Speech to Speech Translation Market by Type and Geography - Forecast and Analysis 2022-2026

Published: Jan 2022 Pages: 120 SKU: IRTNTR71966

The speech-to-speech translation market share is expected to increase by USD 238.93 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.64%.

This speech-to-speech translation market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers speech to speech translation market segmentation by type (hardware and software) and geography (North America, Europe, APAC, South America, and MEA). The speech-to-speech translation market report also offers information on several market vendors, including Alphabet Inc., Cheetah Mobile Inc., IAC InterActiveCorp, Langogo Inc., Lingmo International Pty Ltd., Mesay, Microsoft Corp., Travis GT BV, TripLingo LLC, and Waverly Labs Inc. among others.

What will the Speech-to-Speech Translation Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Speech-to-Speech Translation Market Size for the Forecast Period and Other Important Statistics

 

Speech To Speech Translation Market: Key Drivers, Trends, and Challenges

The demand from the growing business process outsourcing (BPO) sector is notably driving the speech to speech translation market growth, although factors such as varied internet cost and coverage globally may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the speech-to-speech translation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Speech-to-Speech Translation Market Driver

The demand from the growing business process outsourcing (BPO) is one of the key drivers supporting the speech-to-speech market size growth. BPO supports large firms by handling customer calls and queries for their business to serve them better. Analyzing customer dissatisfaction is one of the key metrics that can help BPO businesses in improving their revenue and enhance interaction with customers, thereby increasing their brand value. According to an estimated report, around 80% of the customers prefer speaking directly to the customer care agents over the phone compared to any other means. The beneficial attributes of using speech-to-speech translation are estimated to drive the global speech-to-speech translation market during the forecast period.

Key Speech-to-Speech Translation Market Trend

The growing use of AI integrated with speech-to-speech translation is another factor supporting the speech-to-speech market size growth. For instance, any speech-to-speech translation solution would need to analyze every word of a conversation between customers and vendors to discover patterns and keywords to understand customer preferences. Analyzing such minute details of a conversation is difficult for conventional solutions due to the real-time nature of data analysis. An AI integrated analytics platform will optimize the pattern recognition process based on words, language, and tone of voice within a huge volume of voice and speech data. Such comprehensive categorization of data is expected to drive market growth during the forecast period.

Key Speech-to-Speech Translation Market Challenge

The varied internet cost and coverage globally are the factors hindering the speech-to-speech market size growth. Latency in the cloud-based network is less predictable and further complicated to measure. When the cloud environment is larger, requires high computation, and increased workload, it leads to variability in service delivery. If WAN on the customer network is busy, it might have a significant effect on latency. Data exchanges between cloud services could lead to much higher latency. This delay in data transfer can result in increased costs to the users of multiple cloud service providers. Such high costs may limit the market growth during the forecast period.

This speech-to-speech translation market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the speech-to-speech translation market as a part of the global systems software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the speech to speech translation market during the forecast period.

Who are the Major Speech-to-Speech Translation Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Alphabet Inc.
  • Cheetah Mobile Inc.
  • IAC InterActiveCorp
  • Langogo Inc.
  • Lingmo International Pty Ltd.
  • Mesay
  • Microsoft Corp.
  • Travis GT BV
  • TripLingo LLC
  • Waverly Labs Inc.

 

This statistical study of the speech-to-speech translation market encompasses successful business strategies deployed by the key vendors. The speech-to-speech translation market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Acer Inc. - The company offers AR180 Optimized rack performance with max storage, ECC (Error correcting code) memory, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The speech-to-speech translation market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Speech-to-Speech Translation Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the speech to speech translation market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the systems software market includes the following core components:

  • Inputs
  • Software development
  • Marketing and distribution
  • Post-sales services

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for the Speech-to-Speech Translation Market?

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45% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for speech to speech translation market in North America. Market growth in this region will be faster than the growth of the market in other regions.

 The high penetration of advanced technologies will facilitate the speech-to-speech translation market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic raised the need to avoid touch-based fingerprint biometric systems, which led to the demand for text-to-speech. Speech-to-speech translation solutions gained traction in various sectors such as banking, financial services and insurance (BFSI), and healthcare, which significantly drove the market. As more system users will shift toward voice biometrics instead of traditional password authentication, key players are expected to launch new and advanced products, which will propel the market growth during the forecast period.

What are the Revenue-generating Type Segments in the Speech-to-Speech Translation Market?

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The speech-to-speech translation market share growth by the hardware segment will be significant during the forecast period. Speech-to-speech translation hardware recognizes particular words being spoken as the first stage in identifying speech. In most cases, this is done in hardware such as headsets. The ability to interpret a humanoid voice is provided by voice recognition platforms, while speech recognition recognizes verbal words or phrases and converts them into a machine-readable format is provided by speech recognition platforms. Thus, the increasing adoption rate of speech-to-speech translation hardware across the departments in many industry verticals such as the BPO sector, banking, and AI will boost the growth of the market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the speech to speech translation market size and actionable market insights on post COVID-19 impact on each segment.

