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Language Translation Device Market Analysis, Trends, Growth, Research And Forecast 2033
Language Translation Device Market Analysis
According to The Business Research Company's, The language translation device market size has grown rapidly in recent years. It will grow from $1.07 billion in 2023 to $1.17 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased globalization, demand for language access in healthcare settings, demand for language interpretation in educational settings, demand for accurate and culturally sensitive translations, and popularity of remote work and collaboration tools.
The language translation device market size is expected to see rapid growth in the next few years. It will grow to $X1.74 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to growing need for real-time communication, development of wearable translation devices, growing importance of multilingual customer support, growth of demand for simultaneous interpretation services, increased focus on accessibility for people with disabilities. Major trends in the forecast period include expansion of e-commerce across borders, expansion of language support for smart devices, integration of translation in online gaming platforms, technological advancement, and integration of translation features in social media platforms.
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Market Drivers and Trends:
The rise in international travel is expected to propel the growth of the language translation device market going forward. International travel refers to the act of journeying between countries for various purposes, such as tourism, business, or personal reasons. International travel is increasing due to factors such as globalization, improved transportation infrastructure, and a growing desire for cultural exploration and business opportunities. A language translation device facilitates international travel by breaking down language barriers, enabling seamless communication, and enhancing the overall travel experience for individuals from diverse linguistic backgrounds. For instance, in September 2022, according to UN Tourism, a Spain-based specialized agency of the United Nations, international visitor arrivals increased by 172% in 2022 to nearly quadruple that of 2021 during the same time. Therefore, the rise in international travel is driving the growth of the language translation device market.
Major companies operating in the language translation device market are developing innovative products, such as SmartMic, to gain a competitive edge in the market. SmartMic is a real-time translation device deployed in various airports throughout Turkey and the UK. For instance, in February 2024, Turkish Airlines, a Turkey-based passenger airline, launched SmartMic, a translating device across its airports for non-English-speaking travelers. It allows passengers to speak into it in their native language, which is then translated into the staff members' first language, enhancing communication between customers and staff. The SmartMic, supporting 52 languages and 72 accents, features seven-inch screens for real-time translations to ensure quick and effective information exchange.
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Major Key Players of the Market:
Alphabet Inc., Sony Corporation, International Business Machines Corporation (IBM), Xiaomi Corporation, LanguageLine Solutions, Fujitsu Limited, iFLYTEK Corporation, Lionbridge Technologies Inc., Sourcenext Inc., XTM International Ltd., DCI Brands LLC, Tilde Inc., Vasco Electronics LLC, ECTACO Inc., SIGMO Limited, Waverly Health Center, PenPower Inc., Timekettle, Misway Technology Co. Ltd., Mymanu CEH Tech Ltd., Langogo Inc., Birgus GmbH, Cheetah Mobile Inc.
Language Translation Device Market 2024 Key Insights:
• The language translation device market size is expected to see rapid growth in the next few years. It will grow to $X1.74 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Impact Of Rising International Travel On The Language Translation Device Market
• Increasong Focus On Introducing Innovations Solutions In The Language Translation Device Market
• North America was the largest region in the language translation device market in 2023
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