openPR Logo
Press release

Machine Translation Market :: Solution, Services, Application and Market Insight 2023

04-09-2018 10:29 AM CET | IT, New Media & Software

Press release from: P&S Market Research

Machine Translation Market :: Solution, Services, Application

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: 1028

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

All 5 Releases


More Releases for CAGR

Wireless Charging Industry Climbing Towards CAGR 45.5%
According to a recent report published by Allied Market Research, titled, Global Wireless Charging Market by Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025, The global wireless charging market was valued at $5,220.0 million in 2017, and is projected to reach $71,213.0 million by 2025, registering a CAGR of 38.7% from 2018 to 2025. At present, Asia-Pacific dominates the market, followed by North America. In 2017, the U.S.
Xanthates Market CAGR to Grow at 4.7%
Persistence Market Research in its latest report projects that the global xanthates market will grow at a CAGR of 6.1% over the forecast period (2017-2025). Owing to Xanthates’ excellent mineral ore processing capabilities, its global sales have witnessed a significant rise in recent years. Mining complexity and declining ore quality have led to a major increase in demand for specialty chemicals to process ores. Towards the end of 2025, around
Global Serious Games Market Show 19.2% CAGR
A new report added by Allied Market Research, forecast that the global serious games market was valued at $2,731 million in 2016, and is projected to reach $9,167 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. The consumers segment is anticipated to grow at the highest rate during the forecast period. Asia-Pacific generated the highest revenue in the global serious games market in 2016 due to
Biogas Market CAGR to Grow at 6.5%
Global demand for biogas has witnessed a spike in demand, owing to mounting concerns over depleting fossil reserves and environmental impact of conventional fuels. According to Future Market Insights, global biogas market revenues totalled nearly US$ 24.5 Bn in 2015. During the forecast period 2016-2026, global biogas revenues are estimated to reach US$ 48, 761.2 million, growing at a steady 6.5% CAGR. Between 2016 and 2026, the global biogas revenues
Bioinsecticides market expecting CAGR 5.4%
Reports And Markets Publish a New Market Research Report On –"Bioinsecticides market- Growth, Trends, Forecast for the period (2017 - 2022)" Access Full Report With Table Of Contents @ https://www.reportsandmarkets.com/reports/1071910-global-bioinsecticides-market-growth-trends-forecast-for-the-period-2017-2022 Pesticides constitute the largest category within the market for crop protection chemicals, with biopesticides accounting for a comparatively minute share. Global consumption of synthetic insecticides is projected to reach 833.32 thousand tons by volume and USD 19.6 billion by value by 2020
Biofertilizers Market witnessing a CAGR of 13.3%
Reports And Markets Publish a New Market Research Report On –"Biofertilizers Market - By Microorganism, Application and Geography - Trends and Forecasts (2016 -2021)" Access Full Report With Table Of Contents @ https://www.reportsandmarkets.com/reports/1071907-global-biofertilizers-market-by-microorganism-application-forecasts-2016-2021 Market Insights The global biofertilizers market, estimated at USD 590.9 million in 2015, is projected to reach USD 1.23 billion by 2021, witnessing a CAGR of 13.3% during the forecast period. The biofertilizers market is highly fragmented, with many small