Artificial Intelligence
Machine Translation Market revenue to cross USD 5 Billion by 2035, says Research Nester
New York, Aug. 01, 2023 (GLOBE NEWSWIRE) — The global machine translation market size is projected to expand at ~20% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 400 million in the year 2022.The market growth is due to the increasing use of e-commerce platforms for shopping. In the world of increasing digitization, the need for e-commerce is also gaining momentum. People from different parts of the world use the services, which makes the need for machine translation even more important. Same-day grocery delivery and options could fuel South Korea’s e-commerce growth rate of around 45% over the next five years.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4767
Additionally, e-commerce in the United States could grow from about 23% of sales to almost 31% by 2026.Apart from that, it is believed that among the factors driving the growth of the machine translation market is also the increasing number of languages that companies are using to expand their business. For its Canadian viewers, Netflix launched French and Indonesian on its international website in 2018. Overall, Netflix has increased its linguistic diversity from around 17 to 26 languages over the past two years. Additionally, in the same year, Uber added seven more languages to its apps and websites. Also, it has launched an Uber mini app for Indian users. Additionally, Ford’s website is multilingual in around 42 languages, while Jack Daniel’s is fluent in almost 23 languages.
Machine Translation Market: Key Takeaways
- Market in North America to propel highest growth
- The military & defense segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increasing Demand for Multilingual Communication across the Globe to Boost Market Growth
Successful multilingual businesses have a more resourceful environment that helps them compete globally, while English-only businesses risk falling behind. About 90% of American employers rely heavily on employees who speak languages other than English to conduct business without communication barriers.
Additionally, nearly 56% of companies believe that the need for a bilingual workforce will increase over the next five years. Mobile translation encompasses both the use of a mobile platform for human translation and mobile applications that increasingly use machine translation technology to translate words and phrases from your smartphone. China, India and the US are the three countries with the highest smartphone usage. There are currently almost 6 billion smartphone users worldwide and the number is expected to grow to around 700 million. NLP guarantees smoother, faster and safer language translation. Over the next 12-18 months, over 75% of UK businesses with active Natural Language Processing (NLP) initiatives plan to increase spending. Ecommerce platforms use machine translation to localize the business. Since customers prefer to read product information in their own language, a localized e-commerce platform also inspires trust and brand loyalty while helping to increase sales.
Machine Translation Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Advancements in Natural Language Processing to Drive the Market Growth in North America Region
The machine translation market in North America region is estimated to garner the largest revenue by the end of 2035. Globalization has led to an exponential increase in cross-border communication and business interactions. Machine translation plays a crucial role in bridging language barriers and facilitating multilingual communication. According to a report, the global language services sales, which includes machine translation, was valued at USD 24.6 billion in 2020, with North America being one of the major contributors.
Natural Language Processing techniques, a key component of machine translation, have seen significant advancements. NLP enables machines to understand and process human language, leading to improved translation accuracy and fluency. The continuous advancements in NLP algorithms and models contribute to the growth of the machine translation market. Machine translation solutions are increasingly being integrated into various business workflows and applications. For example, they are integrated into customer support systems, content management systems, e-commerce platforms, and collaboration tools to enable real-time translation and multilingual support. The integration of machine translation enhances operational efficiency and enables businesses to reach a global audience. With the proliferation of digital content across websites, e-commerce platforms, social media, and digital media, the demand for translation services has surged. Machine translation provides a scalable solution to meet the growing volume of digital content that needs to be translated.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4767
Growing government efforts to Propel the Growth in the Europe Region
The Europe machine translation market is estimated to garner the highest CAGR by the end of 2035. The growth of the market is largely attributed to the increasing government efforts to push technology adoption for multilingualism. The EU promotes the research, development and application of language technologies to break down language barriers while preserving and promoting multilingualism.
According to the European Commission, there are two active programs to eliminate the language barrier in Europe. For example, the European program Horizon promotes research and innovation through cross-industry support for language technology. In addition, the Digital Europe program promotes the use of language technology in the public and business sectors in Europe.
