Newark, Feb. 06, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Language Translation Device market is expected to grow from USD 1,060 Million in 2022 to USD 2,863.93 Million by 2032, at a CAGR of 10.45% during the forecast period 2023-2032.
This market is growing due to employing hundreds of thousands of frontline workers, making industrial businesses and facilities the most diverse workplaces. In the field, communication and collaboration are crucial for the success of the organization, especially when there is growing additional diversity. Organizations' growing use of language translation technology and devices is helping them overcome the language barriers in the work sites. Also, translation is increasingly important in everyday activities with the growing trend of travelling.
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Competitive Strategy
To enhance their market position in the global Language Translation Device market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In August 2021: Pocketalk announced that its handheld translation device became the first HIPAA-compliant device. Hence, it started getting used in clinical settings, and patients & caregivers can speak directly and instantaneously using it. All these factors are helping the organization expand its market share in the Language Translation Device market.
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Market Growth & Trends
Based on the US Bureau of Labor Statistics, it is estimated that the employment of translators and interpreters will increase by 20% from 2019 to 2029. This growth is faster in comparison to the average for all occupations. Also, another study shows over 41 million Americans' jobs depend on international trade. Therefore, language translation has become a crucial tool for erasing borders and helping bring the world closer. Real-time translators are useful for ease in business and travelling. It helps remove the language barriers. These devices are used for translation, which is faster and more advanced than smartphone apps. Also, the surge in the trend for travel and tourism events and the increasing requirement for such devices in the corporate sector drive the development of language translation devices. There is also an increase in medical tourism, which is leading to the growing use of handheld language translation devices worldwide, and its use is increasing in non-native language-speaking nations, thus substantially shaping the language translation device sector. It has been observed that medical tourism is majorly influencing the key organizations' customer service and product offerings. The use of translation devices will help in engaging people in a better way. Also, the language translation device organization has undergone significant technical modifications, eventually increasing the devices' sales worldwide. The language translation device is helping in overcoming the language barriers onsite. Around 40% of the world speaks only one language with fluency. Hence, there is a great opportunity for language translation devices as the differences in language impact productivity and total business operations. These devices seem to overcome the linguistic gap between workers, especially when working together in the same facility.
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Key Findings
• In 2022, the handheld device segment dominated the market with the largest market share of 78.89% and market revenue of USD 836.23 Million.
The product segment is divided into handheld device and wearable device. In 2022, the handheld device segment dominated the market with the largest market share of 78.89% and market revenue of USD 836.23 Million. Key players will be focusing on product innovation in the market.
• In 2022, the online translation segment dominated the market with the largest market share of 62.33% and market revenue of USD 660.70 Million.
The type segment is divided into online translation and offline translation. In 2022, the online translation segment dominated the market with the largest market share of 62.33% and market revenue of USD 660.70 Million. There is a growing use of online translation among several consumers.
• In 2022, the commercial segment dominated the market with the largest market share of 62.45% and market revenue of USD 661.97 Million.
The application segment is divided into consumer and commercial. In 2022, the commercial segment dominated the market with the largest market share of 62.45% and market revenue of USD 661.97 Million. Language translation devices are broadly used in businesses to avoid language barriers, especially among frontline workers.
Regional Segment Analysis of the Language Translation Device Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Language Translation Device industry, with a market share of 36.75% and a market value of around USD 389.55 Million in 2022. North America has dominated the market because of a surge in the developed technologies in the region. There is also the presence of key players in the region, fueling the market growth. The Asia Pacific region has the fastest growth rate.
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Key players operating in the global Language Translation Device market are:
• Cheetah Mobile, Inc.
• Travis GT BV
• Sourcenext Inc. (Pocketalk)
• Vasco Electronics LLC
• Waverly Labs Inc.
• Timekettle
• Langogo Inc
• Jarvisen (iFLYTEK)
• Mymanu CEH Tech Ltd.
• VORMOR
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Language Translation Device market based on below mentioned segments:
Global Language Translation Device Market by Product:
• Handheld Device
• Wearable Device
Global Language Translation Device Market by Type:
• Online Translation
• Offline Translation
Global Language Translation Device Market by Application:
• Consumer
• Commercial
About the report:
The global Language Translation Device market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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