Language Translation Device Market 2023-2032; Growth Forecast & Industry Share Report

 

As per a recent research report, Language Translation Device Market surpass USD 2.5 Bn by 2032.

The global language translation device market is anticipated to observe robust expansion through 2030 on account of mounting product demand in varied applications. Improvements in economic stability have increased the disposable income per household across the Asia Pacific region. Better living conditions have resulted in customers spending more on electronic goods, thus increasing demand in the region. This has motivated manufacturers to develop solutions such as voice translator devices to facilitate seamless communication with customers in their native language.

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To quote an instance, Pocketalk introduced a handheld translator compliant with HIPAA in August 2021, for use in medical settings. The device was designed to enable patients to communicate directly with healthcare professionals in their native language while eliminating translation waiting time.

The language translation device market has been bifurcated based on vehicle type, product, type, distribution channel, application, and region.

According to the vehicle type, the language translation device industry is segmented into LCV, passenger vehicle, and HCV. The heavy commercial vehicle segment is anticipated to depict over 20% CAGR during the forecast period.

HCV manufacturers have integrated automation to enhance productivity and efficiency. Language translation is one of the most crucial features of automation as drivers can gain insights about their vehicles and the ones connected with them through IoT. The use of digital assistants allows drivers to pose questions in their native language which are answered through the use of natural language processing.

In terms of product, the market for language translation devices is bifurcated into handheld devices and wearable devices. The wearable device segment is expected to grow at a 14% CAGR over the forecasted timeframe. This growth can be attributed to the increased adoption of wearable devices and growing innovation efforts by language translator device producers. With the advent of Web3 and metaverse, the usage of these devices is set to grow, thus promoting market growth.

Considering the type, the language translation devices industry is classified into online translation and offline translation. Of these, the offline translation segment is anticipated to exhibit a CAGR of 10% over the forecast period primarily due to the lack of internet connectivity across remote areas.

According to World Population Review, around 37% of the global population do not have access to or have never used the internet. Most of this population is concentrated in the African region, which could create a strong demand for offline solutions in these areas, and augment language translation device market dynamics.

Concerning the distribution channel, the market is divided into online platforms and retail stores. Among these, the retail stores segment is expected to depict a 10% CAGR through 2030 due to increased outbound tourism across the globe.

The language translation device market is segregated into consumer and commercial based on application. The consumer application segment is expected to hold an industry share of 10% by 2030. This growth will be driven by increasing demand for language translators from travelers during vacations or leisure travel.

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Regionally, the industry is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The Latin America market is anticipated to be valued at more than USD 180 million by 2030. This growth is primarily driven by a rising need to translate Latin American languages such as Spanish and Portuguese for business, tourism, and entertainment purposes.

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

3.2.1    Regional outlook

3.2.1.1    North America

3.2.1.2    Europe

3.2.1.3    Asia Pacific

3.2.1.4    Latin America

3.2.1.5    MEA

3.2.2    Industry value chain

3.2.2.1    Research & Development

3.2.2.2    Manufacturing

3.2.2.3    Supply

3.2.3    Competitive landscape

3.2.3.1    Strategy

3.2.3.2    Distribution network

3.2.3.3    Business growth

3.3    Ukraine-Russia war impact

3.4    Industry ecosystem analysis

3.4.1    Raw material suppliers

3.4.2    Component suppliers

3.4.3    Manufacturers

3.4.4    Software/Technology providers

3.4.5    Distribution channel analysis

3.4.6    End-use landscape

3.4.7    Profit margin

3.4.8    Vendor matrix

3.5    Technology and innovation landscape

3.5.1    Artificial Intelligence (AI) and Machine Learning (ML)

3.5.2    Cloud computing

3.5.3    Internet of things (IoT)

3.6    News

3.6.1    North America

3.6.2    Europe

3.6.3    Asia Pacific

3.6.4    Latin America

3.6.5    MEA

3.7    Regulatory landscape

3.7.1    North America

3.7.1.1    Health Insurance Portability and Accountability Act (HIPAA)

3.7.1.2    California Consumer Privacy Act

3.7.1.3    CLOUD Act

3.7.2    Europe

3.7.2.1    General Data Protection Regulation (EU)

3.7.2.2    The NIS Directive

3.7.2.3    ePrivacy Directive

3.7.3    Asia Pacific

3.7.3.1    Act on the Protection of Personal Information Act No. 57 of (2003)

3.7.3.2    The Telecommunications Business Act of Japan (TBA)

3.7.3.3    Electrical Appliances and Materials Safety Act

3.7.3.4    Personal Information Protection Act (Act No. 14839) (“PIPA”)

3.8    Industry impact forces

3.8.1    Growth drivers

3.8.1.1    Increasing adoption of advanced technologies in North America

3.8.1.2    Rising awareness of medical tourism among patients in Europe

3.8.1.3    Increasing disposable incomes and high consumer spending in Asia Pacific

3.8.1.4    Increase in air travel and passenger volume in Latin America

3.8.1.5    Rise in urbanization and internet infrastructure development in the MEA

3.8.2    Industry pitfalls & challenges

3.8.2.1    Accessibility of open-source translation software

3.8.2.2    Lack of 100% translation accuracy

3.9    Price trend analysis

3.10    Growth potential analysis

3.11    Porter's analysis

3.11.1    Supplier power

3.11.2    Buyer power

3.11.3    Threat of new entrants

3.11.4    Threat of substitutes

3.11.5    Internal rivalry

3.12    PESTEL analysis

3.12.1    Political

3.12.2    Economic

3.12.3    Social

3.12.4    Technology

3.12.5    Environment

3.12.6    Legal

 

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