Language Translating Devices Market - Global Outlook and Forecast 2019-2024

Date: June 1, 2019
Pages: 205
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Publisher: Arizton Advisory & Intelligence
Report type: Strategic Report
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Language Translating Devices Market - Global Outlook and Forecast 2019-2024
The language translating devices market is likely o 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.

The language translating devices market is undergoing tremendous technological transformations, which are accelerating sales of language devices across the world. The availability of real-time language translation capabilities, and increased investments on AI and IoT (internet of things) has helped the market o increase revenues significantly. In North America and Europe, 80% of the potential customers are using online platforms o buy translation devices as they provide a wide platform o compare product pricing and features. The emergence of innovative technology in these devices is having a profound effect on product designs, development, manufacturing, marketing, sales, and the aftersales market.

The research report on the language translating devices market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights on market segmentation by products (handheld and wearable), platforms (offline and online), distribution channel (e-commerce and retail), and geography (APAC, Europe, MEA, North America, and Latin America).

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.

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 ino handheld and wearables. The handheld devices segment has captured around one-third of the market and is expected o 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 o 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 ino online and offline devices. The online devices segment gained traction in 2018 and is expected o 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 o 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 ino English, Chinese, and Japanese among other, enabling the hospital staff and foreign patients o engage in real-time two-way communication.

The language translating devices market by distribution channel can be segmented ino 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 o 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 o promote the products. The retail sector is another important distribution channel and is expected o grow at a CAGR of around 14% during the forecast period. The rise of global and outbound travelers o various destinations of different languages has boosted the sale of language translating devices through retail stores such as electronic stores and supermarkets worldwide.

Market Segmentation by Products
  • Handheld
  • Wearable
Market Segmentation by Platforms
  • Offline
  • Online
Market Segmentation by Distribution channel
  • E-commerce
  • Retail
Language Translating Devices Market: Geography

The language translating devices market by geography can be segmented ino APAC, Europe, MEA, North America. APAC was leading the region and reached around $35 million in 2018. Due o a strong investment in healthcare infrastructure and the unprecedented growth of medical tourism, especially in countries such as China, Japan, the Philippines, Taiwan, Thailand, and India, the region holds high potential for market growth. Also, the steep rise in the number of outbound global travelers with foreign languages as well as an increasing trend of traveling is driving the market in the APAC region.

Europe is the second largest market and is expected o continue its position in the global market during the forecast period. The increase in per capita disposable income among consumers and the favorable retail environment are the major factor driving the market in the region. Due o the intensified competition, private hospitals in AMEA are upgrading healthcare facilities. It is boosting medical tourism and increasing demand for language translating devices in the region. Also, the increasing popularity and awareness regarding wearable and handheld language translating devices in Latin America has driven the language translating devices market worldwide.

Market Segmentation by Geography
  • APAC
    • China
    • South Korea
    • Japan
  • Europe
    • Germany
    • Nordics
    • France
  • MEA
    • UAE
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
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 o decrease the price of language translating products during the forecast period. Vendors are investing in R&D o improve the quality, quantity, technology, services, and price of translation devices. Further, the existing global players are increasing their investment o ensure continuous customer-centric product innovation, which is likely o drive the language translating devices market in the coming years.

Prominent Vendors in the Language Translating Devices Market
  • Bragi
    • Business Overview
    • Product Offerings
  • Waverly Labs
  • Mymanu
  • Fujitsu
  • Logbar
  • Timekettle
  • Misway
  • Travis
  • Lingmo
  • Xiaomi
  • iFLYTEK
  • Cheetah Mobile
      • Two Monkeys Technology
  • Sogou
Upcoming Vendors
  • TRAGL
  • One Mini
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 o gain a competitive advantage in the language translating devices market
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

6 MARKET AT A GLANCE

7 INTRODUCTION

7.1 Overview
7.2 Emerging Adoption Among Businesses Entering New Markets
7.3 Global Economic Improvement to Aid Market Growth

8 MARKET DYNAMICS

8.1 Market Growth Enablers
  8.1.1 Rising International Travel & Tourism
  8.1.2 Rising Medical Tourism Driving Demand for Speech Translation
  8.1.3 Internet Influencing Purchase Decisions
8.2 Market Growth Restraints
  8.2.1 Inaccurate Translations & Lag in Speech Processing
  8.2.2 Stigma of Wearing Facial Gadgets Hindering Growth of Wearables
  8.2.3 Challenges of Counterfeit and Low-quality Products
8.3 Market Opportunities & Trends
  8.3.1 Increasing Portfolio of Services Offered by Wearable Devices
  8.3.2 Real-time Language Translation Capabilities
  8.3.3 Increasing Investments in AI and IoT