Machine Translation, Segmentation by End User
- Military & Defense
- Automotive
- E-Commerce
- IT
- Healthcare
Amongst these five segments, the military & defense segment in machine translation market is anticipated to hold the largest share over the forecast period. Governments around the world allocate significant budgets for defense purposes to enhance their military capabilities. According to SIPRI (Stockholm International Peace Research Institute), global military expenditure reached USD 1.92 trillion in 2020. This increasing defense expenditure drives the growth of the military and defense segment, as it provides funding for equipment, technologies, and infrastructure development.
Heightened geopolitical tensions and security threats drive the demand for advanced military and defense systems. Countries face various challenges, including terrorism, regional conflicts, and territorial disputes, which necessitate the development and procurement of advanced defense solutions. These security concerns contribute to the growth of the military and defense segment. Military forces worldwide strive to modernize their capabilities by adopting advanced technologies. This includes the integration of technologies like artificial intelligence, unmanned systems, cybersecurity solutions, and advanced communication systems. The need to maintain a technological edge and enhance operational efficiency drives the growth of the military and defense segment.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4767
Machine Translation, Segmentation by Deployment
- On-Premise
- Cloud
Amongst these segments, the cloud segment is anticipated to hold a significant share over the forecast period. Organizations are increasingly adopting hybrid and multi-cloud strategies, combining public cloud services with on-premises infrastructure and multiple cloud providers. This approach allows organizations to leverage the best features of different cloud environments and avoid vendor lock-in. According to a Report, 92% of organizations have a multi-cloud strategy, and 80% have a hybrid cloud strategy. The proliferation of IoT devices generates vast amounts of data that require storage, processing, and analysis.
Cloud computing provides the necessary infrastructure to handle the scale and complexity of IoT data. The growing volume of data and the need for advanced analytics are driving the demand for cloud-based storage and processing capabilities. Cloud platforms provide scalable and cost-effective infrastructure for storing and analyzing large amounts of data. The COVID-19 pandemic has accelerated the adoption of remote work and highlighted the importance of cloud-based collaboration tools and platforms. Organizations are increasingly relying on cloud-based solutions for remote access to data, applications, and collaboration tools.
Machine Translation, Segmentation by Technology
- Statistical Machine Translation
- Neural Machine Translation
- Rule-Based Machine Translation
Few of the well-known market leaders in the machine translation market that are profiled by Research Nester are AppTek, Amazon Web Services, Inc., Alibaba Cloud, Baidu, Cloudwords Inc., Google LLC, IBM Corporation, Lionbridge Technologies, LLC, Microsoft Corporation, Smart Communications, Inc., Lilt, Inc., and other key market players.
Recent Development in the Market
- AAppTek announces the release of a new neural machine translation system that uses metadata as input to modify output and gives localization specialists access to more accurate, user-influenced machine translations. Apptek has also added hundreds of language and dialect pairs to its core machine translation platform.
- Lilt, Inc. has partnered with Foresite Technology Solutions to bring multilingual content to the Foresite platform, increasing the productivity and skills of construction workers. In addition, Foresite aims to reduce communication-related safety concerns for construction workers.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
Artificial Intelligence
Simplilearn and Degreed Collaborate to Transform Workforce Development with AI-Enhanced Learning
SAN FRANCISCO, Oct. 2, 2024 /PRNewswire/ — Simplilearn, the world’s leading digital skills training provider, and Degreed, the innovative learning platform, today announced their strategic partnership to offer premier educational content and platform solutions that drive skills-based learning. This collaboration introduces Simplilearn as one of the first to join Degreed’s AI-Ready partner category, integrating Simplilearn’s extensive educational offerings with Degreed’s advanced learning solutions to deliver transformative learning experiences for individuals and enterprises.
Simplilearn has been at the forefront of digital skills training for over a decade, supporting professionals and organizations worldwide with holistic learning experiences that are instructor-led and hands-on. Their comprehensive range of high-quality courses in artificial intelligence, machine learning, cloud computing, data science, and digital marketing is now seamlessly integrated into the Degreed platform. This AI-powered integration equips Learning & Development (L&D) professionals with a more targeted curation experience, simplifying the creation of personalized learning plans and development pathways tailored to the evolving needs of their teams and organizations.
