Global Machine Translation (Mt) Market by Technologies, Deployment Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

The global machine translation (Mt) market is expected to reach a considerable value, expanding at a CAGR of around 16% during the forecast period 2020–2026. The major reasons for its growth in the market are, surge in the number of business organizations around the world, increase in customer base, increase in purchasing power of the people, and advancement in technologies. Other factors such as awareness among the people, and the application in various industries such as media & entertainment, automotive, and retail & manufacturing is also a driving factor, for the growth of the machine translation market.

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Primarily, a machine translation as the name suggests is the conversion of source text in one language, to a target text in another language. It is an automatic process. The advancement in technology, has helped in reducing the time, taken to convert the machine languages. There are various forms of translation such as statistical machine translation (SMT), neural machine translation (NMT), and rule-based machine translation (RBMT). In SMT, statistical models are used for translating the machine languages. NMT uses only one model rather than streams of model for the translation. RBMT, uses predefined rules for the conversion of language, from one form to another.

Market Trends, Drivers, Restraints, and Opportunities:

Surge in demand for the localization of content, is a reason for the growth of machine translation
The enormous amount of data being generated, is a driving factor for the growth of its market.
Surge in number of business organizations, around the world, is a reason behind the growth of its market.
The rise in number of mobile devices across the world is a reason for the growth of its market.
Rising purchasing power of the people, is anticipated to be a driving factor for the growth of its market.
The need for high speed, and cost-effective translation is expected, to be a driving factor for the growth of its market.
The combination of various types of systems, and advancement in technology, are some of the recent trends in the industry.