9 GLOBAL MARKET LANDSCAPE

9.1 Market Size & Forecast
9.2 Five Forces Analysis
  9.2.1 Threat of New Entrants
  9.2.2 Bargaining Power of Suppliers
  9.2.3 Bargaining Power of Buyers
  9.2.4 Threat of Substitutes
  9.2.5 Competitive Rivalry

10 BY PRODUCT TYPE

10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Handheld Devices
  10.3.1 Market Size & Forecast
  10.3.2 Market Size & Forecast by Geography
10.4 Wearable Devices
  10.4.1 Market Size & Forecast
  10.4.2 Market Size & Forecast by Geography

11 BY PLATFORM

11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.3 Online Devices
  11.3.1 Market Size & Forecast
  11.3.2 Market Size & Forecast by Geography
11.4 Offline Devices
  11.4.1 Market Size & Forecast
  11.4.2 Market Size & Forecast by Geography

12 BY DISTRIBUTION CHANNEL

12.1 Market Snapshot & Growth Engine
12.2 Overview
12.3 E-commerce
12.4 Retail Stores

13 BY GEOGRAPHY

13.1 Market Snapshot & Growth Engine
13.2 Overview

14 APAC

14.1 Market Size & Forecast
14.2 Segmentation by Product Type
  14.2.1 Market by Product Type
14.3 Segmentation by Platform
  14.3.1 Market by Platform
14.4 Segmentation by Distribution Channel
  14.4.1 Market by Distribution Channel
14.5 Key Countries
  14.5.1 China: Market Size & Forecast
  14.5.2 Japan: Market Size & Forecast
  14.5.3 South Korea: Market Size & Forecast

15 EUROPE

15.1 Market Size & Forecast
15.2 Segmentation by Product Type
  15.2.1 Europe: Market by Product Type
15.3 Segmentation by Platform
  15.3.1 Europe: Market by Platform
15.4 Segmentation by Distribution Channel
  15.4.1 Market by Distribution Channel
15.5 Key Countries
  15.5.1 Germany: Market Size & Forecast
  15.5.2 France: Market Size & Forecast
  15.5.3 Nordics: Market Size & Forecast

16 NORTH AMERICA

16.1 Market Size & Forecast
16.2 Segmentation by Product Type
  16.2.1 Market by Product Type
16.3 Segmentation by Platform
  16.3.1 Market by Platform
16.4 Segmentation by Distribution Channel
  16.4.1 Market by Distribution Channel
16.5 Key Countries
  16.5.1 US: Market Size & Forecast
  16.5.2 Canada: Market Size & Forecast

17 MIDDLE-EAST & AFRICA

17.1 Market Size & Forecast
17.2 Segmentation by Product Type
  17.2.1 Market Size & Forecast by Product Type
17.3 Segmentation by Platform
  17.3.1 Market Size & Forecast by Platform
17.4 Segmentation by Distribution Channel
  17.4.1 Market by Distribution Channel
17.5 Key Countries
  17.5.1 UAE: Market Size & Forecast

18 LATIN AMERICA

18.1 Market Size & Forecast
18.2 Segmentation by Product Type
  18.2.1 Market Size & Forecast by Product Type
18.3 Segmentation by Platform
  18.3.1 Market Size & Forecast by Platform
18.4 Segmentation by Distribution Channel
  18.4.1 Market by Distribution Channel
18.5 Key Countries
  18.5.1 Brazil: Market Size & Forecast
  18.5.2 Mexico: Market Size & Forecast

19 COMPETITIVE LANDSCAPE

19.1 Competition Overview

20 MARKET VENDOR UPDATES

21 PROMINENT VENDORS

21.1 Bragi
  21.1.1 Business Overview
  21.1.2 Product Offerings
21.2 Waverly Labs
  21.2.1 Business Overview
  21.2.2 Product Offerings
21.3 Mymanu
  21.3.1 Business Overview
  21.3.2 Product Offerings
21.4 Fujitsu
  21.4.1 Business Overview
  21.4.2 Product Offerings
21.5 Logbar
  21.5.1 Business Overview
  21.5.2 Product Offerings
21.6 Timekettle
  21.6.1 Business Overview
  21.6.2 Product Offerings
21.7 Misway Tech
  21.7.1 Business Overview
  21.7.2 Product Offerings
21.8 Travis
  21.8.1 Business Overview
  21.8.2 Product Offerings
21.9 Lingmo
  21.9.1 Business Overview
  21.9.2 Product Offerings
21.10 Xiaomi
  21.10.1 Business Overview
  21.10.2 Product Offerings
21.11 iFLYTEK
  21.11.1 Business Overview
  21.11.2 Product Offerings
21.12 Cheetah Mobile
  21.12.1 Business Overview
  21.12.2 Product Offerings
21.13 Two Monkeys Technology
  21.13.1 Business Overview
  21.13.2 Product Offerings
21.14 Sogou
  21.14.1 Business Overview
  21.14.2 Product Offerings

22 UPCOMING VENDORS

22.1 TRAGL
  22.1.1 Business Overview
  22.1.2 Product Offerings
22.2 One Mini
  22.2.1 Business Overview
  22.2.2 Product Offerings

23 REPORT SUMMARY

23.1 Key Takeaways
23.2 Strategic Recommendations

24 QUANTITATIVE SUMMARY

24.1 Global Market by Geography (Revenue)
24.2 Global Market by Geography (Units)
24.3 Global Market by Geography (ASP)
24.4 APAC Market
  24.4.1 APAC: Market by Product Type
  24.4.2 APAC: Market by Platform
  24.4.3 APAC: Market by Distribution Channel
24.5 Europe Market
  24.5.1 Europe: Market by Product Type
  24.5.2 Europe: Market by Platform
  24.5.3 Europe: Market by Distribution Channel
24.6 North America Market
  24.6.1 North America: Market by Product Type
  24.6.2 North America: Market by Platform
  24.6.3 North America: Market by Distribution Channel
24.7 MEA Market
  24.7.1 MEA: Market by Product Type
  24.7.2 MEA: Market by Platform
  24.7.3 MEA: Market by Distribution Channel
24.8 Latin America Market
  24.8.1 Latin America: Market by Product Type
  24.8.2 Latin America: Market by Platform
  24.8.3 Latin America Market by Distribution Channel
24.9 Market by Product Type
  24.9.1 Global Market by Product Type
  24.9.2 Wearable Devices Market by Geography
  24.9.3 Handheld Devices by Geography
24.10 Market by Platform Type
  24.10.1 Global Market by Platform Type
  24.10.2 Online Devices Market by Geography
  24.10.3 Offline Devices by Geography

