The Global Language Translating Devices Market to Reach Revenues of $190 Million During the Period 2018−2024 - Market Research by Arizton

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May 21, 2019, 12:00 ET

CHICAGO, May 21, 2019 /PRNewswire/ -- According to Arizton's recent research report, the global language translating devices market is expected to reach over $190millionby 2024, growing at a CAGR of over13% during 2018−2024.The research report offers market share in terms of unit volumes during the forecast period.

Key Highlights Offered in the Report:

The growth of medical tourism in non-nativelanguage speaking countries to have a direct influence on the language translation devices market during the forecast period. The medical tourism is expected to grow by 20% YOY in the coming years.
The wearable language translating devices market in Europe is expected to grow atan impressive CAGR of 17.04% during the forecast period.
About 80% of industries players are investing in AI in the language and speech translation market, whereas over 30% are planning to expand AI investments during the forecast period. Bragi, Waverly Labs, Mymanu, Logbar, and Travis are leading players that are incorporating and implementing AI technology their products.
Innovations in artificial intelligence and its better pairing with translation algorithms are likely to offer improved real-time language translation devices, with negligible or no apparent lag in feeding translated speech to the user. Real-time language translation capabilities are crucial for wider product acceptance among consumers.
The rise in international departures likely to bode well for the language translating devices market as an increasing number of travelers are choosing destinations far away from homes. Therefore,the growth in international travel has the potential to emerge as a major revenue generators for the market worldwide.

Key Offerings:

Market Size & Forecast by Revenueand Units| 2018−2024
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation –A detailed analysis by product type, platform,distribution channel, and geography.
Competitive Landscape – Profile of 14prominent vendors and 2upcomingvendors.

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Language Translating Devices Market – Segmentation

The research report includes a detailed market segmentation by product type,platform, distribution channel, and geography.

Handheld devices observed the highest revenue share of over 65% in 2018. The growing medical tourism is expected to increase the adoption of handheld devices during the forecast period.
E-commerce sales accounted for approximately 75% share of the overall market revenues in 2018. Amazon, eBay, Alibaba are the major online retailers.

Market Segmentation by Product Type

Handheld
Wearable

Market Segmentation by Platform

Online
Offline

Market Segmentation by Distribution Channel

E-commerce
Retail

Language Translating Devices Market – Dynamics

The convergence of smart wearables, augmented hearing, and language translating solutions is expected to gain momentum in the near future.The rise in international travels, the growth of urbanization, increase in the hospitality industry, and the growth of medical tourism are expected to augur well for the language translating devices market.

Key Drivers and Trends fueling Market Growth:

Rising International Travel and Tourism
Growing Medical Tourism Driving Demand for Speech Translation Devices
Increasing Real-time Language Translation Capabilities in Smart Devices

Language Translating Devices Market –Geography

Europe was the largest market for wearable devices with a share of over 35% in 2018, whereas APAC was the largest market for handheld devices with a share of over 40% in 2018.China was the major market for language translating devices in the APAC region in 2018.The APAC region is likely to dominate the language translating devices market during the forecast period.

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Market Segmentation by Geography

APAC

China
Japan
South Korea

North America

US
Canada

Europe

France
Germany
Nordics

Latin America

Brazil
Mexico

Major Vendors

Bragi
Waverly Labs
Mymanu
Fujitsu
Logbar
Timekettle
Misway Tech
Travis
Lingmo
Xiaomi
iFLYTEK
Cheetah Mobile
Two Monkeys Technology
Sogou

Upcoming Vendors

TRAGL
One Mini

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About Arizton:

Arizton – Advisory and Intelligence is a premium and innovation-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence