Innovations in Artificial Intelligence and pairing with translation algorithms are helping vendors to offer real-time language translation devices.
Arizton’s recent market research report on the global language translation devices market by products (handheld and wearable), platforms (offline and online), distribution channel (e-commerce and retail), and by geography (APAC, Europe, MEA, North America, and Latin America) offers a detailed competitive analysis.
The global language translating devices market is likely to reach around $191 million by 2024, growing at a CAGR of approximately 13% during 2018–2024.
Growing global travel and medical tourism, increasing capabilities of wearable devices, including real-time language translation features, and growing investments in AI and IoT are expected to drive the language translating market during the forecast period.
The leading three drivers and trends accelerating the growth of the global language translating market are discussed below:
Growing Medical Tourism driving Demand for Speech Translation Devices
The number of patients traveling to other countries to receive medical treatment across the globe is a key driving factor for the growth of wearable and hand-held language translating devices. In 2018, over 24 million medical tourists traveled abroad to seek several healthcare services. The medical tourism sector generated a revenue of around $87 billion in 2018 and is expected to grow at a faster rate in the coming years. The growth of medical tourism across borders and in non-native language speaking countries has a direct influence on the language translating market. 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 inexpensive healthcare and low-cost treatment.
Increasing Internet Influencing Purchase Decisions
The internet is greatly influencing the purchase decision of buyers. Factors such as increased penetration of wireless broadband internet, strong adoption of smartphones and tablets, and the growth of social media users have provided end-users with unmatched access to information on-the-go. Further, online websites provide detailed information on products, including quality, safety measures, and user guidance, which have also increased the demand for e-retailing among customers. Hence, the global language translating market is witnessing changes in shopping patterns wherein end-users are increasingly turning to digital channels to research on pricing and other related information for language translating devices.
Real-Time Language Translation Capabilities
Several IT firms have been working on devices and applications to translate languages on a real-time basis. Innovations in Artificial Intelligence and pairing with translation algorithms are helping vendors to offer real-time language translation. They are developing real-time language translation capabilities that work both with and without networks. Companies such as Google, Microsoft, iTranslate, SayHi, WayGo, TripLingo, Speak & Translate, and Papago are some of the prominent language translators for mobile applications.
Prominent vendors in the language translating market are Bragi, Waverly Labs, Mymanu, Fujitsu, Logbar, Timekettle, Misway, Travis, Lingmo, Xiaomi, iFLYTEK, Cheetah Mobile, Two Monkeys Technology, and Sogou.
The complete overview of the latest market research report on the global language translation devices market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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