25 APPENDIX

25.1 Abbreviations

LIST OF EXHIBITS

Exhibit 1 Segmentation of Global Language Translating Devices Market
Exhibit 2 Market Size Calculation Approach 2018
Exhibit 3 Major Languages Supported by Translating Devices
Exhibit 4 AI Updates in Leading Regions 2017–2018
Exhibit 5 Major Factors to Define Global Economic Development
Exhibit 6 Average Global GDP Growth 2015−2018 (annual % change)
Exhibit 7 Impact of Rising International Travel & Tourism
Exhibit 8 Share & Impact of Travel & Tourism 2018
Exhibit 9 Need to Language Translation Devices for Travellers
Exhibit 10 Impact of Rising Medical Tourism Driving Demand for Speech Translation
Exhibit 11 Flow of Medical Tourists and English as a Central Language
Exhibit 12 Impact of Internet Influencing Purchase Decisions
Exhibit 13 Impact of Inaccurate Translations & Lag in Speech Processing
Exhibit 14 Impact of Stigma of Wearing Facial Gadgets Hindering Growth of Wearables
Exhibit 15 Impact of Challenges of Counterfeit and Low-quality Products
Exhibit 16 Impact of Increasing Portfolio of Services Offered by Wearable Devices
Exhibit 17 Impact of Real-time Language Translation Capabilities
Exhibit 18 Impact of Increasing Investments in AI and IoT
Exhibit 19 Global Language Translating Devices Market 2018−2024 ($ million)
Exhibit 20 Global Language Translating Devices Market 2018−2024 (Thousand Units)
Exhibit 21 Global Language Translating Devices Market ASP 2018−2024 ($)
Exhibit 22 Five Forces Analysis 2018
Exhibit 23 Incremental Growth by Product Type 2018−2024
Exhibit 24 Global Market by Product Type: Overview ($ million, % market share)
Exhibit 25 Global Market by Product Type 2018 & 2024 (revenue share %)
Exhibit 26 Global Handheld Language Translating Devices Market 2018−2024 ($ million)
Exhibit 27 Geographical Overview of Market Share of Handheld Device 2018 to 2048 (% change)
Exhibit 28 Global Wearable Language Translating Devices Market 2018−2024 ($ million)
Exhibit 29 Geographical Overview of Market Share of Wearable Device 2018 to 2024 (% change)
Exhibit 30 Incremental Growth by Platform 2018−2024
Exhibit 31 Global Market by Platform Type: Overview ($ million, % market share)
Exhibit 32 Global Market by Platform Type 2018 & 2024 (revenue share %)
Exhibit 33 Global Online Language Translating Devices Market 2018−2024 ($ million)
Exhibit 34 Geographical Overview of Market Share of Online Device 2018 to 2048 (% change)
Exhibit 35 Global Offline Language Translating Devices Market 2018−2024 ($ million)
Exhibit 36 Geographical Overview of Market Share of Offline Device 2018 to 2048 (% change)
Exhibit 37 Incremental Growth by Distribution Channel 2018-2024
Exhibit 38 Global Market by Distribution Channel: Overview
Exhibit 39 Analysis of Distribution Channels 2018–2024 (% market share)
Exhibit 40 Global E-commerce Language Translating Devices Market 2018–2024 ($ million)
Exhibit 41 Global Retail Language Translating Devices Market 2018 – 2024 ($ million)
Exhibit 42 Incremental Growth by Geography 2018–2024
Exhibit 43 Market Share Overview of Geographies 2018 (Revenue)
Exhibit 44 Global Language Translation Devices Market Geographical Overview
Exhibit 45 Market in APAC 2018–2024 ($ million)
Exhibit 46 Market in APAC 2018–2024 (Thousand Units)
Exhibit 47 Segmental Overview Language Translating Devices in APAC
Exhibit 48 ASP in APAC 2018–2024 ($)
Exhibit 49 Incremental Growth in APAC 2018–2024
Exhibit 50 Market in China 2018–2024 ($ million)
Exhibit 51 Market in Japan 2018–2024 ($ million)
Exhibit 52 Market in South Korea 2018–2024 ($ million)
Exhibit 53 Market in Europe 2018–2024 ($ million)
Exhibit 54 Market in Europe 2018–2024 (Thousand Units)
Exhibit 55 Segmental Overview Language Translating Devices in Europe
Exhibit 56 ASP in Europe 2018–2024 ($)
Exhibit 57 Incremental Growth in Europe 2018–2024
Exhibit 58 Market in Germany 2018–2024 ($ million)
Exhibit 59 Market in France 2018–2024 ($ million)
Exhibit 60 Market in Nordics 2018–2024 ($ million)
Exhibit 61 Global Average of Top 5 Countries with Highest Outbound Travel 2018
Exhibit 62 Market in North America 2018–2024 ($ million)
Exhibit 63 Market in North America 2018–2024 (thousand units)
Exhibit 64 Segmental Overview Language Translating Devices in North America
Exhibit 65 ASP in North America 2018–2024 ($)
Exhibit 66 Incremental Growth in North America 2018–2024
Exhibit 67 Market in US 2018–2024 ($ million)
Exhibit 68 Market in Canada 2018–2024 ($ million)
Exhibit 69 Market in MEA 2018–2024 ($ million)
Exhibit 70 MEA Countries with Arabic as Primary Language
Exhibit 71 Market in MEA 2018–2024 (thousand units)
Exhibit 72 Segmental Overview Language Translating Devices in MEA
Exhibit 73 Market in MEA 2018–2024 ASP ($)
Exhibit 74 Incremental Growth in MEA 2018–2024
Exhibit 75 Market in UAE 2018–2024 ($ million)
Exhibit 76 Market in Latin America 2018–2024 ($ million)
Exhibit 77 Segmental Overview Language Translating Devices in Latin America
Exhibit 78 Market in Latin America 2018–2024 (thousand units)
Exhibit 79 ASP in Latin America 2018–2024 ($)
Exhibit 80 Incremental Growth in Latin America 2018–2024
Exhibit 81 Market in Brazil 2018–2024 ($ million)
Exhibit 82 Market in Mexico 2018–2024 ($ million)

