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

Market Challenge

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

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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.

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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

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