How growing volumes of big data across the internet is driving machine translation market ?

In 2016, the machine translation (MT) market generated a revenue of $122.3 million and is projected to advance at a 6.7% CAGR during the forecast period (2017–2023). The market is growing due to the rising demand for content localization and increasing volumes of big data across the internet. Machine translation is a process that translates a text from one natural language to another with the help of a computer. In terms of deployment type, the market is divided into cloud and on-premises, between which, on-premises is expected to dominate the market during the forecast period.

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When technology is taken into consideration, the machine translation market is categorized into statistical machine translation (SMT), neural machine translation (NMT), rule-based machine translation (RBMT), and others (which include hybrid machine translation and example-based machine translation). Among these, the SMT category held the largest share of the market during the historical period (2013–2016) and is expected to dominate the market during the forecast period as well. The reason for this is that the technology offers more advantages over other translation technologies in terms of resource requirement, customizability, and community collaboration.

In terms of application, the machine translation market is divided into media & entertainment, military & defense, retail & manufacturing, healthcare & life sciences, IT & telecom services, automotive, electronics, travel & hospitality, banking & finance, legal & law firm, and others (which include learning, advertising & marketing, and energy & utilities). Military & defense accounted for the major share of the market in 2016 and is predicted to dominate the market during the forecast as well, as the sector needs swift translation of high-volume content for communicating with multilingual populations on real-time basis.

Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=machine-translation-marketThe emerging demand for content localization is a major driving factor of the machine translation market. Companies are witnessing a rising need for localizing their applications, products, and websites. The enterprises across the world are increasingly focusing on meeting the demands of customers outside their local market. Localization helps organizations in communicating with the target market in its language and integrating industry-specific aspects with the specific culture and further develops a local appeal. MT aids in reducing the cost associated with translation and time-to-market and is best referred for content where exact translations are not needed.

Market Dynamics

3.3.1 Trends

3.3.1.1 Continuous technological advancements

3.3.1.2 Combination of TM and MT systems leading to fully integrated workflows

3.3.1.3 Migration of machine translation to cloud services


3.3.2 Drivers

3.3.2.1 Emerging demand for content localization

3.3.2.2 Growing volumes of big data across the internet

3.3.2.3 Impact analysis of drivers on market forecast


3.3.3 Restraints

3.3.3.1 Threat from free translation service providers

3.3.3.2 Lack of quality and accuracy

3.3.3.3 Impact analysis of restraints on market forecast


3.3.4 Opportunities

3.3.4.1 Soaring demand for post editing machine translation (PEMT) services

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Requirement for Reducing Overall Healthcare Cost Driving Ambulatory EHR Market

In 2016, the global ambulatory electronic health record market reached $4.0 billion and is projected to grow at a 5.9% CAGR during the forecast period (2017–2023). The market is registering growth due to the rising usage of EHR solutions, adoption of healthcare intranet technologies (HCIT) and increasing government initiatives, and need for reducing the overall healthcare cost. The electronically stored medical records of patients, which include information about medical care and surgeries that do not require the patient to be admitted in a hospital or non-hospital settings, are called ambulatory EHR.

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In terms of application, the ambulatory EHR market is divided into patient management, referral management, decision support, e-prescribing, practice management, population health management, and health analytics. Among these, the practice management application occupied the largest share of the market during the historical period (2013–2016) and is projected to retain its position during the forecast period. This is due to the several advantages of EHR implementation, such as increased efficiency of day-to-day operations of healthcare practices. E-prescribing is predicted to grow at the fastest pace during the forecast period.

Another factor driving the ambulatory EHR market is the surging need for reducing overall healthcare cost. The shift from traditional data record systems to ambulatory EHR records decreases the cost associated with storing the data. While before the data stored on paper required a lot of care while handling it, now with the introduction of ambulatory EHR, the data can be electronically stored with ease. As per the data published by the University of New Mexico Hospital, the hospital saved over $200,000 annually due to reduced overtime and healthcare cost.

The emergence of cloud-based ambulatory EHR solutions is opening up wide opportunities for the players operating in the ambulatory EHR market. Because of the advent of cloud-based ambulatory EHR solutions, it is possible to keep data secure, safe, and fully accessible regardless of network traffic or time. In addition to this, cloud-based solutions demand fewer IT resources, update automatically, take up less space, and require less capital, which results in cost savings for clinics without needing extra time and more staff members for supporting bulky hardware installations.  

Hence, the market is growing due to the rising need for decreasing overall healthcare cost and increasing adoption of HCIT.

