Translation Services Procurement Intelligence expected to grow at a CAGR of 4% from 2023 to 2030
Translation Services Procurement Intelligence The translation services category is expected to grow at a CAGR of 4% from 2023 to 2030. The two main sub-divisions include human-assisted translations and machine translations. Neural machine technology (NMT), which is still in the developing phase, is one of the major technologies in machine translation. The advent of neural machine translations has allowed companies to see the potential value this technology can offer-such as a better understanding of the nuances of languages, idiomatic expressions, and cultural references. NMT-based translation can reduce enterprise translation costs by more than 75%. Technology giants such as Google, Microsoft, Amazon, and Salesforce have started the implementation of NMT in their platforms. Multimodal and augmented reality translation is another upcoming technology trend. An example of how augmented reality (AR) technology can be used while traveling is to view translated information abou...