If your business isn’t growing locally, it might be time to consider international regions. In 2007, US-based businesses sold over $1.1 trillion in goods to overseas customers. Today, that figure has nearly tripled due to the availability of e-commerce tools and low entry requirements set by fast-moving countries, such as United Arab Emirates, India and Brazil.
The increased demand for translators has been fueled by the need to reach a global audience. The U.S. Bureau of Labor Statistics predicts that the job outlook, which represents the projected change in employment from 2014 to 2024, is roughly 29% which is faster than the average growth rate of all the other occupations estimated at 7%.
The virtual reality (VR) space is on the way to becoming one of the most active niches in the technology industry. According to data from BI Intelligence, shipments of VR headsets will likely increase at a whopping 99 percent compound annual growth rate between 2015 and 2020. Furthermore, prices for VR headsets are forecasted to drop significantly, as engineers continue to develop the technology to cater to mainstream consumers.
China isn’t messing around when it comes to investing in the biotech sector, or pushing the frontiers of human knowledge. Regardless of the ebb and flow of domestic and foreign biotech and medical investment, not to mention a dizzying amount of international partnerships, Chinese translation services and translating companies will have a lot of work in, and coming out of China in the days, months and years to come!
One of the main takeaways from Wal-Mart’s international struggles is that localization is not a silver bullet. Having what the average company considers unlimited resources is also no guarantee for success! Without a comprehensive plan to identify, evaluate and validate markets, penetration remains elusive. “When you build a castle you build the foundation first. Wal-Mart did it in reverse in Brazil,” explained a former Wal-Mart senior executive. “It is so hard to build a national chain when your system backbone is not in place.”
Globalization is a process that involves integration and interaction among individuals, governments and companies. The process is driven by investment and international trade. Many businesses have embraced globalization and placed themselves strategically in order to capitalize on its benefits.
Recently, in response to the devastating Zika outbreak in Brazil, the Brazilian Health Surveillance Agency Anvisa joined the task force Zika Zero set up by the Federal Government for the National Day of Mobilization. On Saturday Feb 13, 2016, they visited 2.8 million homes in 428 municipalities across the country. The aim was to mobilize the population for the prevention and combating of the Aedes mosquito specie, and identify its breeding sites.
The risk of misinterpretation when dealing with sensitive foreign documents is high, especially when the data is used for forecasting and reporting. Establishments that are honing their business strategies with the intention of hedging risks during the global market selloff may want to look into professional financial translation services.
Translation services are an important part of our increasingly interconnected world, but in no way can they compete with the likes of an icy cold Coke, the adorability of a puppy, the scent of a new car, and of course, the sparkle of Christmas! The worldwide tally as of 2015 hovers around $38 billion. While that may seem like a lot, the numbers start to diminish when compared to figures from other industries.
With the demand for expert interpretation services not going away any time soon, an effective way for EU institutions to address the issue is through translation services. Such businesses are known to cover various translation formats, ranging from legal reports and financial contracts to technical datasheets and white papers, which could help ease the workload for fast-moving establishments.