Press release
Machine Translation Market :: Solution, Services, Application and Market Insight 2023
The machine translation market size is projected to reach $195.4 million by 2023, growing at a CAGR of 6.7% during 2017-2023. The market is growing mainly due to the emerging demand for content localization, growing volumes of big data, and growing need for cost-effective and high-speed translation. Machine translation finds application in military & defense, healthcare & life sciences, automotive, travel & hospitality, legal & law firms, banking & finance, electronics, IT & telecom services, retail & manufacturing, media & entertainment, and others. The top four applications including military & defense, healthcare & life sciences, automotive, and travel & hospitality contributed nearly 40% to the global machine translation market in 2016. Among the various applications, military & defense generated the highest demand with a market share of 10.1% in 2016, closely followed by healthcare & life sciences. Retail & manufacturing is expected to witness the fastest growth in demand during the forecast period. The growing adoption of machine translation among retailers to grow their influence and sales across borders and implement a go-to-market strategy is the key factor driving the growth of the market for machine translation in retail and manufacturing.Explore Full Report Description at: https://www.psmarketresearch.com/market-analysis/machine-translation-market
It has been observed that the volume of data has been increasing across various industries. Switching from analogue to digital technologies and increase in the number of mobile devices and applications are some of the major factors that are likely to fuel the volume of data. The growing volume of big data across the internet is generating the demand for cost-efficient and high-speed translation. According to a research, human translators across the globe can address less than one millionth part of the content generated every day. As MT can cope with high volume of data, perform at high speed and reduce cost associated with translation, many language service providers (LSPs) are increasingly incorporating MT tools with human translation to provide better customer experience and close this gap. Also, with the growing demand of machine translation, the machine translation market has been incorporating further developments such as custom machine translation (CMT). The digital universe is expected to reach zettabytes of data by 2020, which is further expected to increase the importance of machine translation in the years to come.
Asia-Pacific (APAC) is likely to emerge as the fastest growing market for machine translation, registering a CAGR of 7.5% during the forecast period. The growth of this market in the APAC region can mainly be attributed to the rapid growth of overseas businesses, lucrative customer base, growing number of high-net-worth individuals (HNWIs), rising income levels, and prevalence of several languages. Among all the countries in the Asia-Pacific region, Japan accounted for the largest share of 22.8% of the regional machine translation market. China and India are the most populous nations and spending power of these countries make them attractive destination for business.
Download Free Sample Report At: https://www.psmarketresearch.com/market-analysis/machine-translation-market/report-sample
The key players in the machine translation market are International Business Machines Corporation (IBM), Lionbridge Technologies Inc., SDL Plc., Google Inc., SYSTRAN, TransPerfect Translations International Inc., PROMT Ltd, Microsoft Corporation, Honyaku Center Inc., and Venga Global.
About P&S Market Research
P&S Market Research is a global market research and consulting company. We provide market research reports, industry reports; business intelligence and research based consulting services across a range of industries.
With the help of our professional corporate relations with various companies, our market research offers the most accurate market forecasting. Our analysts and consultants interact with leading companies of the concerned domain to substantiate every single data presented in our publication. Our research assists our client in identifying new and different windows of opportunity and frame informed and customized strategies for expansion in different regions.
Contact:
P&S Market Research
347, 5th Ave. #1402
New York City, NY - 10016
Toll-free: +1-888-778-7886 (USA/Canada)
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Machine Translation Market :: Solution, Services, Application and Market Insight 2023 here
News-ID: 1007315 • Views: …
More Releases from P&S Market Research

Smart Cities Market Size, Revenue, Technology, Competitive Analysis, Growth Driv …
The global smart cities market is growing at a CAGR above 20% during 2018 - 2023 and will reach $2578.0 billion by 2023. Due to significant growth in automation technologies such as internet of things (IoT) and adoption of cloud based technologies, the global smart cities market is gaining huge traction. In addition, effective city asset management for public welfare, substantial operational cost savings, and automated public data generation applications…

