New York, April 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Speech to Speech Translation Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05881452/?utm_source=GNW
- With globalization and frequent international travel, language difference has been acting as a serious barrier. With S2S, the expectations are to break such barrier to foster international business, international tourism, and equalize communication ability. As of 2020, the language with a high demand around the world is Chinese (Mandarin). Ethnologue further estimates that the number of native speakers being 1.2 billion and a billion among them speak Mandarin. This is suggestive that Chinese is the most spoken globally and the second-most preferred for online applications after English.
- The recent technological advances and innovations to increase computational power whilst building smaller and smaller devices with higher performance has led to a strong demand for information retrieving and communication enabled technologies in the market. Further, as machine translation investments rise, the resultant is a more accurate translation.
- Since the growth of the tourism industry is fueling the demand for speech to speech translation solutions, vendors such as, Raytheon, Lingmo, LogBar Inc., among others, in the market are actively positioning their products on similar lines. For instance, Raytheon BBN Technologies’ TransTalk serves a portable, two-way translation device facilitating exchange of information across language barriers. The speech is capable of automatic translation and spoken back in the foreign language.
Key Market Trends
Software Segment to Witness Significantly High Growth Rate
- Mobile and web applications that are capable of takingvoice inputs in one language and generate voice outputs in another language are considered as a part of the study. Karlsruhe Institute of Technology is using cases on tourism, medical exchanges, broadcast news with their software application. Speech logger is using their application in the communication markets majorly in Call center. All these use cases are affluence the software segment towards the growth with innovation in a speech to speech translation market.
- Amazon is one of the key pllayer offering speech to speech translation service, among Google and Microsoft. The company is the services with its AWS lambda function that connects with three AI language services, such as Amazon Transcribe, Amazon Translate, and Amazon Polly. Moreover, Amazon Alexa also 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 translations platform, on major voice assistants capable of real-time voice translation, and found that google assistant is one of the top-performing real-time voice translators ahead of other virtual assistants such as Siri and skype.
Asia-Pacific Region is Expected to Witness the Fastest Growth Geographically
- After Europe, Asia-pacific is the major attraction center of 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 at 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 also one of the prominent markets for consumer electronics and software development, wherein various vendors are increasingly developing solutions for businesses. For instance, China’s Baidu developed an API for speech to speech translation in August 2019.
Competitive Landscape
The market is considerably fragmented with very few major players, the software segment of the market is where major players are competing to gain market share. The companies are including AI and machine learning to enhance their offerings, major companies include Microsoft Corporation, Google (Alphabet Inc.), APALON (IAC Search & Media Technologies Limited.), Langogo, Shenzhen Timekettle Technologies.,Ltd, and many more.
- January 2020 - Google planned to add a real-time transcription feature to its Google Translate app for Android in the coming years. The feature is expected to allow users to record audio in one language and have it extracted in another in real-time. This feature is still in the prototype stage, but the company gave a demonstration of the technology during the Artificial Intelligence Demos at its San Francisco office.
- July 2019 - iFlytek, a Chinese artificial intelligence company specializing in speech recognition, successfully raised USD 407 million from a state-backed industry fund and several provincial government funds via a private placement and would use it to improve technology in open platforms for smart speech, next-generation cognitive technology and service robots.
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The speech to speech translation market is expected to record a growth at a CAGR of 9.4%, over the forecast period (2020 - 2025)
The speech-to-speech (S2S) translation breaks down communication barriers among people that typically don’t speak a common language. The basic purpose that such technology used to serve at its inception stages was to enable an instant oral cross-lingual communication.
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