Home > Pressrelease > Language Translation Device Market worth over $2.5 Bn by 2030
Language Translation Device Market worth over $2.5 Bn by 2030
- Published Date: August 22, 2022
Language Translation Device Market size is set to reach USD 2.5 billion by 2030, according to a new research report by Global Market Insights Inc.
The report cites the growth of the tourism sector as a driver for language translation industry growth, with countries making efforts to open their borders to international tourists post-COVID. Tourism service providers are offering packaged services to tourists, including transportation and accommodation offerings. This has allowed individuals to easily plan their travel, encouraging international tourists to utilize advanced translating devices to reduce the communication barrier. Lack of quality and accuracy of output in some language translation devices, however, may impede market development to some extent. Failure of the device to translate content accurately can result in higher costs, which may hamper product demand.
Growing demand for improvements in LCV fleet operations to stimulate market demand
As per the report, the LCV segment will experience a dynamic growth between 2022 and 2030 on account of surging demand for improvements in daily fleet operations from fleet management service providers. The light commercial vehicle segment is projected to register more than 25% market growth through 2030.
Get more details on this report - Request Free Sample PDF
Implementation of IoT and AI technologies will foster the demand for wearable devices
The language translation device market from the wearable segment is predicted to observe above 14% growth rate through 2030. The surging development of IoT and AI fields, the rise in international tourism has increased the usages of wearable translator devices. The growth is further supported by active product launches from language translator manufacturers, says the report.
Lack of internet connectivity in remote areas to promote the usage of offline translation
The offline translation segment is estimated to exhibit approximately 10% CAGR from 2022 to 2030 due to the lack of penetration of the internet in several rural regions worldwide. Many remote areas across the globe still face a dearth of internet services, making it difficult for international tourists to use translating devices that require an internet connection. According to the report, this will increase the demand for offline translation devices, as they can help tourists communicate with the locals in remote areas even in the absence of an internet connection.
Browse key industry insights spread across 350 pages with 389 market data tables & 22 figures & charts from the report, “Language Translation Device Market Size By Product (Handheld, Wearable), By Type (Online Translation, Offline Translation), By Distribution Channel (Online Platform, Retail Stores), By Application (Consumer, Commercial), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Rising travel activities in multilingual regions to promote industry growth from the retail store segment
The retail stores segment is expected to attain 10% gains through 2030 owing to increasing outbound travel to different destinations where various native languages are spoken. For example, a Census Bureau of Japan survey in 2020 revealed that there are around 59 languages spoken by Japanese people. The wide variety of local languages spoken in such regions will promote the usage of voice translator devices, increasing product sales from retail stores.
Surging consumer demand for personal translating devices to increase consumer product sales
The consumer application segment is poised to hold nearly 10% of the language translation device market share by 2030. This can be credited to the rise in international tourism activities for leisure traveling and vacations. Increasing number of travelers using advanced personal devices such as step trackers, basic biometrics, audio devices, call answering solutions, and language translation alternatives could influence market dynamics from the consumer application segment.
Growing investment in AI technology to increase the adoption of language translators in North America
Geographically, the industry is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North America market was valued at USD 200 million in 2021 and is set to grow in the forthcoming years. The regional expansion can be attributed to the substantial technological advancements in the developed economies such as U.S. and Canada. Furthermore, the increased accessibility to real-time language translation services coupled with growing investments in IoT and AI are major contributors to the regional market revenue.
Strategic initiatives by major companies
Some of the key players operating in the language translation device market include Sourcenext Inc. (Pocketalk), Cheetah Mobile, Inc., Jarvisen (iFLYTEK), Vasco Electronics LLC, Waverly Labs Inc., and Timekettle. These participants are involved in various strategic initiatives, including product development, M&As, and expansions to boost their presence in the industry.