More Information @ http://bit.ly/2oMmk1O The machine translation market is advancing at a rapid rate and in order to keep pace with the translation requirements, companies are becoming increasingly aware of the need to localize content into more languages. This is due to the rising demand for location based content across various industrial verticals such as e-commerce, electronics, travel, e-commerce and hospitality.

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Fuel Cell Market size worth $25.5bn by 2024
Global Machine Translation Market share to reach $1.5bn by
2024: Global Market Insights Inc.

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 Increasing requirement to localize the rising amount of content in the
organizations to eradicate language barriers is driving the machine translation
market. The ability to translate different languages according to the customer
preferences and lack of existing translators for several specialized fields and
language combinations is providing tremendous growth opportunities for the
industry.
 Growing demand across businesses to implement a cost-effective translation
system in their business process is anticipated to drive the adoption rate of
machine translation market size over the forecast timeframe. Implementation cost
of these services is lower than traditional alternative. In addition to being-cost
effective in nature, the technology is capable of performing at much faster speeds
than human translators.
 Players operating in the machine translation market have been increasing their
R&D spending to develop cost effective solutions to fulfil customer requirements.
For instance, Lionbridge introduced Smart Automated Translation software that
quickly translate large volume content with minimum error and at lower costs.
Key Insights from Machine Translation Market :

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 Global machine translation market share was dominated by SMT technology,
which contributed over 60% to the revenue in 2016. This is attributed to the
rising demand in the commercial space as it can be trained for specific data set
and can be used recurrently for a business. Furthermore, the demand for
cheap, fast computing hardware has enabled the SMT demand as it aids
applications that rely on billions of statistics and large data.
 Automotive applications will witness considerable growth due to the increasing
use of the technology in efficiently interpreting motor part catalogs, technical
documentation, how-to manuals, and automotive websites, such as
ChromeData. This way the machine translation market aids the OEMs in
quickening entry into international markets and surge revenue and brand equity.
 The players operating in the machine translation market include Moravia IT,
Lionbridge Technologies Inc., Google, Microsoft, Systran International, and
IBM. In October 2016, AppTek LLC and Emergent LLC, announced that they
had entered a partnership agreement.
Continued...

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U.S. Machine Translation Market Share, By Application, 2016

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 Application Trends
Healthcare applications are anticipated to witness growth due to the booming research and
clinical content. It helps in translating medical documents, insurance claims forms, web
medical help, patient records, studies and papers, educational materials, warnings and IVR
scripts. The integration of the technology helps a physician to communicate with the patients
to provide better diagnosis and precisely analyze the patient’s issues.
Regional Trends
Asia Pacific, driven by India and China machine translation market size, will witness attractive
growth owing to the rising demand for localization in native languages by several firms to
enhance their global reach and therefore cater to customer requirements effectively. In India,
several organizations are supporting the integration and deployment of MT tools and
programs to reduce the communication barriers.
Competitive Market Share
Industry participants include Lionbridge Technologies Inc., Moravia IT, Systran International,
Google Inc., Microsoft Corporation, and IBM Corporation. To curtail intensifying competition
and gain market share, players are significantly investing in R&D for product and technology
development.
360° Analysis

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