March 24, 2020
As per the report titled ‘Europe Machine Translation Market Size By Technology, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024’, available with Market Study Report LLC, Europe machine translation market is estimated to exceed USD 390 billion by 2024.
Rising adoption of machine translation and speech recognition solutions among language service providers is fueling the growth of Europe machine translation market. Increasing investments through EU financed programs and offshore translation services of European enterprises in the U.S. are augmenting the market growth. Moreover, rapid expansion of IT industry is also rendering a positive impact on the market outlook.
Citing an instance, in November 2017, European Commission (EC) launched online eTranslation services for civil workers, which is accessible to EC information systems through Advanced Passenger Information System (API) and to individual users as well. Such initiatives will stimulate Europe machine translation market growth in the years to come. In addition, contributions from the European Association for Machine Translation are instigating developers, researchers, and professional researchers to promote and develop such systems, thereby fostering the market growth.
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Based on the technology, SMT-based systems segment is expected to grow considerably during the forecast period. These systems function by assessing enormous amount of bilingual texts and comparing source content to a database of previous translations. Efficient natural output as compared to RBMT systems is favoring the product adoption. Growing popularity of various SMT-based systems including open-source Moses, Bing Translator, and Google Translate is enhancing the segment growth.
Major participants of Europe machine translation industry are Sampark, Lionbridge, Moravia IT, Microsoft Corporation, Lucy Software, IBM Corporation, and Google Inc. These companies are actively integrating Neural Machine Translation in their product offerings to improve their market share.
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