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How is Adoption of Bring-your-own-Device (BYOD) Culture Driving WiGig Market?

Companies are increasingly adopting the bring-your-own-device (BYOD) policy, as it aids in saving operational costs. The policy also provides convenience to the employees, who are more comfortable with working on their own device. However, people carrying their own devices, such as laptops and tablets, need to connect their devices to peripherals, such as mouse and local area network (LAN). In order to eliminate the requirement for individually connecting these devices, businesses are making use of WiGig in docking stations that would connect all computer peripherals. By making use of this technology, employees only need to connect their laptops to the dock. 

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The WiGig technology is a wireless standard designed to provide high wireless speeds and work on an altogether different frequency. Conventional wireless internet makes use of 2.4 GHz and 5 GHz bands, while WiGig makes use of 60G Hz bands for transmitting information. According to a P&S Intelligence report, in 2018, the global WiGig market generated revenue of $1,078.7 million, and it is projected to reach a value of $4,386.1 million by 2024, at a 27.9% CAGR during the forecast period (2019–2024). The two types of WiGig are 802.11ac and 802.11ad, between which, the former was more in demand in 2018.

The two major products which use the WiGig technology are networking devices and consumer electronics. Between these, consumer electronics made more utilization of the WiGig technology in 2018, which is ascribed to the rising requirement for portable consumer electronics that support faster internet services. This is why consumer electronics are predicted to create the largest demand for the technology in the near future as well. The entire WiGig market is driven by two technologies, namely integrated circuits and system on chips (SoC), between which the SoC technology used more in WiGig devices in 2018. This was due to the rising penetration of smartphones in countries including India and China.

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The different industries which make use of WiGig include retail, residential, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, and government. Out of these, the IT & telecom industry is expected to make the most use of WiGig communication in the coming years, while its fastest adoption is predicted to witnessed in the healthcare industry. These solutions are increasingly being used in mission-critical applications in the industry, including telemedicine, cardiac and radiology imaging, and handheld scanners. The expansion of the healthcare industry is further providing opportunities to the companies operating in the domain.

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Global Transparent Display Market Expecting Huge Growth During 2019-2024, Focusing On Leading Key Players

Valuing $524.7 million in 2018, the transparent display market is projected to progress to $4,933.6 million by 2024, experiencing a CAGR of 46.2% during 2019–2024 (forecast period).

Interactive displays are trending in the transparent display market, with an increasing number of companies in the hospitality, retail, and automotive applications, adopting them. The retail sector uses them to present different products to potential customers in a more aesthetically appealing way, as these displays themselves are visually pleasing.

The organic light-emitting diode (OLED) category is expected to witness the highest CAGR during the forecast period, on the basis of technology. This is because OLED screens have self-illuminating pixels, which do away with the requirement for backlighting. Further, such products are aesthetically better than those based on the liquid crystal display (LCD) technology, which would further their growth in the market.

A major reason behind the progress of the transparent display market is the rapid adoption of these products in the advertising domain. Several firms, such as P&G and the Coca-Cola Company, are already using these products to promote their offerings.

In 2018­–19, Coca-Cola spent $5.8 billion, while P&G invested $6.7 billion in advertising activities, including the procurement of transparent displays. With many other food and beverage and pharmaceutical companies opting for such strategies, the market would continue prospering.

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The high-definition (HD) category dominated the transparent display market in 2018, on the basis of resolution, as such displays have existed for a considerable time.

Additionally, they are more cost-effective compared to full-HD and ultra-HD variants, which is another reason for their high popularity among end users. Based on application, the largest category in 2018 was digital signage, on account of the heavy usage of digital signage in the transportation, retail, education, and healthcare industries

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What are the Segments Booming in Global Production Printer Market?

The demand for personalized solutions is growing across the globe. With the rapidly rising disposable income, people are spending increasingly on products that complement their individual personalities.

The major brands are under pressure to provide better experiences to the customers, which is why they are focusing increasingly on enhancing customer engagement, primarily through innovative packaging.

It is due to these factors that the demand for production printers is increasing. Production printers are used for high-volume printing as they can produce about 60 pages per minute, and these printers can work efficiently for both colored and monochrome printing. According to a research conducted by P&S Intelligence, the global production printer market attained a value of $4.9 billion in 2017 and is predicted to advance at a 5.1% CAGR during the forecast period (2018–2023).

Digital printing technology is aiding these companies in offering brand protection, value-added serialization, relevant personalization, and test-market prototyping. Furthermore, by making use of digital printing on flexible substrates and plastics, the businesses are able to provide high image quality, minimal inventory, and high-impact branding to their customers.

