Global Machine Translation Industry Outlook 2020-2027

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Reportlinker.com announces the release of the report "Global Machine Translation Industry".

Here's a video summarizing the figures.

Global Machine Translation Market to Reach $1.5 Billion by 2027

Amid the COVID-19 crisis, the global market for Machine Translation estimated at US$622.5 Million in the year 2020, is projected to reach a revised size of US$1.5 Billion by 2027, growing at a CAGR of 13.9% over the analysis period 2020-2027. RBMT, one of the segments analyzed in the report, is projected to record a 8.8% CAGR and reach US$287 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the SMT segment is readjusted to a revised 15.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $183.4 Million, While China is Forecast to Grow at 13.6% CAGR

The Machine Translation market in the U.S. is estimated at US$183.4 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$274 Million by the year 2027 trailing a CAGR of 13.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.8% and 12.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 10.5% CAGR.

Other Segments Segment to Record 13.1% CAGR

In the global Other Segments segment, the USA, Canada, Japan, China, and Europe will drive the 12.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$42.7 Million in the year 2020 will reach a projected size of US$100 Million by the close of the analysis period. China will remain among the fastest-growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$188.6 Million by the year 2027. We bring years of research experience to this 6th edition of our report. The 152-page report presents concise insights into how the pandemic has impacted production and the buy-side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
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