As technology rapidly transforms industries and reshapes job roles, the demand for advanced, practical training is at an all-time high. Degreed’s ‘AI-Ready’ partner category makes it easier for customers to discover, organize, and access relevant learning materials. Through this partnership, a comprehensive suite of courses and resources is more easily discoverable, empowering individuals and organizations to upskill and stay competitive in the fast-evolving tech landscape.
Leveraging AI, the platform will offer personalized course recommendations based on each learner’s background and experience. This intelligent approach ensures that training is relevant and aligned with individual career goals and organizational needs. Additionally, the collaboration offers access to over 700 live classes each month, keeping teams updated with the latest industry trends and technological advancements. Complementing these live sessions are more than 500 courses and role-based learning paths covering essential areas such as AI, cybersecurity, data science, and machine learning.
Mr. Krishna Kumar, Founder and CEO, Simplilearn, said, “Partnering with Degreed represents a pivotal moment in our journey at Simplilearn. This collaboration underscores our commitment to harnessing cutting-edge technology and tailored learning experiences. By integrating Degreed’s advanced AI capabilities with our industry-leading programs, we are poised to redefine how individuals and organizations approach skill development, ensuring a more agile and role-ready workforce.”
Mr. Max Wessel, co-CEO of Degreed, said, “Our partnership with Simplilearn shows our dedication to equipping professionals with the most relevant skills for today’s fast-paced technology landscape. By using AI to power the integration of Simplilearn’s top-tier courses into Degreed, we enhance our ability to offer personalized, precise, and high-impact learning experiences – helping organizations turn the talent they have into the talent they need.”
About Degreed:
Degreed is the enterprise learning company, offering the world’s leading experience platform to drive skill driven development. Degreed enables organizations to collect, understand, and build skills to develop a workforce that’s ready for anything. To learn more about Degreed, visit www.degreed.com.
About Simplilearn:
Founded in 2010 and based in San Francisco, California, and Bangalore, India, Simplilearn, a Blackstone portfolio company, is the world’s leading digital skills provider, enabling learners across the globe. Simplilearn offers access to world-class work-ready training to individuals and businesses worldwide. Simplilearn offers 1,500+ live classes each month across 150+ countries, impacting over 8 million learners globally. The programs are designed and delivered with world-renowned universities, top corporations, and leading industry bodies via live online classes featuring top industry practitioners, sought-after trainers, and global leaders. From college students and early career professionals to managers, executives, small businesses, and big corporations, Simplilearn’s role-based, skill-focused, industry-recognized, and globally relevant training programs are ideal upskilling solutions for diverse career or business goals.
For more information, please visit www.simplilearn.com/
Logo: https://mma.prnewswire.com/media/1100016/4169121/Simplilearn_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/simplilearn-and-degreed-collaborate-to-transform-workforce-development-with-ai-enhanced-learning-302265798.html
Artificial Intelligence
Multinational Auto Manufacturer to Insource Service Operations with 3CLogic’s Integrated AI and Contact Center Solution for ServiceNow CSM and ITSM
Leading conglomerate selects 3CLogic’s CCaaS offering, purpose-built for ServiceNow CSM and ITSM, as it insources service desk operations to streamline workflows and save millions in operating costs.
ROCKVILLE, Md., Oct. 2, 2024 /PRNewswire/ — 3CLogic, the leading AI and cloud contact center solution for ServiceNow®, today announced the integration of its AI and CCaaS capabilities by a leading auto manufacturer as it seeks to optimize its service desk operations. Leveraging the company’s existing investment in ServiceNow IT Service Management (ITSM) and Customer Service Management (CSM), the collaboration is expected to enhance productivity, improve issue resolution, and significantly reduce operating expenses.
Manufacturing tens of millions of vehicles and equipment annually, supported by a vast network of over 150,000 associates and affiliates, the organization faced challenges due to the limited insights and services provided by its outsourced contact center. Among the most impactful was the lack of integration to its back-office ServiceNow IT and Customer workflows, where the siloed structure negatively impacted the organization’s visibility into performance, process improvements, and service speed.
“We are delighted to support this strategic initiative,” explains Denis Seynhaeve, CEO at 3CLogic. “This is yet another example of a large enterprise organization eager to reclaim ownership of its internal and external support services to enable better experiences through automation, simplification of its technology stack, and tactical use of AI for better insights.”
