Speech to Speech Translation Market Technological Enhancement and Advancement Outlook - 2021 | Microsoft Corporation, Google Inc. (Alphabet Inc.), Cheetah Mobile Inc., APALON (IAC Search & Media Technologies Limited), Langogo

MarketInsightsReports has published a report entitled Global Speech to Speech Translation Market Research Report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances and various strategies implemented by the main current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.

The speech to speech translation market is valued at USD 333.7 million in2020, and is expected to reach USD 576.99 million in 2026, recording a CAGR of 9.4% over the forecast period (2021-2026).

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Key Players:

Microsoft Corporation, Google Inc. (Alphabet Inc.), Cheetah Mobile Inc., APALON (IAC Search & Media Technologies Limited), Langogo, Shenzhen Timekettle Technologies Ltd, SSK Corporation, Anhui USTC iFLYTEK Co., TripLingo LLC, Travis, Logbar Inc., Waverly Labs, Lingmo International, Mesay Technology Co. Ltd, Jarvisen, Sourcenext Corporation, Shenzhen Buoth Industry Co. Ltd, SpeechTrans Inc., ECTACO Inc and others.

Key Market Trends

Software Segment to Witness Significantly High Growth Rate

- Mobile and web applications that are capable of taking voice inputs in one language and generate voice outputs in another language are considered as a part of the study. The Karlsruhe Institute of Technology is using its software application in tourism, medical exchanges, and broadcast news. Speech logger is using its application in the communication markets, majorly in call centers. All these use cases are driving the software segment, with innovation in the speech to speech translation market.
- Amazon is one of the key players offering speech to speech translation services, apart from Google and Microsoft. The company offers its services with its AWS Lambda function that connects with three AI language services, namely, Amazon Transcribe, Amazon Translate, and Amazon Polly. Moreover, Amazon Alexa provides voice translation services that can translate one way from English to another language, up to 48 languages.
- According to a study conducted by One Hour Translation (OHT), an online translation platform, on major voice assistants capable of real-time voice translation, google assistant is one of the top-performing real-time voice translators ahead of other virtual assistants, such as Siri and Skype.

Asia-Pacific is Expected to Witness the Fastest Growth

- After Europe, Asia-Pacific is the major attraction center for tourism, as countries, such as Thailand, Singapore, India, Malaysia, and China, attract a significant number of tourists annually. According to UNWTO, in 2018, the number of international tourist arrivals in Asia-Pacific was 347.7 million.
- In addition, the region is one of the major markets for smartphones, in terms of volume, and with the advent of 5G, the number of devices is expected to increase even further. According to Ericsson, in 2019, the smartphone subscription rate in China alone reached 1,440 million, while that of Northeast Asia was at 1,820, and India, Nepal, and Bhutan together accounted for 670 million.
- Apart from this, Asia-Pacific is one of the prominent markets for consumer electronics and software development, wherein various vendors are increasingly developing solutions for businesses. For instance, in August 2019, China's Baidu developed an API for speech to speech translation.

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Important Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Speech to Speech Translation Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Speech to Speech Translation Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

Finally, the Speech to Speech Translation Market report is the believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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