The merger of Artificial Intelligence and Machine Learning technology with language translating devices is significantly growing across the world
The language translating devices market size to cross USD 191 million by 2024, growing at a CAGR of 13% during the forecast period. A high degree of innovation in the consumer electronics segment has led to the emergence of smart wearables. Technically advanced wearables offer multiple features such as language translation options, steps tracker, basic biometrics, music streaming, and call answering facilities. The growth in travel and tourism activities, including vacations, leisure travel, is increasing the demand for high-quality language translating devices worldwide. However, growing medical tourism across borders is one of the major factors responsible for the significant growth of the market. The market dynamics in the medical tourism segment has affected language device manufacturers in terms of product offerings and has also created new opportunities for global as well as local companies, thereby driving the language translating devices market.
Also, the merger of AI (Artificial intelligence) and machine learning technology with language translating devices is significantly growing across the world. Investments in AI and machine learning and robotics are expected to increase significantly by 2024
In North America and Europe, 80% of the potential customers are using online platforms to buy translation devices as they provide a wide platform to compare product pricing and features. For instance, Fujitsu, introduced a wearable device such as an ID card that houses multiple microphones to capture the voice of the patient and the hospital staff. The device is connected to the network, and the translation is performed on the server in real-time. Hence, the emergence of innovative technology in these devices is having a profound effect on product designs, development, manufacturing, marketing, sales, and the aftersales market. All these inclusions are offering seamless and customized consumer experience.
Medical tourists seeking healthcare services are expected to rise by 20% YoY in the coming years worldwide
The language translating devices market is undergoing tremendous technological transformations, which are accelerating sales of language devices across the world. The availability of real-time language translation capabilities, increased investments on AI and IoT (internet of things), and growth in medical tourism has helped the market to increase revenues significantly.
Further, consumer electronics and household appliances are becoming digitized with the rise in internet penetration. The incorporation of IoT provides enhanced product usage mapping, which can provide insights regarding the prospects and potential of marketing complementing products. Hence, vendors are using IoT to streamline manufacturing processes and deliver a personalized experience.
However, the growing medical tourism sector is a major driver for increased demand for speech translation devices. Over 24 million medical tourists traveled across the globe to seek several healthcare services in 2018, which is expected to rise by 20% annually in the coming years. Hence, the increased number of medical tours is expected to increase the demand for language translating devices worldwide.
LANGUAGE TRANSLATING DEVICES MARKET SEGMENTATION
This research report includes detailed segmentation by
- Distribution Channel
INSIGHTS BY PRODUCT
The language translating devices market by product can be segmented into handheld and wearables. The handheld devices segment has captured around one-third of the market and is expected to grow at a CAGR of around 12% during the forecast period. The growing medical tourism has supported the growth of handheld devices across borders and in non-native language speaking countries, thereby directly influencing the language translation devices market. Hence, the market dynamics in the medical tourism segment is affecting manufacturers in terms of product offerings and customer services. AMEA is the fastest-growing region in the global medical tourism market due to a large influx of patients from the US and Western European countries seeking economical healthcare and treatment.
Countries such as Singapore, India, Saudi Arabia, the UAE, India, Jordan, South Korea, Malaysia, and Thailand are the major destinations for medical tourism in the region. The presence of world-class private hospitals, the availability of skilled healthcare professionals, and the affordable healthcare services have strengthened AMEA’sposition, particularly India, as a preferred destination for medical tourism.
Wearables language translating devices are designed to be worn. They are available in two formats- worn in the ear and mono headset (on the wrist as a smartwatch). They consist of multiple features such as sound transparency, ambient noise control, speech elevation, augmented hearing functionality, and real-time language translation. Also, the rising development in the field of IoT and AI is strengthening the infrastructure for wearables. Some of the leading vendors of handheld devices were incorporating RBMT and SMT for language translation and collaborated with language translating software solutions such as iTranslate or Microsoft Translate to provide real-time language translation, which is providing momentum to the language translating devices market.