 

Speech-to-Speech Translation Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 9.64%

Market growth 2022-2026

$ 238.93 million

Market structure

Fragmented

YoY growth (%)

8.48

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 45%

Key consumer countries

US, Canada, UK, India, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., Cheetah Mobile Inc., IAC InterActiveCorp, Langogo Inc., Lingmo International Pty Ltd., Mesay, Microsoft Corp., Travis GT BV, TripLingo LLC, and Waverly Labs Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Speech-to-Speech Translation Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive speech-to-speech translation market growth during the next five years
  • Precise estimation of the speech-to-speech translation market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the speech-to-speech translation industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of speech-to-speech translation market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

***1. Executive Summary                         

***2. Market Landscape                            

               **2.1 Market ecosystem             

                              *2.1.1    Parent market

                              *Exhibit 01:  Parent market

                              *Exhibit 02:  Market characteristics

               **2.2 Value chain analysis           

                              *Exhibit 03:  Value chain analysis

                              *2.2.1 Inputs

                              *2.2.2    Software development

                              *2.2.3    Marketing and distribution

                              *2.2.4    Post-sales services

***3. Market Sizing                      

               **3.1 Market definition

                              *Exhibit 04:  Offerings of vendors included in the market definition

               **3.2 Market segment analysis  

                              *Exhibit 05:  Market segments

               **3.3 Market size 2021 

               **3.4 Market outlook: Forecast for 2021 - 2026 

                              *Exhibit 06:  Global - Market size and forecast 2021 - 2026 ($ million)

                              *Exhibit 07:  Global market: Year-over-year growth 2021 - 2026 (%)

***4. Five Forces Analysis                         

               **4.1 Five Forces Summary         

                              *Exhibit 08: Five forces analysis 2021 & 2026

               **4.2 Bargaining power of buyers            

                              *Exhibit 09: Bargaining power of buyers

               **4.3 Bargaining power of suppliers        

                              *Exhibit 10: Bargaining power of suppliers

               **4.4 Threat of new entrants     

                              *Exhibit 11: Threat of new entrants

               **4.5 Threat of substitutes          

                              *Exhibit 12: Threat of substitutes

               **4.6 Threat of rivalry   

                              *Exhibit 13: Threat of rivalry

               **4.7 Market condition 

                              *Exhibit 14:  Market condition - Five forces 2021

***5. Market Segmentation by Type                    

               **5.1 Market segments

                              *The segments covered in this chapter are:

  • *Hardware
  • *Software

                              *Exhibit 15:  Type - Market share 2021-2026 (%)

               **5.2 Comparison by Type          

                              *Exhibit 16:  Comparison by Type

               **5.3     Hardware - Market size and forecast 2021-2026 

                              *Exhibit 17:  Hardware - Market size and forecast 2021-2026 ($ million)

                              *Exhibit 18:  Hardware - Year-over-year growth 2021-2026 (%)

               **5.4     Software - Market size and forecast 2021-2026  

                              *Exhibit 19:  Software - Market size and forecast 2021-2026 ($ million)

                              *Exhibit 20:  Software - Year-over-year growth 2021-2026 (%)

               **5.5     Market opportunity by Type       

                              *Exhibit 21:  Market opportunity by Type

***6. Customer landscape                        

                              *Exhibit 22:  Customer landscape

***7. Geographic Landscape                    

               **7.1 Geographic segmentation

                              *The regions covered in the report are:

  • *North America
  • *Europe
  • *APAC
  • *South America
  • *MEA

                              *Exhibit 23:  Market share by geography 2021-2026 (%)

               **7.2 Geographic comparison    

                              *Exhibit 24:  Geographic comparison

               **7.3     North America - Market size and forecast 2021-2026       

                              *Exhibit 25:  North America - Market size and forecast 2021-2026 ($ million)

                              *Exhibit 26:  North America - Year-over-year growth 2021-2026 (%)

               **7.4     Europe - Market size and forecast 2021-2026      

                              *Exhibit 27:  Europe - Market size and forecast 2021-2026 ($ million)

                              *Exhibit 28:  Europe - Year-over-year growth 2021-2026 (%)

               **7.5     APAC - Market size and forecast 2021-2026         

                              *Exhibit 29:  APAC - Market size and forecast 2021-2026 ($ million)

                              *Exhibit 30:  APAC - Year-over-year growth 2021-2026 (%)

               **7.6     South America - Market size and forecast 2021-2026       

                              *Exhibit 31:  South America - Market size and forecast 2021-2026 ($ million)

                              *Exhibit 32:  South America - Year-over-year growth 2021-2026 (%)

               **7.7     MEA - Market size and forecast 2021-2026          

                              *Exhibit 33:  MEA - Market size and forecast 2021-2026 ($ million)