Global Sports Food Market Expected to Witness 9.2% CAGR During 2016 – 2022
The global sports food market is expected to grow at a CAGR of 9.2% in terms of value during 2016 - 2022. Among the various types, the energy bars segment accounted for the largest share (71.5%) in the global sports food market in 2015.
Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/sports-food-market/report-sample
The manufacturers are trying to bring about products with the best blend of taste and healthy ingredients. They have started to…

Sports Nutrition Market by Type, Distribution Channel, Region, Growth and Demand …
The global sports nutrition market is expected to grow at a CAGR of 8.4% in terms of value during 2016 - 2022. Among the various types, the sports drinks segment accounted for largest share (61.4%) in the global sports nutrition market in 2015.
Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/sports-nutrition-market/report-sample
The increasing health concerns, such as obesity and awareness of physical appearances among all consumers groups is driving the demand for sports…

Orthopedic Trauma Devices Market Supply Chain Trends Mapping the Latest Technolo …
The global orthopedic trauma devices market is growing due to the increasing frequency of fractures, along with the growth of aging population. The advantageous features posed by orthopedic trauma devices, such as internal and external fixators to set a fracture, and in repositioning of bone fragments into their normal alignment are also driving the growth of the market worldwide. Furthermore, the internal fixators have reduced the hospital stays, reduced the…
More Releases for CAGR
[CAGR of 6.7%] Nanocoatings Market Size, Industry Share, CAGR, Regional Forecast …
The global Nanocoatings Market generated $10.7 billion in 2020, and is projected to reach $20.1 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Download sample PDF @ https://www.alliedmarketresearch.com/request-sample/2064
According to the report published by Allied Market Research,…
[CAGR of 5.3%] Pigments Market Size, Industry Share, CAGR, Regional Forecast, 20 …
A recent report by Allied Market Research provides a detailed analysis of the pigments market, highlighting its robust growth. The industry was valued at $27.2 billion in 2022 and is projected to surge to $45.4 billion by 2032, exhibiting an impressive CAGR of 5.3% from 2023 to 2032.
This research report identifies the growth drivers behind the market's expansion and delves into the market dynamics using advanced analytical frameworks…
[CAGR of 5.5%] Silica Flour Market Size, CAGR, Competitive Analysis and Forecast …
The global silica flour industry generated $520.0 million in 2021, and is estimated to reach $876.3 million by 2031, witnessing a CAGR of 5.5% from 2022 to 2031.
Allied Market Research published a report, titled, "Silica Flour Market by Type (Quartz, Cristobalite), by Application (Fiberglass, Glass and Clay, Oil Well Cement, Ceramic and Refractory, Foundry, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report offers a detailed analysis…
Enzymes Market Expansion CAGR of 4.9% CAGR Anticipated 2025-2034
The Enzymes Market report is an in-depth examination of the global Enzymes Market's general consumption structure, development trends, sales techniques, and top nations' sales. The research looks at well-known providers in the global Enzymes Market industry, as well as market segmentation, competition, and the macroeconomic climate. A complete Enzymes Market analysis takes into account a number of aspects, including a country's population and business cycles, as well as market-specific microeconomic…
Electric Bed Market CAGR, Size, Share Grow USD 2,063 Million by 2030 CAGR 13.70%
Global electric bed market size is expected to be worth roughly USD 2,063 million by 2030, growing at a CAGR of more than 13.7% during the projected timeframe of 2022-2030, according to Ameco Research
A significant portion of the population over the age of 60, who often have reduced immunity levels and are more susceptible to neurological disorders, cardiac issues, tumors, and spinal cord compression, is anticipated to have a substantial…
Call Center AI Market Latest, CAGR, Volume and Value 2022-2030 | (CAGR) of 25%
New York , United States- Report Ocean published the latest research report on the Call Center AI market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Call Center AI market study demonstrates a detailed examination of the business state, which represents creative ways for company growth,…