DUBLIN--(BUSINESS WIRE)--The "Speech to Speech Translation Market - Growth, Trends, and Forecast (2019-2024)" report has been added to ResearchAndMarkets.com's offering.
The speech to speech translation market is projected to record a CAGR of 20.19% over the forecast period, 2019-2024.
Growth of the global tourism industry is influencing the demand for speech to speech translation devices and software market positively. Medical tourism and healthcare industry are also driving the market, along with education and globalization.
The global reach of the various industries is increasing, irrespective of geographical boundaries; geographically places are differentiated via the different language they speak which poses a barrier for businesses to handle operations locally. This is being solved by either speech to speech translation devices or applications.
- The global tourism industry is growing significantly owing to the increasing trend of traveling by Millenials. According to the World Travel & Tourism Council, the industry contributed USD 8.8 trillion to the global economy in 2018, which equates to 10.4% of global GDP.
- The tourism industry grew by 3.9% during fiscal 2018 and employs more than 319 million people across the world, according to World Travel & Tourism Council.
- The growth of the tourism industry is fueling the demand for speech to speech translation, as more and more people travel to different locations, and the need for interpretation arises. According to worldatlas the most visited continent is Europe; however, the European Union consisting of 28 member countries where 24 different languages are spoken.
- The growth of economic globalization is another factor influencing the demand, owing to which the businesses are breaking geographical boundaries and facing the hurdle of language to operate in various countries.
Scope of the Report
The report segments the translators based on hardware and software; hardware includes the software provided by the manufacturer, few device manufacturers use Google dictionaries. The software includes the applications which can be installed on devices providing the same services.
Key Market Trends
Global Tourism Industry Expected to Drive the Market
- According to WTTC, the global tourism industry's total contribution of USD 8.8 trillion to the global economy can be broadly differentiated as business and leisure traveling and respectively they held 21.5% and 78.5%. The requirement for speech to speech translator is becoming vital owing to this, especially in business traveling.
- Travel retail industry is growing as well which provides opportunities for speech to speech translators market to grow. According to TFWA, Europe held 28.9% of the global travel retail industry during fiscal 2018. This is expected to drive the demand for speech to speech translators.
- According to UNWTO data, the total international tourist arrivals stood at 1.40 billion, out of which Europe alone observed 713 million international tourists. The growth in the number of international tourists is expected to drive the market.
- According to WTTC, the tourism industry is expected to contribute USD 13.08 trillion to global GDP by 2029. The growth of the tourism industry positively influences speech to speech translators market.
Asia-Pacific Expected to Hold the Significant Share of the Market
- The growing tourism industry in countries such as China, India, Indonesia, Singapore, Thailand, and many more is contributing to the demand for speech to speech translation. According to WTTC, the Asia-Pacific region was the major contributor to global tourism; the region contributed USD 2.9 trillion during fiscal 2018 and employes 179.6 million people.
- The region also holds a significant share of travel retail. According to TFWA, the region held 44.5% of the global travel retail industry. This is expected to drive the demand for speech to speech translation to provide ease of communication with the local vendors.
- Medical tourism is another field which is attracting tourists in the region. According to IBEF, Indian medical tourism market is growing at a rate of 22-25% and is forecasted to reach USD 9 billion by 2020. This is expected to drive the demand for speech to speech translation solutions in the region.
The market is considerably fragmented with very few major players, the software segment of the market is where major players are competing to gain market share. The companies are including AI and machine learning to enhance their offerings, major companies include Microsoft Corporation, Google (Alphabet Inc.), APALON (IAC Search & Media Technologies Limited.), Langogo, Shenzhen Timekettle Technologies.,Ltd, and many more.
Recent Industry Updates
- May 2019 - Google recently announced its direct speech to speech system called "Translatotron". The application is based on a sequence to sequence network which takes source spectrograms.
Key Topics Covered
1.1 Scope of the Study
1.2 Key Study Deliverables
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers
4.3 Market Drivers
4.3.1 Growing Tourism Industry
4.3.2 Globalization and Spread of Businesses on Global Scale
4.4 Market Restraints
4.4.1 Lack of Accuracy
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Application
5.2.4 Other Applications
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Microsoft Corporation
6.1.2 Google Inc. (Alphabet Inc.)
6.1.3 APALON (IAC Search & Media Technologies Limited.)
6.1.5 Shenzhen Timekettle Technologies Ltd.
6.1.6 SSK Corporation
6.1.8 Keda Xunfei Co.
6.1.9 TripLingo, LLC.
6.1.10 Lingotek Inc.
7 INVESTMENT FUTURE
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7ubafu