CHICAGO, May 21, 2019 /PRNewswire/ -- According to Arizton's recent research report, the global language translating devices market is expected to reach over $190millionby 2024, growing at a CAGR of over13% during 2018−2024.The research report offers market share in terms of unit volumes during the forecast period.
Key Highlights Offered in the Report:
- The growth of medical tourism in non-nativelanguage speaking countries to have a direct influence on the language translation devices market during the forecast period. The medical tourism is expected to grow by 20% YOY in the coming years.
- The wearable language translating devices market in Europe is expected to grow atan impressive CAGR of 17.04% during the forecast period.
- About 80% of industries players are investing in AI in the language and speech translation market, whereas over 30% are planning to expand AI investments during the forecast period. Bragi, Waverly Labs, Mymanu, Logbar, and Travis are leading players that are incorporating and implementing AI technology their products.
- Innovations in artificial intelligence and its better pairing with translation algorithms are likely to offer improved real-time language translation devices, with negligible or no apparent lag in feeding translated speech to the user. Real-time language translation capabilities are crucial for wider product acceptance among consumers.
- The rise in international departures likely to bode well for the language translating devices market as an increasing number of travelers are choosing destinations far away from homes. Therefore,the growth in international travel has the potential to emerge as a major revenue generators for the market worldwide.
- Market Size & Forecast by Revenueand Units| 2018−2024
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation –A detailed analysis by product type, platform,distribution channel, and geography.
- Competitive Landscape – Profile of 14prominent vendors and 2upcomingvendors.
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Language Translating Devices Market – Segmentation
The research report includes a detailed market segmentation by product type,platform, distribution channel, and geography.
- Handheld devices observed the highest revenue share of over 65% in 2018. The growing medical tourism is expected to increase the adoption of handheld devices during the forecast period.
- E-commerce sales accounted for approximately 75% share of the overall market revenues in 2018. Amazon, eBay, Alibaba are the major online retailers.
Market Segmentation by Product Type
Market Segmentation by Platform
Market Segmentation by Distribution Channel
Language Translating Devices Market – Dynamics
The convergence of smart wearables, augmented hearing, and language translating solutions is expected to gain momentum in the near future.The rise in international travels, the growth of urbanization, increase in the hospitality industry, and the growth of medical tourism are expected to augur well for the language translating devices market.
Key Drivers and Trends fueling Market Growth:
- Rising International Travel and Tourism
- Growing Medical Tourism Driving Demand for Speech Translation Devices
- Increasing Real-time Language Translation Capabilities in Smart Devices
Language Translating Devices Market –Geography
Europe was the largest market for wearable devices with a share of over 35% in 2018, whereas APAC was the largest market for handheld devices with a share of over 40% in 2018.China was the major market for language translating devices in the APAC region in 2018.The APAC region is likely to dominate the language translating devices market during the forecast period.
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Market Segmentation by Geography
- South Korea
- North America
- Latin America
- Waverly Labs
- Misway Tech
- Cheetah Mobile
- Two Monkeys Technology
- One Mini
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SOURCE Arizton Advisory & Intelligence