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Global Speech to Speech Translation Market: By Type: Hardware, Software; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, EMR’s Key Indicators for Demand, EMR’s Key Indicators for Price; Competitive Landscape; Industry Events and Developments

Global Speech to Speech Translation Market Outlook

The global speech to speech translation market attained a value of about USD 335 million in 2020. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 9.5% to reach nearly USD 576 million by 2026.

 

Rising Smartphone Ownership Bolstering the Market Growth of Speech to Speech Translation

The market for speech to speech translation is being aided by the growing smartphone ownership in both developed and developing nations. As web search engines, such as Google and Amazon Web, offers voice recognition to enhance user experience, they are increasingly integrated into smartphones. The integration of deep network architecture to enable the effective translation of languages is also driving the industry growth. In addition, the increasing development of user-friendly speech to speech translation is increasing their deployment in various applications, therefore augmenting the growth of the market. The growing intercultural interest by the young population is also surging the demand for speech to speech translation, which is providing further impetus to the market growth.

 

Global Speech to Speech Translation Market

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The integration of artificial intelligence (AI) in speech to speech translation is surging its demand in various applications, hence bolstering the market growth. As artificial intelligence (AI) rapidly analyses language, it aids in preventing errors prevalent in speech to speech translation. Moreover, the development of innovative translation solutions with automated accurate translations and voice synthesis is predicted to fuel the growth of the market. The initiation of research and development (R&D) activities by the leading companies such as Google to enhance translation capabilities is expected to fuel the growth of the speech to speech translation industry.

 

Speech to Speech Translation: Industry Definition and Segmentation

Speech to speech translation refers to a technology that automatically translates spoken language into a preferred language. It is crucial to enable the efficient communication of speakers of diverse languages. Speech to speech translation has versatile applications in the healthcare, tourism, manufacturing, and retail sectors.

The major types of speech to speech translation are:

  • Hardware
  • Software

The hardware segment is further divided into standalone, server-based, and hybrid.

The EMR report looks into the regional markets of speech to speech translation like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Rapid Digitisation to Augment the Growth of the Speech to Speech Translation Industry

The introduction of various favourable initiatives by governments to boost digital adoption is augmenting the market growth for speech to speech translation. For instance, the Indian government announced the National Language Translation Mission in Union budget 2021-2022 to create voice-based interest by deploying artificial intelligence (AI) and machine learning. As the growing popularity of social media is surging globalisation and resulting in linguistic barriers, leading platforms such as Facebook, Twitter, and Instagram, among others, are increasingly deploying speech to speech translation to bridge linguistic challenges. This is anticipated to drive the growth of the speech to speech translation industry in the forecast period.

The growing popularity of voice wearable devices is increasing the demand for speech to speech translation software. The development of innovative speech to speech translators that can efficiently translate languages without internet connectivity is anticipated to propel the industry growth. Moreover, the growing advancements in speech to speech translation to boost its accuracy are projected to aid the industry growth.

 

Key Industry Players in the Global Speech to Speech Translation Market

The report presents a detailed analysis of the following key players in the global speech to speech translation market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Microsoft Corporation
  • Google LLC
  • Apalon, LLC
  • TripLingo, LLC
  • Travis GT B.V.
  • Waverly Labs Inc.
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Region
Breakup by Type Hardware, Software
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Microsoft Corporation, Google LLC, Apalon, LLC, TripLingo, LLC, Travis GT B.V., Waverly Labs Inc., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Speech to Speech Translation Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Speech to Speech Translation Historical Market (2017-2021) 
    8.3    Global Speech to Speech Translation Market Forecast (2022-2027)
    8.4    Global Speech to Speech Translation Market by Type
        8.4.1    Hardware
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
            8.4.1.4    Breakup by Type
                8.4.1.4.1    Standalone
                8.4.1.4.2    Server-based
                8.4.1.4.3    Hybrid
        8.4.2    Software
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global Speech to Speech Translation Market by Region
        8.5.1    Market Share
            8.5.1.1    North America
            8.5.1.2    Europe
            8.5.1.3    Asia Pacific
            8.5.1.4    Latin America
            8.5.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Microsoft Corporation
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Google LLC
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Apalon, LLC
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    TripLingo, LLC
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Travis GT B.V.
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Waverly Labs Inc.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments


List of Figures and Tables

1.    Global Speech to Speech Translation Market: Key Industry Highlights, 2016 and 2026
2.    Global Speech to Speech Translation Historical Market: Breakup by Type (USD Million), 2017-2021
3.    Global Speech to Speech Translation Market Forecast: Breakup by Type (USD Million), 2022-2027
4.    Global Speech to Speech Translation Historical Market: Breakup by Region (USD Million), 2017-2021
5.    Global Speech to Speech Translation Market Forecast: Breakup by Region (USD Million), 2022-2027
6.    North America Speech to Speech Translation Historical Market: Breakup by Country (USD Million), 2017-2021
7.    North America Speech to Speech Translation Market Forecast: Breakup by Country (USD Million), 2022-2027
8.    Europe Speech to Speech Translation Historical Market: Breakup by Country (USD Million), 2017-2021
9.    Europe Speech to Speech Translation Market Forecast: Breakup by Country (USD Million), 2022-2027
10.    Asia Pacific Speech to Speech Translation Historical Market: Breakup by Country (USD Million), 2017-2021
11.    Asia Pacific Speech to Speech Translation Market Forecast: Breakup by Country (USD Million), 2022-2027
12.    Latin America Speech to Speech Translation Historical Market: Breakup by Country (USD Million), 2017-2021
13.    Latin America Speech to Speech Translation Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Middle East and Africa Speech to Speech Translation Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Middle East and Africa Speech to Speech Translation Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Global Speech to Speech Translation Market Structure

Key Questions Answered in the Report

In 2020, the global speech to speech translation market attained a value of nearly USD 335 million.

The market is projected to grow at a CAGR of 9.5% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach about USD 576 million by 2026.

The market is being driven by the growing smartphone ownership, the integration of deep network architecture in speech to speech translation, and the increasing deployment of artificial intelligence (AI) in speech to speech translation.

The industry is expected to be aided by the rapid digitisation owing to favourable government initiatives, the growing popularity of social media, and the rising integration of speech to speech translation in wearable devices.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major types of speech to speech translation in the industry are hardware and software.

The major players in the industry are Microsoft Corporation, Google LLC, Apalon, LLC, TripLingo, LLC, Travis GT B.V., and Waverly Labs Inc., among others.

Analyst Review

The global speech to speech translation market attained a value of nearly USD 335 million in 2020, driven by the growing popularity of social media. Aided by the integration of deep network architecture in speech to speech translation, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 9.5%. The market is projected to reach about USD 576 million by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the speech to speech translation industry can be segmented into hardware and software. The major regional markets for speech to speech translation are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Microsoft Corporation, Google LLC, Apalon, LLC, TripLingo, LLC, Travis GT B.V., and Waverly Labs Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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