DUBLIN--(BUSINESS WIRE)--The "Speech to Speech Translation Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The speech to speech translation market is expected to record a growth at a CAGR of 9.4%, over the forecast period (2020 - 2025).
With globalization and frequent international travel, language difference has been acting as a serious barrier. With S2S, the expectations are to break such barrier to foster international business, international tourism, and equalize communication ability. As of 2020, the language with a high demand around the world is Chinese (Mandarin). Ethnologue further estimates that the number of native speakers being 1.2 billion and a billion among them speak Mandarin. This is suggestive that Chinese is the most spoken globally and the second-most preferred for online applications after English.
The recent technological advances and innovations to increase computational power whilst building smaller and smaller devices with higher performance has led to a strong demand for information retrieving and communication enabled technologies in the market. Further, as machine translation investments rise, the resultant is a more accurate translation.
Since the growth of the tourism industry is fueling the demand for speech to speech translation solutions, vendors such as, Raytheon, Lingmo, LogBar Inc., among others, in the market are actively positioning their products on similar lines. For instance, Raytheon BBN Technologies' TransTalk serves a portable, two-way translation device facilitating exchange of information across language barriers. The speech is capable of automatic translation and spoken back in the foreign language.
Key Market Trends
Software Segment to Witness Significantly High Growth Rate
- Mobile and web applications that are capable of taking voice inputs in one language and generate voice outputs in another language are considered as a part of the study. Karlsruhe Institute of Technology is using cases on tourism, medical exchanges, broadcast news with their software application. Speech logger is using their application in the communication markets majorly in Call center. All these use cases are affluence the software segment towards the growth with innovation in a speech to speech translation market.
- Amazon is one of the key players offering speech to speech translation service, among Google and Microsoft. The company is the services with its AWS lambda function that connects with three AI language services, such as Amazon Transcribe, Amazon Translate, and Amazon Polly. Moreover, Amazon Alexa also provides voice translation services that can translate one way from English to another language up to 48 languages.
Asia-Pacific Region is Expected to Witness the Fastest Growth Geographically
- After Europe, Asia-pacific is the major attraction center of tourism, as countries, such as Thailand, Singapore, India, Malaysia, and China, attract a significant number of tourists annually. According to UNWTO, in 2018, the number of international tourist arrivals in Asia-Pacific was at 347.7 million.
- In addition, the region is one of the major markets for smartphones, in terms of volume, and with the advent of 5G, the number of devices is expected to increase even further. According to Ericsson, in 2019, the smartphone subscription rate in China alone reached 1,440 million, while that of Northeast Asia was at 1,820 and India, Nepal, and Bhutan together accounted for 670 million.
- Apart from this, Asia-Pacific is also one of the prominent markets for consumer electronics and software development, wherein various vendors are increasingly developing solutions for businesses. For instance, China's Baidu developed an API for speech to speech translation in August 2019.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Expansion of S2S technologies beyond B2C applications
5.2 Market Restraints
5.2.1 Consumer Behaviour and Failing Product Expectations
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Hardware
6.1.1.1 Standalone
6.1.1.2 Server-based
6.1.1.3 Hybrid
6.1.2 Software
6.2 Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia-Pacific
6.2.4 Rest of the World
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Microsoft Corporation
7.1.2 Google Inc. (Alphabet Inc.)
7.1.3 Cheetah Mobile Inc.
7.1.4 APALON (IAC Search & Media Technologies Limited.)
7.1.5 Langogo
7.1.6 Shenzhen Timekettle Technologies.,Ltd
7.1.7 SSK Corporation
7.1.8 Anhui USTC iFLYTEK Co.
7.1.9 TripLingo LLC.
7.1.10 Travis
7.1.11 Logbar Inc.
7.1.12 Waverly Labs
7.1.13 Lingmo International
7.1.14 Mesay Technology Co. Ltd
7.1.15 Jarvisen
7.1.16 Sourcenext Corporation
7.1.17 Shenzhen Buoth Industry Co. Ltd
7.1.18 SpeechTrans Inc.
7.1.19 ECTACO Inc.
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