The global Machine Translation Market is anticipated to witness substantial growth, projected to reach USD 3.3 billion by 2030 with a CAGR of 7.8% during the forecast period from 2025 to 2030. In 2023, the market was valued at USD 1.1 billion. Several key factors are driving this growth, including the rising volume of big data on the internet, the growing preference for cloud-based applications, and an increase in students pursuing higher education courses overseas.
The market for Machine Translation is segmented based on Technology, including Statistical Machine Translation (SMT), Rule-based Machine Translation (RBMT), Neural Machine Translation (NMT), and others. Deployment types include On-Premises and Cloud, catering to various applications such as Military & Defense, Healthcare & Life Sciences, Automotive, Travel & Hospitality, Legal & Law Firms, Banking & Finance, Electronics, IT & Telecom Services, Retail & Manufacturing, Media & Entertainment, among others.
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