Speech Translation Devices

History

2024: Global Text and Speech Translation Devices Market Growth by 9% to $2.28 Billion

In 2024, global spending on text and speech translation devices reached $2.28 billion. For comparison, a year earlier, the volume of the industry was estimated at $2.09 billion. Thus, an increase of about 9% was recorded, as stated in the Market Research Future review, presented in mid-February 2025.

Analysts note that with the intensification of business globalization and companies entering international markets, employees are increasingly faced with the need to maintain communications in several languages. Against this background, the need for solutions to help overcome language barriers is increasing. In addition, the demand for text and speech translation devices is increasing due to the restoration of the tourism industry, which has suffered greatly during the COVID-19 pandemic.

Technological advances play a significant role in expanding the market in question. The integration of artificial intelligence, machine learning and natural language processing tools significantly increases the accuracy and speed of translation. As a result, users are able to communicate in different languages ​ ​ in real time. Moreover, AI algorithms help devices to improve themselves over time, adapting to various dialects and speech features.

At the same time, the functionality of systems for translating text and speech into other languages ​ ​ is increased. In particular, integration with social networks, various corporate platforms, etc. becomes available. Characteristics such as ease of use, portability and compatibility with other products play a crucial role in shaping consumer preferences.

The global language translation device market is experiencing significant growth driven by several key factors, including globalization, increased cross-border communication, and the need for effective interaction in the business area, the Market Research Future review said.

It is estimated that in 2024, various portable devices for translating text and speech into other languages ​ ​ provided revenues of $0.85 billion. Another approximately $0.5 billion was brought by wearable gadgets with corresponding functions. About $0.65 billion fell on mobile applications. The contribution of other decisions is estimated at $0.28 billion. Among the significant players in the global market are:

• IBM;
• iFlytek;
• Pocketalk;
• Google;
• Sogou;
• Apple;
• Cheetah Mobile;
• Translatelive;
• Jovee;
• Langogo;
• Microsoft;
• Timekettle;
• Sonix;
• Amazon.

Geographically, North America was leading in 2024 with costs of $1.02 billion, which corresponds to approximately 45% of the total market volume. Europe is in second place with an estimate of $0.76 billion, and the Asia-Pacific region closes the top three, where expenses amounted to $0.32 billion. South America secured a contribution of $0.12 billion, the Middle East and Africa - $0.06 billion. North American dominance is noted to be driven by technological advances and demand for real-time text and speech translation solutions. In Europe and the Asia-Pacific region, the industry is being stimulated by globalization. In general, the global market is actively developing against the background of progress in the field of translation technologies and the expansion of the range of available devices.

According to Market Research Future analysts, in the future, the CAGR (CAGR in complex percentages) will be about 8.7%. Thus, by 2035, spending on a global scale may increase to $5.7 billion.^[1]

Notes