Language Translating Devices Market Is Likely To Reach Around $191 Million By 2024, Growing At A CAGR Of Approximately 13% During 2020–2024

Shibuya-ku, Tokyo, Japan, Japan, Feb 04, 2021, 07:00 /Comserve / -- Prominent Vendors in the Language Translating Devices Market: Bragi, Waverly Labs, Mymanu, Fujitsu, Logbar, Timekettle, Misway

The language translating devices market is likely to reach around $191 million by 2024, growing at a CAGR of approximately 13% during 2018–2024. The growth in travel and tourism activities, including vacations, leisure travel, is increasing the demand for high-quality devices worldwide. However, increasing medical tourism across borders is one of the major factors responsible for the significant growth of language translating devices. The market dynamics in the medical tourism segment has affected language device manufacturers in terms of product offerings and has also created new opportunities for global as well as local companies, thereby driving the language translating devices market.

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Prominent Vendors in the Language Translating Devices Market

• Bragi
• Waverly Labs
• Mymanu
• Fujitsu
• Logbar
• Timekettle
• Misway
• Travis

Key Vendor Analysis

The language translating devices market has a limited number of global players. The market is highly competitive in terms of technological innovations and price differentiation. The high competition is expected to decrease the price of language translating products during the forecast period. Vendors are investing in R&D to improve the quality, quantity, technology, services, and price of translation devices. Further, the existing global players are increasing their investment to ensure continuous customer-centric product innovation, which is likely to drive the language translating devices market in the coming years.

Language Translating Devices Market: Segmentation

The market research report includes detailed market segmentation by products, platforms, distribution channel, and geography. The language translating devices market by product can be segmented into handheld and wearables. The handheld devices segment has captured around one-third of the market and is expected to grow at a CAGR of around 12% during the forecast period. The growing medical tourism has supported the growth of handheld devices across borders and in non-native language speaking countries, thereby directly influencing the language translation devices market. Hence, the market dynamics in the medical tourism segment is affecting manufacturers in terms of product offerings and customer services. AMEA is the fastest-growing region in the global medical tourism market due to a large influx of patients from the US and Western European countries seeking economical healthcare and treatment.

The language translating devices market by platforms can be segmented into online and offline devices. The online devices segment gained traction in 2018 and is expected to grow at a CAGR of 14% during the forecast period. Based on the type of connection platform, there are two variants available in the market - internet connection and mobile connection. Besides, factors such as the existence of several language translating application providers are aiding the language translating devices market. Further, APAC is leading the market due to the growing outbound travel in China and South-east Asia, which is boosting the sale of these devices in the region. For instance, Fujitsu introduced a wearable language translation device for the hospital staff, which can translate into English, Chinese, and Japanese among other, enabling the hospital staff and foreign patients to engage in real-time two-way communication.

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The language translating devices market by distribution channel can be segmented into e-commerce and retail. The e-commerce segment grew gradually and reached around $68 million in 2018. The growth of online sale can be attributed to a broader range of product options than retail stores. It provides ease-of-accessibility and convenience while making the purchase. Also, prices offered on the internet are lower than retail stores because of the discounts provided by vendors to promote the products. The retail sector is another important distribution channel and is expected to grow at a CAGR of around 14% during the forecast period. The rise of global and outbound travelers to various destinations of different languages has boosted the sale of language translating devices through retail stores such as electronic stores and supermarkets worldwide.

Table of Content

1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
4.4.1 Market Segmentation by Product Type
4.4.2 Market Segmentation by Platform
4.4.3 Market Segmentation by Distribution Channel
4.4.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

The study considers the present scenario of the language translating devices market and its market dynamics for the period 2019−2024. The report covers a detailed overview of several market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. It profiles and examines leading and prominent companies operating in the language translating devices market.

Key Market Insights

• Offers market sizing and growth prospects of the language translating devices market for the forecast period 2019–2024
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the language translating devices market
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
• Delivers a complete overview of market segments and the regional outlook of the language translating devices market
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the language translating devices market

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