Many children especially boys are suspected of speech delay at around 2 years of age. But only few of these kids have actual speech delay and most of them cover up till their school going age. Around 5 years. We expect 20 months old child to speak atleast 10 - 20 words with meaning . Some children are late bloomers or late talkers. Is there any history of similar speech delay in your childhood or in his mother's childhood ? If yes then no need to worry. He will pick up . As per ur description his cognition appears fine and also hearing appears fine. No signs of autism also as per ur history.
Next Steps
I think we can wait few more months and continue stimulation for speech. By talking to him and encouraging him to speak.
Health Tips
If he loses any skill he has gained like from bisyllables to monosyllable or not progressing in next 5-6 months then u need to get him evaluated from pediatric neurologist, audiologist , speech therapist if required.