Speech translation was already a rapidly growing market, thanks to evolving technologies, growing international travel, and business globalization. The COVID-19 pandemic slowed international travelers’ need for translation capabilities, but that need is expected to rebound as the world re-emerges from the pandemic.
Market research firm Mordor Intelligence forecasts that the speech-to-speech translation market will grow at a compound annual rate of 9.4 percent between now and 2025 thanks to further globalization, which it says will pick up again.
Speech-to-speech translation helps break down language barriers, helping to foster international business and tourism and to equalize communication ability, the Mordor forecast says.
“Machine translation works quite well with major language pairs,” says Evgeny Matusov, lead science architect for machine translation at AppTek, a provider of artificial intelligence, speech recognition, neural machine translation, and natural language understanding technologies,
AppTek provides an artificial intelligence and machine learning-based automatic speech recognition, machine translation and natural language understanding platform for organizations in a variety of markets, such as media and entertainment, call centers, government, enterprise business and others across the globe. Available via the cloud or on-premise, AppTek delivers the highest quality real-time streaming and batch speech technology solutions in the industry. Featuring scientists and research engineers who are recognized amongst the best and most experienced in the world, the company’s solutions cover a wide array of languages, dialects, and channels.