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Machine Translation Market to grow by USD 1.02 billion from 2022 to 2027, Growth Driven by globalization of businesses – Technavio


NEW YORK, Sept. 14, 2023 /PRNewswire/ –The machine translation market by deployment (on-premise and cloud), application (defense, IT, automotive, and healthcare), and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027″ report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the machine translation market between 2022 and 2027 is USD 1.02 billion. Globalization of businesses is the key driver for the growth of the machine translation market. Companies are constantly trying to expand their operations beyond regional borders. Therefore, there is a great need for people who are proficient in translation services. The demand for translation and interpretation services is also increasing. In addition, companies need to focus on expanding their customer base globally. They can achieve this by focusing on their marketing strategy and localizing their marketing content. As a result, more and more businesses are choosing content localization services in target economies, thereby increasing the demand for language translation and interpretation services. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here


Technavio has announced its latest market research report titled Global Machine Translation Market 2023-2027


Market Challenge

Data privacy and security risks in online translation services are significant challenges restricting market growth. 

Learn about additional key drivers, trends, and challenges available with Technavio. Read FREE Sample PDF Report Now

The machine translation market is segmented by deployment (on-premise and cloud), application (defense, IT, automotive, and healthcare), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

  • The market share growth by the on-premise segment will be significant during the forecast period. On-premise delivery as a delivery type has seen tremendous growth as part of the machine translation market. Organizations that handle sensitive information and comply with regulations choose to deploy in place because it gives more control over data protection and privacy. On-premises solutions are preferred in industries such as healthcare, government, and finance, which often have strict data management requirements. Hence, these factors are expected to drive segment growth during the forecast period.
  • North America is estimated to contribute 29% to the growth of the global market during the forecast period.  

View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the machine translation market:

Alphabet Inc., ARGOS TRANSLATIONS Sp. z o.o., Babylon Software Ltd., Cloudwords Inc., CSOFT International Inc., Global Lingo Ltd., Honyaku Center Inc., International Business Machines Corp., Lingotek Inc., Lingua Custodia, Lionbridge Technologies LLC, Microsoft Corp., Omniscien Technologies, Promt, RWS Holdings PLC, SYSTRAN SA, Teleperformance SE, thebigword Group Ltd., TransPerfect Global Inc., and Welocalize Inc.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com

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