                              *Exhibit 34:  MEA - Year-over-year growth 2021-2026 (%)

               **7.8     Key leading countries     

                              *Exhibit 35:  Key leading countries

               **7.9     Market opportunity by geography           

                              *Exhibit 36:  Market opportunity by geography ($ million)

***8. Drivers, Challenges, and Trends                  

               **8.1 Market drivers      

                              *8.1.1    Demand from the growing business process outsourcing (BPO) sector

                              *8.1.2    Adoption of speech analytics for financial trading

                              *8.1.3    Emergence of handheld devices with speech-to-speech translation functionality

               **8.2 Market challenges              

                              *8.2.1    Varied Internet cost and coverage globally

                              *8.2.2    Limitations of speech-to-speech technology

                              *8.2.3    Lack of accuracy

                              *Exhibit 37:  Impact of drivers and challenges

               **8.3 Market trends      

                              *8.3.1    Growing use of AI integrated with speech-to-speech translation

                              *8.3.2    High utilization of social media

                              *8.3.3    Increasing demand for monitoring employee emotions

***9. Vendor Landscape                            

                              *Exhibit 38:  Vendor landscape

               **9.1     Landscape disruption     

                              *Exhibit 39:  Landscape disruption

                              *Exhibit 40:  Industry risks

***10. Vendor Analysis               

               **10.1 Vendors covered              

                              *Exhibit 41:  Vendors covered

               **10.2 Market positioning of vendors    

                              *Exhibit 42:  Market positioning of vendors

               **10.3   Alphabet Inc.    

                              *Exhibit 43:  Alphabet Inc. - Overview

                              *Exhibit 44:  Alphabet Inc. - Business segments

                              *Exhibit 45:  Alphabet Inc. - Key offerings

                              *Exhibit 46:  Alphabet Inc. - Segment focus

               **10.4   Cheetah Mobile Inc.       

                              *Exhibit 47:  Cheetah Mobile Inc. - Overview

                              *Exhibit 48:  Cheetah Mobile Inc. - Business segments

                              *Exhibit 49:  Cheetah Mobile Inc. - Key offerings

                              *Exhibit 50:  Cheetah Mobile Inc. - Segment focus

               **10.5   IAC InterActiveCorp        

                              *Exhibit 51:  IAC InterActiveCorp - Overview

                              *Exhibit 52:  IAC InterActiveCorp - Business segments

                              *Exhibit 53:  IAC InterActiveCorp - Key offerings

                              *Exhibit 54:  IAC InterActiveCorp - Segment focus

               **10.6   Langogo Inc.      

                              *Exhibit 55:  Langogo Inc. - Overview

                              *Exhibit 56:  Langogo Inc. - Product and service

                              *Exhibit 57:  Langogo Inc. - Key offerings

               **10.7   Lingmo International Pty Ltd.     

                              *Exhibit 58:  Lingmo International Pty Ltd. - Overview

                              *Exhibit 59:  Lingmo International Pty Ltd. - Product and service

                              *Exhibit 60:  Lingmo International Pty Ltd. - Key offerings

               **10.8   Mesay  

                              *Exhibit 61:  Mesay - Overview

                              *Exhibit 62:  Mesay - Product and service

                              *Exhibit 63:  Mesay - Key offerings

               **10.9   Microsoft Corp.

                              *Exhibit 64:  Microsoft Corp. - Overview

                              *Exhibit 65:  Microsoft Corp. - Business segments

                              *Exhibit 66:  Microsoft Corp. - Key offerings

                              *Exhibit 67:  Microsoft Corp. - Segment focus

               **10.10 Travis GT BV     

                              *Exhibit 68:  Travis GT BV - Overview

                              *Exhibit 69:  Travis GT BV - Product and service

                              *Exhibit 70:  Travis GT BV - Key offerings

               **10.11 TripLingo LLC   

                              *Exhibit 71:  TripLingo LLC - Overview

                              *Exhibit 72:  TripLingo LLC - Product and service

                              *Exhibit 73:  TripLingo LLC - Key offerings

               **10.12 Waverly Labs Inc.          

                              *Exhibit 74:  Waverly Labs Inc. - Overview

                              *Exhibit 75:  Waverly Labs Inc. - Business segments

                              *Exhibit 76:  Waverly Labs Inc. - Key offerings

                              *Exhibit 77:  Waverly Labs Inc. - Segment focus

***11. Appendix                           

               **11.1 Scope of the report         

                              *11.1.1 ????Market definition

                              *11.1.2 Objective

                              *11.1.3 Notes and caveats

               **11.2 Currency conversion rates for US$            

                              *Exhibit 78:  Currency conversion rates for US$

               **11.3 Research Methodology   

                              *Exhibit 79:  Research Methodology

                              *Exhibit 80:  Validation techniques employed for market sizing

                              *Exhibit 81:  Information sources

               **11.4 List of abbreviations        

                              *Exhibit 82:  List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Key Questions Answered

  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?

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