Voice Translation Market Outlook by Size, Share, Future Growth and Forecast 2022-2031
Japan, Japan, Tue, 29 Mar 2022 09:52:25 / Comserve Inc. / — Speech to Speech Translation Market offers an overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in historical contexts and current.
The speech-to-speech translation market is expected to register a CAGR of 9.4% over the forecast period. Speech-to-speech (S2S) translation breaks down communication barriers between people who don’t typically speak a common language. The basic purpose of using this technology in its early days was to enable instant oral multilingual communication.
– With globalization and frequent international travel, language difference has acted as a serious obstacle. With S2S, the expectation is to break down these barriers to foster international business, international tourism and equalize communication capacity. As of 2020, Chinese (Mandarin) is gaining popularity and demand around the world. Ethnologue further estimates that the number of native speakers is 1.2 billion, and that one billion of them speak Mandarin. This suggests that Chinese (Mandarin) is the most widely spoken language in the world and the second preferred language for online job applications, after English.
– Recent technological advances and innovations aimed at increasing computing power while building smaller and smaller devices with higher performance have resulted in a high demand for information retrieval and communication technologies in the market. Additionally, as investments in machine translation increase, more accurate translation results.
– As the growth of the tourism industry fuels the demand for speech-to-speech translation solutions, vendors such as Raytheon, Lingmo, and LogBar Inc. in the market are actively positioning their products on similar lines. For example, Raytheon BBN Technologies’ TransTalk offers a portable two-way translation device that facilitates the exchange of information across language barriers. The speech is capable of automatic translation and it is delivered in the foreign language.
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Main market trends
The software segment will experience a significantly high growth rate
– Mobile and web applications capable of taking voice inputs in one language and generating voice outputs in another language are considered part of the study. Karlsruhe Institute of Technology uses its software application in tourism, medical exchange and broadcast information. Speech Logger uses its application in communication markets, mainly in call centers. All of these use cases are driving the software segment, with innovations in the speech-to-speech translation market.
– Amazon is one of the major players offering speech-to-speech translation services apart from Google and Microsoft. The company offers its services with its AWS Lambda function that connects to three AI language services, namely Amazon Transcribe, Amazon Translate, and Amazon Polly. Additionally, Amazon Alexa provides voice translation services that can translate in one direction from English to another language, up to 48 languages.
– According to a study conducted by One Hour Translation (OHT), an online translation platform, on the main voice assistants capable of real-time voice translation, google assistant is one of the most successful real-time voice translators in front of the other virtual assistants, such as Siri and Skype.
Asia-Pacific expected to see the fastest growth
– After Europe, Asia-Pacific is the main center of tourist attraction, as countries like Thailand, Singapore, India, Malaysia and China attract a significant number of tourists every year. According to UNWTO, in 2018, the number of international tourist arrivals in Asia-Pacific was 347.7 million.
– Moreover, the region is one of the main markets for smartphones, in terms of volume, and with the advent of 5G, the number of devices is expected to increase further. According to Ericsson, in 2019, the smartphone subscription rate in China alone reached 1,440 million, while that of Northeast Asia was 1,820, and India, Nepal and Bhutan together accounted for 670 million.
– Apart from that, Asia-Pacific is one of the major market for consumer electronics and software development, where various vendors are increasingly developing solutions for businesses. For example, in August 2019, Chinese Baidu developed an API for speech-to-speech translation.
The market is significantly fragmented with very few major players competing for market share in the software segment of the market. Companies are including AI and machine learning to improve their offerings. The main companies are Microsoft Corporation, Google (Alphabet Inc.), APALON (IAC Search & Media Technologies Limited), Langogo and Shenzhen Timekettle Technologies Ltd.
– January 2020 – Google planned to add real-time transcription functionality to its Google Translate app for Android in the coming years. This feature should allow users to record audio in one language and rip it into another in real time. This feature is still in the prototype stage, but the company demonstrated the technology during the AI demos at its San Francisco office.
– July 2019 – iFlytek, a Chinese artificial intelligence company specializing in voice recognition, successfully raised $407 million from a state-backed industry fund and several provincial government funds through a private placement. He plans to use the amount to improve open platform technology for intelligent speech, next-generation cognitive technology, and service robots.
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1.1 Study assumptions and market definition
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Bargaining power of suppliers
4.2.2 Bargaining power of buyers
4.2.3 Threat of new entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of competitive rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Expansion of S2S technologies beyond B2C applications
5.2 Market Constraints
5.2.1 Consumer behavior and failing product expectations
6 MARKET SEGMENTATION
6.1 By type
6.2 By geography
6.2.1 North America
6.2.4 Rest of the world
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Microsoft Corporation
7.1.2 Google Inc. (Alphabet Inc.)
7.1.3 Cheetah Mobile Inc.
7.1.4 APALON (IAC Search & Media Technologies Limited)
7.1.6 Shenzhen Timekettle Technologies Ltd
7.1.7 SSK Company
7.1.8 Anhui USTC iFLYTEK Co.
7.1.9 TripLingo LLC
7.1.11 Logbar Inc.
7.1.12 Waverly Laboratories
7.1.13 Lingmo International
7.1.14 Mesay Technology Co. Ltd
7.1.16 Sourcenext Corporation
7.1.17 Shenzhen Buoth Industry Co. Ltd
7.1.18 SpeechTrans Inc.
7.1.19 ECTACO Inc.
8 FUTURE OF INVESTMENT
9 FUTURE OF THE MARKET
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