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Report
Speech to Speech Translation Market by Type (Hardware, Software), and Region 2023-2028
Market Report I 2023-05-29 I 139 Pages I IMARC Group
Market Overview:
The global speech to speech translation market size reached US$ 385.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 663.77 Million by 2028, exhibiting a growth rate (CAGR) of 9.12% during 2023-2028. The growing adoption of mobile phones, increasing demand among business process outsourcing (BPO) companies to handle client calls and inquiries, and rising utilization in businesses to enhance productivity and revenue represent some of the key factors driving the market.
Speech to speech translation (S2ST) refers to a system of translating speech from one language to another language. It relies on various technologies, such as automatic speech recognition (ASR), machine translation (MT), and speech synthesis systems. It is easy to use, convenient, cost-effective, and highly beneficial in connecting people of different countries. It offers real-time translation and faster inference speed, avoids errors between recognition and translation, and maintains the voice of the primary speaker after translation. It aids in bridging a communication gap between people who speak different languages. Besides this, it removes linguistic barriers among individuals who do not speak a common language and assists in improving business reach and productivity and cross-cultural exchange. It also increases translation efficiency and is highly suitable for visually impaired individuals. As a result, S2ST is widely utilized in the education, medical, and travel and tourism industries across the globe.
Speech to Speech Translation Market Trends:
At present, the increasing adoption of S2ST due to rising international travels for leisure purposes among the masses around the world represents one of the key factors contributing to the growth of the market. Apart from this, the growing demand for S2ST due to the increasing adoption of mobile phones across the globe is positively influencing the market. Additionally, the rising utilization in businesses to increase productivity, revenues, and brand awareness worldwide is propelling the growth of the market. In line with this, the increasing demand for information-retrieving and communication-enabled S2ST technologies is bolstering the growth of the market. Besides this, various technological advancements to increase computational power and build smaller devices with higher performance are impelling the growth of the market. In addition, the increasing integration of artificial intelligence (AI), the internet of things (IoT), and machine learning (ML) in connected devices around the world is providing lucrative growth opportunities to industry investors. Moreover, the rising utilization of S2ST in the travel and tourism industry to easily communicate with foreigners and understand their needs is supporting the growth of the market. Furthermore, the increasing demand among business process outsourcing (BPO) companies for handling client calls and inquiries and providing enhanced customer satisfaction is strengthening the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global speech to speech translation market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type.
Type Insights:
Hardware
Standalone
Server-based
Hybrid
Software
The report has provided a detailed breakup and analysis of the speech to speech translation market based on the type. This includes hardware (standalone, server-based, and hybrid) and software. According to the report, hardware accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others) was the largest market for speech to speech translation. Some of the factors driving the Europe speech to speech translation market included the growing international travels for leisure purposes, increasing adoption of mobile phones, rising application in the travel and tourism industry, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global speech to speech translation market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Apalon LLC, Ectaco Inc., iFLYTEK Corporation, Langogo, Microsoft Corporation, Travis the Translator, TripLingo LLC, Waverly Labs., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global speech to speech translation market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global speech to speech translation market?
What is the impact of each driver, restraint, and opportunity on the global speech to speech translation market?
What are the key regional markets?
Which countries represent the most attractive speech to speech translation market?
What is the breakup of the market based on the type?
Which is the most attractive type in the speech to speech translation market?
What is the competitive structure of the global speech to speech translation market?
