Speech-to-Speech Translation Poised for Growth
Research firm Technavio expects the global speech-to-speech translation market to grow by $238.9 million between 2021 and 2026, at a compound annual rate of 9.64 percent.
That growth, it said in the report, is being driven by increasing demand from the growing business process outsourcing (BPO) sector. However, factors such as varied internet costs and coverage globally, might impede market growth, it said.
The report noted that 45 percent of the speech-to-speech translation market growth will originate from North America, which is home to the largest adopters by far.
The report also noted that the speech-to-speech translation market is fragmented and vendors are deploying organic and inorganic growth strategies to compete. Among the leading vendors identified in the report are Alphabet (Google), Cheetah Mobile, InterActiveCorp (IAC), Langogo, and Lingmo.