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Global Speech to Speech Translation Market to Grow at a CAGR of 9.5% During 2021-2026, Aided by the Growing Smartphones Ownership

According to a new report by EMR titled, ‘Global Speech to Speech Translation Market Report and Forecast 2021-2026’, the global market for speech to speech translation attained a value of about USD 335 million in 2020. The industry is further expected to grow at a CAGR of 9.5% in the forecast period of 2021-2026 to reach a value of approximately USD 576 million by 2026.

The Asia Pacific region holds a significant share of the speech to speech translation industry due to rapid digitisation in the region. The growing smartphone ownership among all socioeconomic classes in developing countries in the region is also increasing the demand for speech to speech translation. Moreover, the rising demand for wearables, especially ear wear, with enhanced user experiences, are surging the deployment of speech to speech translation software, hence propelling the market growth. As China and India are the leading manufacturers of consumer electronics, the demand for the deployment of speech to speech translation in the region is surging. In addition, the growing popularity of smart devices in the region is also increasing the demand for efficient speech to speech translation, which is providing further impetus to the industry growth. For instance, in July 2019, Amazon Alexa expanded support for multi-lingual mode in India to boost the experience of multi-lingual consumers.

Google LLC (NASDAQ: GOOGL), one of the leading companies in the market, introduced Translatotron, its latest speech to speech translation solution, in May 2019. It is based on an attentive sequence-to-sequence model that eliminates the reliance on intermediate text representation while efficiently performing a speech to speech translation. The system offers a faster speed as it does not divide tasks into separate stages. Moreover, it avoids errors between recognition and translation and comprehends words that do not require translation. Translatotron also incorporates a speaker encoder network, due to which it is able to retain the nuisances of verbal speech of speaker in translated speech to preserve vocal characteristics. The development of such products is propelling the growth of the speech to speech translation industry.

Market Analysis by Type and Region:

  • The market, on the basis of type, can be divided into software and hardware.
  • The regional markets for speech to speech translation include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising adoption of smartphones and the growing incorporation of voice recognition services in web search engines are propelling the market growth of speech to speech translation.
  • The market is being aided by the integration of artificial intelligence (AI) in a speech to speech translation to prevent errors during translation.
  • The increasing deployment of speech to speech translation software on social media platforms to blur cultural and linguistic barriers is propelling the market growth.
  • The rising demand for wearable devices with voice support to boost the experience of consumers is augmenting the market for speech to speech translation.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for speech to speech translation for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types and major regions of speech to speech translation.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global speech to speech translation market are Microsoft Corporation, Google LLC, Apalon, LLC, TripLingo, LLC, Travis GT B.V., and Waverly Labs Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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