DUBLIN–(BUSINESS WIRE)–The “Speech to Speech Translation Market by Type, and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global speech to speech translation market size reached US$ 385.7 Million in 2022. Looking forward, the market is set 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.
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.
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.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 139 |
| Forecast Period | 2022 – 2028 |
| Estimated Market Value (USD) in 2022 | $385.7 Million |
| Forecasted Market Value (USD) by 2028 | $663.77 Million |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
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?
Some of the companies covered include
- Apalon LLC
- Ectaco Inc.
- iFLYTEK Corporation
- Langogo
- Microsoft Corporation
- Travis the Translator
- TripLingo LLC
- Waverly Labs.
For more information about this report visit https://www.researchandmarkets.com/r/a9a8ih
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