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Language Translation Device Market Size
Language Translation Device Market size exceeded USD 990 million in 2021 and is expected to register over 10% CAGR from 2022 to 2030. The development of sophisticated solutions impelled by data-based AI and machine learning is emerging as a major trend accelerating industry dynamics.
The expanding use of high-speed network connectivity, as well as greater government digitization initiatives, are boosting the adoption of AI and IoT. This is creating a surge in demand for devices that can be tailored to meet the demands of consumers, as the use of AI-based translation solutions grows.
Increasing need for OBD-based passenger vehicles
The passenger vehicle segment accounted for around 40% of the language translation device market revenue share in 2021 and is estimated to experience remarkable growth between 2022 and 2030. The sector expansion can be attributed to the increasing number of passenger cars integrated with advanced onboard diagnostics (OBD) tools to scan the engine and sub-components of vehicles.
| Report Attributes | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | 900 million (USD) |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 10% |
| 2030 Value Projection: | 2.5 billion (USD) |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 411 |
| Segments covered: | Product, Type, Distribution Channel, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Language Translation Device Market Analysis
By product, the industry is fragmented into handheld devices and wearable devices. The handheld language translation device market segment dominated about 80% of the share in 2021. Many companies are offering innovative pocket translators that provide advanced and intelligent features for translating languages. Increasing innovations by leading players will have a major role to augmenting the demand for handheld services by end of 2030.
The online translation segment will acquire nearly 60% of the language translation device market revenue share in 2021. This can be credited to the growth of the internet and connected devices which has increased the demand for online translators. Apart from regular languages, some online translators can also translate sentences and phrases of Klingon, the language used in the television show Star Trek. Increasing demand for online translation among various consumer bases will propel the business outlook.
The online platforms market dominated approximately 70% of the industry share in 2021 owing to the social distancing measures implemented during the COVID-19 pandemic. The e-commerce programme offers easy availability, a wide range of products, and convenience, which has stimulated the product necessity. As per e-commerce statistics in 2022, e-retail sales were recorded at USD 4.9 trillion and are predicted to account for 24.5% of retail sales by 2025.
The commercial application segment held 60% of the language translation device market stake in 2021 due to the significant rise in worldwide trade activities. As per the International Trade and Tariff Organization, more than 41 million American jobs rely on overall trade. This has increased the demand for improved communications with customers to avoid any contextual misunderstandings caused by language barriers, generating lucrative growth opportunities.
The Asia Pacific language translation device market is projected to observe above 15% growth rate between 2022 and 2030 led by the growing espousal of translation technologies in the developing economies of the region, such as India, China, and South Korea.
COVID-19 Impact
The COVID-19 pandemic has resulted in the disruption of various outdoor activities, particularly traveling. Stringent social distancing measures from various countries world-wide have reduced the number of international tourists visiting popular and exotic tourist locations during the pandemic. This has had a significant effect on the demand for language translators as travelers were mainly confined to their homes. With the gradual resumption of tourism activities over the past year, however, language translation device market is likely to grow.
Language Translation Device Market Share
Some of the major players include
- Sourcenext Inc. (Pocketalk)
- Jarvisen (iFLYTEK)
- Cheetah Mobile, Inc.
- Vasco Electronics LLC
- Waverly Labs Inc.
- Timekettle
These entities are leveraging the latest technological advancements to create new product developments and drive innovation to strengthen their position in the global language translation device market landscape.
This market research report on global language translation device includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2030 for the following segments:
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Market, By Product
- Handheld
- Wearable
Market, By Type
- Online translation
- Offline translation
Market, By Distribution Channel
- Online platforms
- Retail stores
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Nordics
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- GCC
- South Africa
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