March 25, 2020
According to the research report titled ‘North America Machine Translation Market Share By Technology, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024’, available with Market Study Report LLC, North America machine translation market is expected to surpass USD 600 million by the year 2024.
Notably, machine translation technology is used as a content localization technology and is commonly used by large corporations since utilization of these systems requires high investments and resource allocations. Growing demand for machine translation solutions in IT sector in the U.S. is driving North America machine translation industry. Reportedly, IT sector in North America holds around 60% of the regional market share, primarily due to high concentration of IT giants in the region. Additionally, large presence of various machine translation service providers owing to favorable government regulations is stimulating the industry outlook. Surging investments towards development of machine learning and artificial intelligence technology are further aiding the market expansion.
In terms of technology, statistical machine translation (SMT) segment is expected to grow significantly during the estimated timeframe. Various technological giants use SMT machine translation technology for their online applications services.
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Major companies operating in machine translation industry in North America are Google, Microsoft and IBM. These market majors are introducing innovative product solutions in order to gain an advantage in the overall market. In 2017 for instance, Google unveiled a real-time translator called Pixel Buds, which connects web search with Google Assistant in order to translate over 40 languages.
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