LIST OF TABLES

Table 1 Key Caveats
Table 2 Currency Conversion 2013−2018
Table 3 Select Treatment Costs in Major Countries 2018 (‘000 $)
Table 4 Average IoT Expenditure by Various Industries (revenue %)
Table 5 Select Battery-types by Energy Density
Table 6 Global Market by Product Type 2018−2024 ($ million)
Table 7 Global Handheld Language Translating Devices Market by Geography 2018−2024 ($ million)
Table 8 Global Wearable Language Translating Devices Market by Geography 2018−2024 ($ million)
Table 9 Global Market by Platform Type 2018−2024 ($ million)
Table 10 Global Online Language Translating Devices Market by Geography 2018−2024 ($ million)
Table 11 Global Offline Language Translating Devices Market by Geography 2018−2024 ($ million)
Table 12 APAC Market by Product Type 2018–2024 ($ million)
Table 13 APAC Market by Platform 2018–2024 ($ million)
Table 14 APAC Market by Distribution Channel 2018–2024 ($ million)
Table 15 Everyday Spoken Languages of Select European Countries
Table 16 Europe Market by Product Type 2018–2024 ($ million)
Table 17 Europe Market by Platform 2018–2024 ($ million)
Table 18 Europe Market by Distribution Channel 2018–2024 ($ million)
Table 19 North America Market by Product Type 2018–2024 ($ million)
Table 20 North America Market by Platform 2018–2024 ($ million)
Table 21 North America Market by Distribution Channel 2018–2024 ($ million)
Table 22 MEA Market by Product Type 2018–2024 ($ million)
Table 23 MEA Market by Platform 2018–2024 ($ million)
Table 24 MEA Market by Distribution Channel 2018–2024 ($ million)
Table 25 Latin America Market by Product Type 2018–2024 ($ million)
Table 26 Latin America Market by Platform 2018–2024 ($ million)
Table 27 Latin America Market by Distribution Channel 2018–2024 ($ million)
Table 28 Bragi: Key Product Offerings
Table 29 Waverly Labs: Key Product Offerings
Table 30 Mymanu: Key Product Offerings
Table 31 Company: Key Product Offerings
Table 32 Logbar: Key Product Offerings
Table 33 Timekettle: Key Product Offerings
Table 34 Misway Tech: Key Product Offerings
Table 35 Travis: Key Product Offerings
Table 36 Lingmo: Key Product Offerings
Table 37 Xiaomi: Key Product Offerings
Table 38 iFlyTek: Key Product Offerings
Table 39 Cheetah Mobile: Key Product Offerings
Table 40 Two Monkeys Technology: Key Product Offerings
Table 41 Sogou: Key Product Offerings
Table 42 TRAGL: Key Product Offerings
Table 43 One Mini: Key Product Offerings
Table 44 Global Language Translating Devices Market by Geography 2018–2024 ($ million)
Table 45 Global Language Translating Devices Market by Geography 2018–2024 (thousand units)
Table 46 Global Language Translating Devices ASP by Geography 2018–2024 ($)
Table 47 APAC Market by Product Type 2018–2024 ($ million)
Table 48 APAC Market by Platform 2018–2024 ($ million)
Table 49 APAC Market by Distribution Channel 2018–2024 ($ million)
Table 50 Europe Market by Product Type 2018–2024 ($ million)
Table 51 Europe Market by Platform 2018–2024 ($ million)
Table 52 Europe Market by Distribution Channel 2018–2024 ($ million)
Table 53 North America Market by Product Type 2018–2024 ($ million)
Table 54 North America Market by Platform 2018–2024 ($ million)
Table 55 North America Market by Distribution Channel 2018–2024 ($ million)
Table 56 MEA Market by Product Type 2018–2024 ($ million)
Table 57 MEA Market by Platform 2018–2024 ($ million)
Table 58 MEA Market by Distribution Channel 2018–2024 ($ million)
Table 59 Latin America Market by Product Type 2018–2024 ($ million)
Table 60 Latin America Market by Platform 2018–2024 ($ million)
Table 61 Latin America Market by Distribution Channel 2018–2024 ($ million)
Table 62 Global Market by Product Type 2018−2024 ($ million)
Table 63 Wearable Language Translating Devices Market by Geography 2018−2024 ($ million)
Table 64 Handheld Language Translating Devices Market by Geography 2018−2024 ($ million)
Table 65 Global Market by Platform Type 2018−2024 ($ million)
Table 66 Online Language Translating Devices Market by Geography 2018−2024 ($ million)
Table 67 Offline Language Translating Devices Market by Geography 2018−2024 ($ million)
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