INSIGHTS BY PLATFORM
The language translating devices market by platforms can be segmented into online and offline devices. The online devices segment gained traction in 2018 and is expected to grow at a CAGR of 14% during the forecast period. Based on the type of connection platform, there are two variants available in the market - internet connection and mobile connection. Besides, factors such as the existence of several language translating application providers are aiding the language translating devices market. Further, APAC is leading the market due to the growing outbound travel in China and South-east Asia, which is boosting the sale of these devices in the region. For instance, Fujitsu introduced a wearable language translation device for the hospital staff, which can translate into English, Chinese, and Japanese among other, enabling the hospital staff and foreign patients to engage in real-time two-way communication.
Offline language translating devices use inbuilt software and AI for speech recognition and translation. These devices do not require an internet connection to translate the language from the source language to the target language. Further, Europe is the leading market for offline language translating devices, and it is expected to grow at a CAGR of around 8% during the forecast period.
INSIGHTS BY DISTRIBUTION CHANNEL
The language translating devices market by distribution channel can be segmented into e-commerce and retail. The e-commerce segment grew gradually and reached around $68 million in 2018. The growth of online sale can be attributed to a broader range of product options than retail stores. It provides ease-of-accessibility and convenience while making the purchase. Also, prices offered on the internet are lower than retail stores because of the discounts provided by vendors to promote the products. The online channel also offers bundled services at a low price. It enables consumers to share their feedback.
The retail sector is another important distribution channel and is expected to grow at a CAGR of around 14% during the forecast period. The rise of global and outbound travelers to various destinations of different languages has boosted the sale of language translating devices through retail stores such as electronic stores and supermarkets worldwide.
INSIGHTS BY GEOGRAPHY
The language translating devices market by geography can be segmented into APAC, Europe, MEA, North America. APAC was leading the region and reached around $35 million in 2018. Due to a strong investment in healthcare infrastructure and the unprecedented growth of medical tourism, especially in countries such as China, Japan, the Philippines, Taiwan, Thailand, and India, the region holds high potential for market growth. Also, the steep rise in the number of outbound global travelers with foreign languages as well as an increasing trend of traveling is driving the market in the APAC region.
Europe is the second largest market and is expected to continue its position in the global market during the forecast period. The increase in per capita disposable income among consumers and the favorable retail environment are the major factor driving the market in the region.
North America is the third largest market. The end-users from the region are increasingly opting for getaways and non-business travel. Hence, opportunities for smart and easy to use language translating devices are bright in the region.
Due to the intensified competition, private hospitals in AMEA are upgrading healthcare facilities. It is boosting medical tourism and increasing demand for language translating devices in the region. For instance, Mayo Clinic partnered with Raffles Medical Group in Singapore. Cleveland Clinic established its hospital in Abu Dhabi. John Hopkins established their hospital in Singapore and Anadolu Medical Center in Turkey. Also, the increasing popularity and awareness regarding wearable and handheld language translating devices in Latin America has driven the language translating devices market worldwide.
KEY VENDOR ANALYSIS
The language translating devices market has a limited number of global players. The market is highly competitive in terms of technological innovations and price differentiation. The high competition is expected to decrease the price of language translating products during the forecast period. Vendors are investing in R&D to improve the quality, quantity, technology, services, and price of translation devices. Further, the existing global players are increasing their investment to ensure continuous customer-centric product innovation, which is likely to drive the language translating devices market in the coming years. Prominent Vendors in the Language Translating Devices Market are Bragi, Waverly Labs, Mymanu, Fujitsu, Logbar, Timekettle, Misway, Travis, Lingmo, Xiaomi, iFLYTEK, Cheetah Mobile, Two Monkeys Technology, Sogou.
The global language translating devices market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Products
By Distribution channel
- Middle East & Africa
- North America
- Latin America