Machine Translation Market Revenue by Major Players- IBM, SDL plc, Google, SYSTRAN and Microsoft

Machine translation market is forecasted to witness a CAGR of over 6.0% during the period 2017–2023 to reach $195.4 million by 2023.

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.

Europe is the second largest market for machine translation, and also a forerunner in the development and implementation of MT technology. Because of multilingualism, Europe faces challenges posed by official languages, regional languages, and other minority languages compared to other regions. MT plays an important role in this regard in overcoming these challenges and helping the region to generate more revenue through its businesses.

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Market Segmentation

By Technology

SMT

RBMT

NMT

Others (example-based machine translation (EBMT) and hybrid machine translation (HMT)

By Deployment Type

On-premises

Cloud

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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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