How big is the Speech to Speech Translation Market?

The Speech to Speech Translation Market size is expected to reach USD 566.64 million in 2024 and grow at a CAGR of 10.09% to reach USD 916.33 million by 2029. Read More

What is the current Speech to Speech Translation Market size?

In 2024, the Speech to Speech Translation Market size is expected to reach USD 566.64 million. Read More

Who are the key players in Speech to Speech Translation Market?

Microsoft Corporation, Google Inc. (Alphabet Inc.), APALON (IAC Search & Media Technologies Limited), Cheetah Mobile Inc. and Triplingo Inc. are the major companies operating in the Speech to Speech Translation Market. Read More

Which is the fastest growing region in Speech to Speech Translation Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Speech to Speech Translation Market?

In 2024, the Europe accounts for the largest market share in Speech to Speech Translation Market. Read More

What years does this Speech to Speech Translation Market cover, and what was the market size in 2023?

In 2023, the Speech to Speech Translation Market size was estimated at USD 509.47 million. The report covers the Speech to Speech Translation Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Speech to Speech Translation Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Speech To Speech Translation Market Trends

Market Trends of Speech To Speech Translation Industry

Software Segment to Witness Significantly High Growth Rate

Mobile and web applications capable of taking voice inputs in one language and generating voice outputs in another language are considered a part of the study. The Karlsruhe Institute of Technology uses 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 drive 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 provides 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 MEITY, more than 500 million people in China utilize iFlytek Input to overcome obstacles in multilingual communications with speakers of other Chinese dialects. The software was created by iFlytek, a Chinese AI startup that uses deep learning in various domains, including speech recognition, machine translation, and natural language processing.
Moreover, SayHi is an instant speech-to-speech translation software for the iPhone and Kindle available in 90 languages and dialects. The software claims a voice recognition accuracy of 95%. Additionally, the app allows users to configure the voice to be male or female and to regulate its speed.
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.

Speech to Speech Translation Market : Industry Revenue of Translation and Interpretation Services, in USD Million, United States, 2017-2023

Understand The Key Trends Shaping This Market

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North America is Expected to Witness the Fastest Growth

North America is expected to hold a prominent share of the market studied, owing to the presence of countries such as the United States and Canada, whose electronics markets are the largest in the world. Additionally, by hosting several business tours, the United States is attracting a significant share of the global business, and the demand for speech translation is on the higher end in the B2B market.
Moreover, North America attracts a major share of tourism, and with the rise in tourism, the demand for speech-to-speech translators is expected to increase over the coming years.
Additionally, the United States is home to numerous immigrants who converse in different languages. Even though the country is home to a large English-speaking population, it has citizens and immigrants that speak Spanish, Chinese (Cantonese and Mandarin), French, Tagalog, Vietnamese, Korean, German, Hindi, Japanese, and many more languages. This factor is expected to drive the demand in the market studied.
The country is also home to major technology vendors, such as Google, Microsoft, and Apple, which offer speech translation services on their devices. Moreover, in the United States, many hardware vendors offer numerous speech translation solutions.
Earphone/headphone vendors are incorporating speech translation technology in their offerings. For instance, the Brooklyn-based firm, Waverly Labs, offers earpieces that offer speech translation services.
Further, the growing investments in speech translation firms are analyzed to further contribute to the market's growth rate. For instance, in June last year, Sanas, the world's first real-time accent translation technology firm, announced a USD32 million Series A investment headed by Insight Partners with participation from GV, Assurant Ventures, and angel investor Gokul Rajaram, the largest Series A financing in history for a speech technology company. Accent translation technology from Sanas enables greater individual voice preference, promotes language proficiency, and solves communication issues between international teams and clients.