The factors responsible for the growth of machine translation market across the globe are increasing volume of big data all over the internet, increasing popularity of cloud-based applications, and increase in the number of students undertaking higher education courses abroad.
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On the basis of application, the global machine translation market is categorized into military & defense, healthcare & life sciences, automotive, travel & hospitality, legal & law firms, banking & finance, electronics, it & telecom services, retail & manufacturing, media & entertainment, and others.Some of the major factors responsible for the growth of machine translation across the globe are increasing volume of big data all over the internet, increasing popularity of cloud-based applications, and increase in the number of students undertaking higher education courses abroad.
During the forecast period, the retail & manufacturing category is expected to be the fastest growing category. The major factor driving the growth of this category are increasing demand of machine translation among retailers to enhance their influence and sales across borders and implement a go-to-market strategy.
North America is the largest revenue contributor in the machine translation market Growing demand for machine translation in military and defense sector will fuel growth for machine translation market in the region.
Some of the major players operating in the global machine translation market include Microsoft Corporation, Baidu, Google LLC, Alibaba Cloud, Amazon, Systran International, International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc, and Honyaku Center Inc.
Source: VynZ Research
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