Among the two types of production printers, namely color and monochrome, the larger demand during 2013–2017 was created for color printers and the situation is going to be the same in the near future as well.

The various technologies on which production printers are based include offset, laser, gravure, inkjet, flexography, screen, and toner. Some other technologies are dye-sublimation, pad, and relief print. Out of these, the largest demand was created for the inkjet production printers during 2013–2017.

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Apart from this, high-speed inkjet printing is rapidly becoming the preferred option for printing transactional documents, as the requirement for print on demand services is growing. Attributed to these factors, inkjet production printers are going to be the most in demand in the coming years as well.

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Surgical Site Infection (SSI) Market Poised for Steady Growth till 2023

With every passing day, the number of surgical procedures being performed across the world is increasing, due to the rise in the prevalence of various diseases and disorders. As per the World Bank, in the U.S., the surgery rate in 2012 was 30,537 per 100,000 people. Australia recorded 28,907 surgeries per 100,000 individuals, in 2015. Surgeries are sensitive procedures, as they involve the piercing of human skin to expose internal organs, which carries a risk of infection. Even after taking all precautions, severe surgical site infections (SSI) are common, which is why the need to cure these as soon as possible is growing.

The global surgical site infection market valued $4.0 billion in 2017, and it is predicted to progress at a 6.4% CAGR during 2018–2023, to ultimately reach $5.9 billion in 2023. Apart from the increasing volume of surgeries, the prevalence of SSIs is also surging, in high- as well as low- and middle-income countries (LMIC). The European Centre for Disease Prevention and Control (ECDC) reported 18,364 SSI cases for a total of 967,191 surgeries in 2013–2014. Further, as per the National Health Surveillance Agency (ANVISA), SSIs account for almost 16% of all hospital-acquired infections in Brazil.

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Currently, North America is the largest user of anti-SSI products, due to its huge healthcare sector, high surgery volume, presence of leading SSI product manufacturers, well-developed healthcare industry, and growing awareness on the topic. Within the region, the SSI market growth in the U.S. would be faster, as the federal government spends a considerable portion of its gross domestic product (GDP) on healthcare. The National Health Expenditure Accounts (NHEA) reported an increase of 4.3% in the nation’s healthcare spending during 2015–2016.

During the forecast period, the demand for such products would see the sharpest rise in the Asia-Pacific and Rest of the World regions, which are home to a large number of LMICs. As per the World Health Organization (WHO), one in every 10 people undergoing surgeries in LMICs get SSIs. Therefore, the WHO has a set of guidelines, known as Patient Safety Solutions, which recommend doctors to keep their hands sanitized, in order to prevent SSIs.

Therefore, as people become more aware about SSIs, the demand for preventive and therapeutic products would grow further.

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How Rising Business Competition Impacts Speech Analytics Market?

There is a popular saying, “The customer is always right”. Despite its literal meaning not always being true, what it actually means is that all requests, queries, and demands of customers must be tended to, if a company hopes to retain them and make consistent profit. In today’s times of intense competition, where fortunes can be made and destroyed in days, providing a satisfactory customer experience has become more important than ever. This is why an increasing number of companies are setting up customer support departments or outsourcing the task to contact centers.

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Thus, with the increasing number of contact centers, the speech analytics market is also prospering. Compared to $1,010.4 million in 2018, the sale of such software is expected to be worth $2,910.1 million in 2024, with the revenue increasing at a 19.9% CAGR during 2019–2024 (forecast period). As the term suggests, speech analytics software studies the speech on various parameters, such as volume and pitch, to determine the emotions of the speaker. Currently, among all applications of such software — call monitoring, agent performance monitoring, customer experience management, and risk and compliance management — it is mostly widely used for customer experience management.

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Speech analytics determines why the customer has called, their mood, and reactions to the products and services on offer. This helps customer support teams with pinpointing the areas where the team members need improvement, while interacting with customers, with a thorough knowledge of customers’ expectations and requirements. The better companies serve their customers, the more likely they are to retain them, which is why customer experience management has become an important focus area. As a result, even in the coming years, the use of speech analytics for this very purpose will grow the fastest.

The growing usage of this software is being mirrored by a shift of people from phonetic transcription to phonetic indexing. Compared to the former, the latter is easier, as it doesn’t require the scanning of a vast dictionary of words, which is also why it is faster than transcription. Speech analytics software working on the indexing method converts audible speech into a series of phonemes, following which it scours for just a predetermined words’ list. Therefore, with such solutions, a higher call volume can be analyzed without an increase in the number of servers.

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