Machine Translation Market- Booming Worldwide and Advancement Outlook
Market Segmentation
By Technology
Geographically, the market is expected to witness the fastest growth in the Asia-Pacific (APAC) region, mainly attributed to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages in the region.

Emerging demand for content localization to push the machine translation industry
The machine translation industry is witnessing significant growth as a result of the growing demand for content localization. Companies are finding more and more reasons to localize their products, applications, and websites. Companies, worldwide, are recognizing their potential to address the market needs and therefore striving towards meeting customer demands outside their local market. Localization aids them to communicate with the target markets in their language and integrate industry-specific aspects with their culture and develop a local appeal. Localization strategy is significant to not only recognize the demand of a company’s product in the target country but also consider the associated benefits and risks before making any decision. Further, it enables organizations to develop effective marketing campaigns.
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SMT to hold the largest size of the machine translation market throughout the analysis period
SMT technology has been the largest revenue contributor in the machine translation industry and is expected to spearhead the market throughout the forecast period. Cloud computing technology helps SMT to run in an effective manner, as it offers high processing power and enhanced storage capacity to the computer. Moreover, SMT offers various benefits over other MT technologies in terms of customizability, community collaboration, and resource requirement.
Machine translation market players coming up with new products
Product launches have been observed as a major strategic step taken by the key vendors operating in the machine translation industry to capture a large market share. Machine translation providers are entering into strategic alliances with technology providers in order to combine their expertise and offer best-in-class translation solutions. Some of the major players operating in the market are International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc., Google Inc., SYSTRAN, TransPerfect Translations International Inc., PROMT Ltd., Microsoft Corporation, Honyaku Center Inc., and Venga Global.
By Technology
- SMT
- RBMT
- NMT
- Others (example-based machine translation (EBMT) and hybrid machine translation (HMT)
- On-premises
- Cloud
- Military & Defense
- Healthcare & Lifesciences
- Automotive
- Travel & Hospitality
- Legal & Law Firms
- Banking & Finance
- Electronics
- IT & Telecom Services
- Retail & Manufacturing
- Media & Entertainment
- Others
Geographically, the market is expected to witness the fastest growth in the Asia-Pacific (APAC) region, mainly attributed to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages in the region.

Emerging demand for content localization to push the machine translation industry
The machine translation industry is witnessing significant growth as a result of the growing demand for content localization. Companies are finding more and more reasons to localize their products, applications, and websites. Companies, worldwide, are recognizing their potential to address the market needs and therefore striving towards meeting customer demands outside their local market. Localization aids them to communicate with the target markets in their language and integrate industry-specific aspects with their culture and develop a local appeal. Localization strategy is significant to not only recognize the demand of a company’s product in the target country but also consider the associated benefits and risks before making any decision. Further, it enables organizations to develop effective marketing campaigns.
Request to Get the Sample Report@ http://bit.ly/2IvNma1
SMT to hold the largest size of the machine translation market throughout the analysis period
SMT technology has been the largest revenue contributor in the machine translation industry and is expected to spearhead the market throughout the forecast period. Cloud computing technology helps SMT to run in an effective manner, as it offers high processing power and enhanced storage capacity to the computer. Moreover, SMT offers various benefits over other MT technologies in terms of customizability, community collaboration, and resource requirement.
Machine translation market players coming up with new products
Product launches have been observed as a major strategic step taken by the key vendors operating in the machine translation industry to capture a large market share. Machine translation providers are entering into strategic alliances with technology providers in order to combine their expertise and offer best-in-class translation solutions. Some of the major players operating in the market are International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc., Google Inc., SYSTRAN, TransPerfect Translations International Inc., PROMT Ltd., Microsoft Corporation, Honyaku Center Inc., and Venga Global.
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