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26 The latest report by IMARC Group, titled “Machine Translation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” The global machine translation market grew at a CAGR of around 14% during 2015-2020. Machine translation (MT) is an automated software used to translate source content into target languages. It can work without human intervention to translate considerable amounts of information. It limits the scope of permissible substitutions to allow customization and enhance the overall output. At present, the increasing utilization of adaptive machine translation is offering lucrative opportunities to key players in the industry. Looking forward, IMARC Group expects the global machine translation market to exhibit strong growth during the next five years.

United statesUnited kingdomSouth koreaRaytheon technologies corporationAsia online pte ltdHoldings plcApplications technology incSmart communications incLilt incCloudwords incTechnology typeInternational business machines corporationLionbridge technologies incWelocalize incPorter five forces analysisTranslation market