Major language translation device market participants include Sourcenext Inc., Jarvisen (iFLYTEK), Cheetah Mobile, Inc., Vasco Electronics LLC, Waverly Labs Inc., and Timekettle.
SELBYVILLE, Del., Aug. 23, 2022 /PRNewswire/ — The language translation device market is expected to reach a valuation of USD 2.5 billion by 2030, as reported in a research study by Global Market Insights Inc. The report cites surging number of tourists in Europe as a prominent driver for language translation device industry growth. This can be attributed to stringent EU-wide requirements and regulations on medical procedures. Furthermore, medical specialists are being trained and educated to accommodate the needs of patients from various cultures, thereby fostering the demand for translating devices. This ensures that patients receive equally high-standard medical care throughout Europe, in clinics providing specialized and innovative treatments.
Growing importance of long-term emission advantages in HCV to drive industry growth
The heavy commercial vehicle (HCV) segment is predicted to exhibit a growth rate of around 20% through 2030. This growth is accredited to the growing need for long-term emission advantages among HCVs and the subsequent rise in demand for translating devices.
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Integration of AI and IoT technologies will bolster language translation device market demand
The wearable segment is anticipated to depict more than 14% gains through 2030 led by increasing adoption of AI and IoT technologies along with a rise in global tourism. Increasing emphasis on innovations in wearable translators by prominent device manufacturers will also influence segmental growth.
Increasing tourism in remote areas to surge the adoption of offline translation
The offline translation segment is poised to attain approximately 10% gains till 2030 owing to increased tourism in remote areas.
Growing interest in outbound travel will augment translating device sales in retail stores
The retail stores segment of the language translation device market is projected to observe above 10% growth rate between 2022 and 2030, due to the rapid rise in travel activities across regions with multilingual populations.
The consumer application will hold nearly 10% of the language translation device market revenue share by 2030 propelled by the growing preference for vacations and leisure traveling, which may expand the usage of personal devices like voice translators.
Rising disposable incomes in MEA to increase the adoption of voice translating devices
The Middle East & Africa region is slated to register 5% CAGR through 2030 impelled by increasing disposable income coupled with the growing tourism industry in countries like the UAE, which is emerging as a global hub for leisure, shopping, and family entertainment.
Major companies operating in the language translation device market are Sourcenext Inc. (Pocketalk), Jarvisen (iFLYTEK), Cheetah Mobile, Inc., Vasco Electronics LLC, Waverly Labs Inc., and Timekettle. Many key players are focusing on new product launches to strengthen their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Language translation device industry 3600 synopsis, 2018 – 2030
2.2 Business trends
2.3 Regional trends
2.4 Product trends
2.5 Type trends
2.6 Distribution channel trends
2.7 Application trends
Chapter 3 Language Translation Device Industry Insights
3.1 Introduction
3.2 Impact analysis of coronavirus (COVID-19) pandemic
3.3 Ukraine–Russia war impact
3.4 Industry ecosystem analysis
3.5 Technology and innovation landscape
3.6 News
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Price trend analysis
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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SOURCE Global Market Insights Inc.
