Machine Translation Market in North America is projected to surpass $600 mn by 2024 owing to technological advancements in machine learning algorithms and artificial intelligence.
Pune, Maharashtra -- (SBWIRE) -- 01/14/2019 -- According to a new report published by Graphical Research, titled, "North America Machine Translation Market Share based on Technology, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024",
North America is the leading machine translation market globally owing to the abundant demands from the IT sector of the U.S. North America's IT sector holds more than 60% of the regional market demand. This is attributed to the presence of IT technology giants in the region. IT companies are one of the major adopters of this technology for meeting the requirements of global customers. This is one of the major reasons for the North America machine translation market.
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North America Machine Translation Market size is set to surpass USD 600 million by 2024. Machine translation is mainly used by large enterprises as the deployment of these systems requires high initial cost and resource allocation. Machine translation tools are used as content localization tool and are common in larger organizations. With smaller firms and organizations in North America, the trend of outsourcing such services has been observed. However, when faced with enormous volumes of data, organizations may deploy machine translation as an on-premise business activity.
Moreover, the presence of several providers in the region backed by supportive government policies is driving the North America machine translation market. The increasing investments and developments in artificial intelligence and machine learning by technology giants will bolster the North America machine translation market.
On the basis of technology, the SMT segment has shown a lucrative growth over the forecast period in this region. Google translate and Microsoft translation use SMT machine translation technology for its online services and applications. Recently, when Google Translate was first launched, Phrase-Based Machine Translation (PBMT) was used as a key algorithm. PMBT algorithm works by splitting sentences into phrases and words that can be translated mainly autonomously. This is considered as the simplest and most popular version of SMT.
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Major companies in the machine translation market in North America are IBM, Microsoft, and Google. In October 2017, Google launched Pixel Buds, a real-time translator that connects web search and connectivity incorporated with a built-in Google Assistant and Google Translate capable of translating 40 different languages.
Segments We Covered in this report:
North America Machine Translation Market Statistics, By Application
Military & defense
North America Machine Translation Market Forecast, By Technology
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