Who are the key players/companies in the global speech to speech translation market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Speech to Speech Translation Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Hardware
6.1.1 Market Trends
6.1.2 Key Segments
6.1.2.1 Standalone
6.1.2.2 Server-based
6.1.2.3 Hybrid
6.1.3 Market Forecast
6.2 Software
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Region
7.1 North America
7.1.1 United States
7.1.1.1 Market Trends
7.1.1.2 Market Forecast
7.1.2 Canada
7.1.2.1 Market Trends
7.1.2.2 Market Forecast
7.2 Asia-Pacific
7.2.1 China
7.2.1.1 Market Trends
7.2.1.2 Market Forecast
7.2.2 Japan
7.2.2.1 Market Trends
7.2.2.2 Market Forecast
7.2.3 India
7.2.3.1 Market Trends
7.2.3.2 Market Forecast
7.2.4 South Korea
7.2.4.1 Market Trends
7.2.4.2 Market Forecast
7.2.5 Australia
7.2.5.1 Market Trends
7.2.5.2 Market Forecast
7.2.6 Indonesia
7.2.6.1 Market Trends
7.2.6.2 Market Forecast
7.2.7 Others
7.2.7.1 Market Trends
7.2.7.2 Market Forecast
7.3 Europe
7.3.1 Germany
7.3.1.1 Market Trends
7.3.1.2 Market Forecast
7.3.2 France
7.3.2.1 Market Trends
7.3.2.2 Market Forecast
7.3.3 United Kingdom
7.3.3.1 Market Trends
7.3.3.2 Market Forecast
7.3.4 Italy
7.3.4.1 Market Trends
7.3.4.2 Market Forecast
7.3.5 Spain
7.3.5.1 Market Trends
7.3.5.2 Market Forecast
7.3.6 Russia
7.3.6.1 Market Trends
7.3.6.2 Market Forecast
7.3.7 Others
7.3.7.1 Market Trends
7.3.7.2 Market Forecast
7.4 Latin America
7.4.1 Brazil
7.4.1.1 Market Trends
7.4.1.2 Market Forecast
7.4.2 Mexico
7.4.2.1 Market Trends
7.4.2.2 Market Forecast
7.4.3 Others
7.4.3.1 Market Trends
7.4.3.2 Market Forecast
7.5 Middle East and Africa
7.5.1 Market Trends
7.5.2 Market Breakup by Country
7.5.3 Market Forecast
8 Drivers, Restraints, and Opportunities
8.1 Overview
8.2 Drivers
8.3 Restraints
8.4 Opportunities
9 Value Chain Analysis
10 Porters Five Forces Analysis
10.1 Overview
10.2 Bargaining Power of Buyers
10.3 Bargaining Power of Suppliers
10.4 Degree of Competition
10.5 Threat of New Entrants
10.6 Threat of Substitutes
11 Price Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Key Players
12.3 Profiles of Key Players
12.3.1 Apalon LLC
12.3.1.1 Company Overview
12.3.1.2 Product Portfolio
12.3.2 Ectaco Inc.
12.3.2.1 Company Overview
12.3.2.2 Product Portfolio
12.3.3 iFLYTEK Corporation
12.3.3.1 Company Overview
12.3.3.2 Product Portfolio
12.3.3.3 Financials
12.3.4 Langogo
12.3.4.1 Company Overview
12.3.4.2 Product Portfolio
12.3.5 Microsoft Corporation
12.3.5.1 Company Overview
12.3.5.2 Product Portfolio
12.3.5.3 Financials
12.3.5.4 SWOT Analysis
12.3.6 Travis the Translator
12.3.6.1 Company Overview
12.3.6.2 Product Portfolio
12.3.7 TripLingo LLC
12.3.7.1 Company Overview
12.3.7.2 Product Portfolio
12.3.8 Waverly Labs
12.3.8.1 Company Overview
12.3.8.2 Product PortfolioKindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Speech to Speech Translation Market: Major Drivers and Challenges
Figure 2: Global: Speech to Speech Translation Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 4: Global: Speech to Speech Translation Market: Breakup by Type (in %), 2022
Figure 5: Global: Speech to Speech Translation Market: Breakup by Region (in %), 2022
Figure 6: Global: Speech to Speech Translation (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 7: Global: Speech to Speech Translation (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 8: Global: Speech to Speech Translation (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Speech to Speech Translation (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: North America: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: North America: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: United States: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: United States: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Canada: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Canada: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Asia-Pacific: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Asia-Pacific: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: China: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: China: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Japan: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Japan: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: India: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: India: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: South Korea: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: South Korea: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Australia: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Australia: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Indonesia: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Indonesia: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Others: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Others: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Europe: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Europe: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Germany: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Germany: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: France: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: France: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: United Kingdom: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: United Kingdom: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Italy: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Italy: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Spain: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Spain: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Russia: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Russia: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Others: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Others: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Latin America: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Latin America: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Brazil: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Brazil: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Mexico: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Mexico: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Others: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Others: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Middle East and Africa: Speech to Speech Translation Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Middle East and Africa: Speech to Speech Translation Market: Breakup by Country (in %), 2022
Figure 58: Middle East and Africa: Speech to Speech Translation Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Global: Speech to Speech Translation Industry: Drivers, Restraints, and Opportunities
Figure 60: Global: Speech to Speech Translation Industry: Value Chain Analysis
Figure 61: Global: Speech to Speech Translation Industry: Porter's Five Forces Analysis
Table 1: Global: Speech to Speech Translation Market: Key Industry Highlights, 2022 & 2028
Table 2: Global: Speech to Speech Translation Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Speech to Speech Translation Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 4: Global: Speech to Speech Translation Market: Competitive Structure
Table 5: Global: Speech to Speech Translation Market: Key Players
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