Machine Translation Market in Europe to witness a high growth by 2024
Category: #reports  By Madhuri Pawar  Date: 2019-03-15
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Machine Translation Market in Europe to witness a high growth by 2024

Graphical Research has announced the release of a new report, titled “Europe Machine Translation Market“. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024. The report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities in the market. 

Europe Machine Translation Market estimated to exceed USD 390 million by 2024. The machine translation market is projected to witness a substantial growth over the forecast period owing to the growing demand from the language service providers. The increasing adoption of machine translation and speech recognition by the service providers has contributed significantly to the growth of the market. This is primarily attributed to the support from the EU financed programs. Moreover, Europe has a strong presence in the U.S as the supplier of translation services to larger clients. There is a strong demand for machine translation from the IT industry that establishes Europe as one of major exporters of the machine translation market.

Sample of this research report - https://www.graphicalresearch.com/request/1072/sample

Based on technology, the Europe machine translation market is projected to witness a strong growth in SMT-based systems. These systems yield results by finding similar patterns. These systems require enormous bilingual texts and work by comparing, source content to a database of previous translations. . Some of the examples of such systems are open-source Moses system, Google Translate, and Bing Translator. These systems are much more natural when compared with RBMT systems.

The governments of EU economies are one of the major stakeholders in the Europe machine translation market. The European Commission (EC) introduced online eTranslation services for civil workers in November 2017. The service is accessible to EC information systems through Advance Passenger Information System (API) along with individual users. In addition, contributions from the European Association for Machine Translation are creating opportunities for professional translators, developers, and researchers to promote and develop such systems.

The prominent players of the Europe machine translation market are Lionbridge, Sampark, Moravia IT, Lucy Software, Microsoft Corporation, Google Inc., IBM Corporation, and others. Companies are deploying Neural Machine Translation (NMT) in their product offerings for a larger market share. For instance, Google and Microsoft are developing solutions to effectively translate documents in different languages. Google’s NMT tool was initially launched in 2016 and is based on artificial neural network to decode the semantic data for multilingual translations.

Browse key industry insights from this report @

https://www.graphicalresearch.com/industry-insights/1072/europe-machine-translation-market

Segments We Cover:

Europe Machine translation market Forecast by application

  • Automotive
  • Military & defense
  • Electronics
  • IT
  • Healthcare
  • Others

Europe Machine translation market Analysis by technology

  • RBMT
  • SMT
  • Others

The above information is provided on a regional and country basis for the following:

  • Germany
  • UK
  • France
  • Spain

Make an inquiry for purchasing this report @ https://www.graphicalresearch.com/request/1072/inquiry-before-buying

Related Reports:

1.    North America Machine Translation Market Share by Technology (SMT, RBMT), By Application (Automotive, Electronics, IT, Military & Defense, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

2.    Asia Pacific Machine Translation Market Size by Technology (SMT, RBMT), By Application (Automotive, Electronics, IT, Military & Defense, Healthcare), Industry Analysis Report, Regional Outlook (China, India, Japan), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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About Author

Madhuri Pawar

Email: [email protected]   

Madhuri Pawar

A post graduate in Electronics and telecommunication field, Madhuri writes for News.Marketsizeforecasters.com and carries a rich experience in digital marketing, exploring how the online world works from a marketing perspective. her other areas of interest include rea...

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