3CLogic’s integrated AI and contact center solution with ServiceNow CSM and ITSM will deliver a number of capabilities, including AI-powered call transcription and sentiment analysis, automated agent performance and coaching, after-hours voicemail transcription, integrated SMS alerts & notifications, and consolidated reporting with ServiceNow’s native performance analytics. The insourcing of services and process efficiencies are expected to generate approximately $2.6 million in ROI within the first three years of deployment. In addition, the organization is exploring the consolidation of its HR service delivery to unify its operations further.
As the first and only ServiceNow-certified Advanced Platform CCaaS partner, 3CLogic displays a unique approach to streamlined employee and customer workflows for ServiceNow and is expected to discuss its latest AI and contact center capabilities for ServiceNow ITSM, CSM, HRSD, and source-to-pay at the upcoming World Forums in Dallas, TX, on October 8th, 2024, in Munich, Germany, on October 23rd, 2024, and in New York City, NY, on November 7th, 2024.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
Logo – https://mma.prnewswire.com/media/2458632/3clogic_logo_400_x_281__1_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/multinational-auto-manufacturer-to-insource-service-operations-with-3clogics-integrated-ai-and-contact-center-solution-for-servicenow-csm-and-itsm-302264354.html
Artificial Intelligence
Life Science Analytics Market to Hit USD 61.94 Billion by 2029 with 11.7% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 2, 2024 /PRNewswire/ — The global life science analytics market is projected to grow from USD 35.69 billion in 2024 to USD 61.94 billion by 2029, at a robust CAGR of 11.7%. Key drivers include advancements in analytical technologies that streamline data management and enhance insights from diverse sources like clinical trials and electronic health records, alongside rising demands for precision medicine. However, challenges such as data privacy concerns and a shortage of skilled professionals hinder progress. Noteworthy collaborations, like those between TetraScience and Databricks, exemplify the trend towards leveraging AI for improved outcomes in drug development and clinical trials. North America leads the market, fueled by high healthcare expenditure and a focus on innovation, while descriptive analytics currently dominates the market segments. Overall, the life science analytics landscape is evolving rapidly, presenting both opportunities and challenges that stakeholders must navigate to enhance research and operational efficiencies.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=174990653
Browse in-depth TOC on “Life Science Analytics Market”
455 – Tables54 – Figures385 – Pages
Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing life science analytics by enabling advanced data analysis, pattern recognition, and predictive modeling, which are crucial for enhancing drug discovery, clinical trials, and personalized medicine. Companies are investing in leveraging AI & ML across their product lifecycles. In February 2024, Trinity Life Sciences launched Brand Insights AI, a new tool designed to enhance biopharmaceutical brand research by ingesting data from various sources, accelerating analysis, and revealing hidden patterns. This powerful tool leverages Trinity’s AI expertise to refine insights and optimize the use of existing information, supporting impactful and efficient research across the pharmaceutical commercialization spectrum.
The global life science analytics market is segmented into descriptive, prescriptive, and predictive analytics, by type. The prescriptive analytics segmented is expected to register highest growth during the forecast period. The high growth of this market is. driven by its ability to offer actionable recommendations, optimize decision-making, and streamline complex processes such as clinical trial management and personalized medicine. Its advanced predictive capabilities help stakeholders minimize risks, enhance treatment outcomes, and improve operational efficiency. Additionally, the excrubating demand for precision medicine and real-time data-driven strategies further fuels its adoption.
The life science analytics market is divided into services, and software, by component. In 2023, the largest share of life science analytics market belonged to the services segment. The high adoption of life science analytics services over software is driven by the need for specialized expertise and tailored solutions that go beyond the capabilities of standalone software. Increased security, improved cost effectiveness, better usability & flexibility, and improved integration capabilities of services are a few factors impacting market growth. Moreover, the escalating user base and changing needs of companies looking for all-inclusive solutions and support, coupled with the adoption of life science analytics software, generate demand for a range of services, including modification, implementation, and consulting.
