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Machine Translation Market Size to Reach $983.3 Million by 2022: Grand View Research, Inc.SAN FRANCISCO, June 12, 2018 /PRNewswire/ -- The global machine translation market size is expected to reach USD 983.3 million by 2022, according to a new study by Grand View Research, Inc., exhibiting a 14.6% CAGR during the forecast period. The reinvention of computer-aided translational tools and growth of adaptive machine translation has considerably widened the scope of the machine translation market. (Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg ) Key players are increasing their focus on developing advanced MT systems to meet growing consumer needs. For instance, Lilt Inc. has launched an adaptive neural machine translation system to use real-time feedback loop and Artificial Intelligence (AI) to boost the productivity of a human translator. Moreover, the technology is expected to offer opportunities to people for communicating and accessing information in a particular language. This system goes beyond Facebook, Inc.; Apple Inc.; and Microsoft Corporation's product offerings. Globalization has significantly contributed to addressing the need for linguistically diverse local audiences. Growing importance of businesses in emerging markets, creation of online content, and need for enabling global collaboration among employees is expected to drive market growth over the forecast period. Need for organizations to localize their content in several languages to capture international markets is expected to bolster demand for MT systems. Adoption of such systems and instant web publishing requirements is further expected to improve user experience by developing multilingual engagement across different content types. Growing importance of cloud computing has resulted in increasing demand for cloud-based translation tools. Moreover, delivery of Machine Translation Software-as-a-Service (MTSaaS) over secure cloud offerings accommodated in data centers is expected to offer considerable growth opportunities. The convergence of Translation Memories (TM) and MT is expected to fully integrate workflows. TM store sentences and paragraphs that were previously translated to aid human translators, accelerating translation projects and reducing costs. Furthermore, the industry has gravitated toward the use of Bilingual Evaluation Understudy (BLEU) as a useful measurement of translation quality. BLEU is a method for automatic evaluation of MT, which is inexpensive and language independent. Browse full research report with TOC on "Machine Translation (MT) Market Size, Share & Trends Analysis Report By Application (Automotive, Military & Defense, Electronics, IT, Healthcare), By Technology, By Region, And Segment Forecasts, 2012 - 2022" at: https://www.grandviewresearch.com/industry-analysis/machine-translation-market Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global machine translation market report on the basis of application, technology, and region:
Explore the BI enabled intuitive market research database, The Grand Library, by Grand View Research, Inc. About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Contact: Web: https://www.grandviewresearch.com 
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