report, “Machine Translation Market Size By Technology (Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation (NMT), Hybrid Machine Translation (HMT), Example-based Machine Translation (EBMT)), By Deployment Model (On-premise, Cloud), By Application (Automotive, BFSI, E-Commerce, Electronics, Healthcare, IT & Telecommunications, Military & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Rising deployment of machine translation solutions in the IT & telecommunication sector
The global machine translation demand from IT & telecommunication sector will expand at 30% CAGR through 2030. Several companies operating in the domain utilize the technology for improving their portfolios and subsequently the customer experience. For instance, in January 2022, Zoom Video Communications, Inc. purchased AppTek’s language packages to enhance its live automatic translations and transcriptions provided in the product range. The solution will boost language & dialect expansion, enabling Zoom to develop cross-language interactions across multiple languages to increase the meeting efficiency & productivity of its users.
Growing focus from government authorities on reducing the language barriers
The North America machine translation market will witness rapid expansion up to 2030, with governing bodies are emphasizing on tackling the language barrier issues in the region by partnering with technology providers.
Securing new projects for increasing brand recognition forms a crucial strategy amongst the industry participants
Players are constantly emphasizing on securing orders to increase their market share. For example, in March 2022, RWS Holdings PLC received a project from STARLUX Airlines to help STARLUX with its worldwide expansion plans. According to the agreement, the company will provide the Tridion solution, which will enable the airlines to translate & manage the onboard entertainment programs list and other associated content. Through this move, the company is strengthening its market position and accelerating its business growth.
Prominent machine translation market leaders include AppTek LLC, AWS (Amazon.com, Inc.), Alibaba Cloud, Cloudwords Inc., Google LLC (Alphabet Inc.), Baidu, Lionbridge Technologies, Inc., IBM Corporation, Moravia IT s.r.o. (RWS Holdings), Omniscien Technologies, Microsoft Corporation, PROMT Ltd., PangeanicMT, Smart Communications, Inc., Tencent Cloud TMT, Systran International, and Raytheon BBN Technologies Corp. (Raytheon Technologies).
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