The surging adoption of advanced analytics in commercial operations within the life sciences sector is revolutionizing how companies cultivate market strategies & enhance business performance to optimize product launches by providing insights into market trends, competitive landscapes, and customer preferences. Companies are leveraging various organic & inorganic strategies to expand their offerings in commercial operations. For instance, in April 2024, IQVIA and Salesforce expanded their global strategic partnership to accelerate the development of Salesforce’s Life Sciences Cloud, a next-generation customer engagement platform. This collaboration will combine IQVIA’s Orchestrated Customer Engagement (OCE) platform with Salesforce’s CRM, offering an end-to-end solution for transforming healthcare professional and patient engagement in the life sciences industry.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=174990653
The prominent players operating in the Life science analytics market include Oracle (US), Merative (formerly IBM) (US), SAS Institute (US), Accenture (Ireland), IQVIA (US), Cognizant (US), Wipro (India), Veradigm (US), Optum (US), Microsoft (US), MaxisIT (US), ExlService Holdings (US), Inovalon (US), CitiusTech (US), Saama (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot (US), Salesforce (US), Google LLC (US), Amazon Web Services, Inc. (US), Veeva Systems (US), Elsevier (Netherlands), and Komodo Health, Inc. (US). These companies adopted strategies such as product launches, product updates, expansions, partnerships, collaborations, mergers and acquisitions to strengthen their market presence in the life science analytics market.
These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence. Owing to the emergence of new application areas for life science analytics, these players can focus on technologies and offerings dedicated towards research & development, commercial operations, safety, etc.
These market players have offered a diverse range of products and services and have operations worldwide. They rely on technological advancements to avail themselves of innovative products and services and increase their global footprint. These players focus on acquisitions, collaborations, agreements, mergers, product launches & updates, partnerships, expansions, and other recent developments to expand their global reach and develop advanced life science analytics solutions.
Oracle (US) is one of the leading life science analytics companies across the globe. The company provides analytics software & services for various applications including research & development, commercialization, among others. The company focuses on continuously updating its products and meeting customer expectations. Oracle also continuously invests in expanding its solutions by partnerships & collaborations to provide tailored solutions to its end users. For instance, in February 2024, Oracle partnered with ObvioHealth, Inc. to integrate diverse data in decentralized clinical trials and analyze health data from several sources for clinical trials anywhere globally. The company holds a broad customer base and a wide geographic presence, making Oracle as a critical player in various IT software, hardware, and service-related markets, including the life science analytics market.
Merative (US) is one of the prominent players operating in the life science analytics market. Merative offers a comprehensive suite of informatics products and services for life science analytics. The company leverages advanced technologies such as artificial intelligence (AI), machine learning (ML), and other technologies to strengthen the accuracy and efficiency of evidence analysis. The company has a strong brand recognition and extensive product portfolio that has contributed to its success. The company serves life science systems, clinical trial sponsors, and medical device manufacturing industries. The company has established offices across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
For more information, Inquire Now!
Related Reports:
Healthcare Analytics Market
Healthcare IT Market
Telehealth Market
Remote Patient Monitoring Market
Clinical Decision Support Systems Market
Get access to the latest updates on Life Science Analytics Companies and Life Science Analytics Market Size
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC.1615 South Congress Ave.Suite 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: [email protected] Our Website: https://www.marketsandmarkets.com/
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/life-science-analytics-market-to-hit-usd-61-94-billion-by-2029-with-11-7-cagr–marketsandmarkets-302263498.html
-
Artificial Intelligence5 days agoCluePoints Launches Medical & Safety Review (MSR) Software to Revolutionize Clinical Data Review
-
Uncategorized5 days agoMC Digital Realty wins Frost & Sullivan’s 2024 Japan Data Center Services Company of the Year Award
-
Artificial Intelligence5 days agoHyperlink InfoSystem Takes the Spotlight as a Top AI Development Company in USA 2024
-
Uncategorized5 days ago
Prime Minister concludes successful visit from President of France to Canada
-
Artificial Intelligence5 days agoHow AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
-
Artificial Intelligence4 days agoHuawei Wen Tong: 6G Needs to Embrace AI for Shaping Future Network
-
Artificial Intelligence5 days agoAnti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
-
Artificial Intelligence5 days agoWondershare to Showcase Enterprise Solution Excellence at GITEX GLOBAL 2024
