Speech to Speech Translation Market Size

Speech to Speech Translation Market Analysis

The Speech to Speech Translation Market size is estimated at USD 566.64 million in 2024, and is expected to reach USD 916.33 million by 2029, growing at a CAGR of 10.09% during the forecast period (2024-2029).

The speech-to-speech (S2S) translation breaks down communication barriers among people who typically do not speak a common language. The basic purpose of using such technology at its inception stages was to enable instant oral cross-lingual communication.

• With globalization and frequent international travel, language difference has become a serious barrier. With S2S, the expectations are to break such barriers to foster international business and tourism and equalize communication ability.
• The recent technological advances and innovations to increase computational power while building smaller and smaller devices with higher performance have led to strong demand for information-retrieving and communication-enabled technologies in the market. Further, as machine translation investments rise, the resultant is a more accurate translation.
• Since the development of the tourism industry is fueling the demand for speech-to-speech translation solutions, vendors such as Lingmo, LogBar Inc., and Raytheon in the market are actively positioning their products on similar lines. For instance, Raytheon BBN Technologies' TransTalk serves as a portable, two-way translation device facilitating the exchange of information across language barriers. The speech is capable of automatic translation and is spoken back in a foreign language.
• The hosting of global events is further attracting the market for S2S translators. The FIFA World Cup last year was gaining significant traction in ticket selling. For instance, in September last year, FIFA, football's world governing body, said that more than 2.4 million tickets for the tournament had been sold in the three rounds of sales that took place last year.
• The current S2S translation adoption is majorly skewed toward the B2C market. However, contact centers, emergency response, and the military are among the B2B segments that are increasingly utilizing the benefits of this technology.
• The COVID-19 pandemic has heavily affected global exhibitions and events worldwide. Events have been canceled around the globe. Post-COVID, event organizers have adopted new delivery models, going entirely digital or embracing in-person solutions. These factors have significantly impacted the market growth rate.