The translation industry has performed well in the past five years. In the U.S., its growth and popularity are attributed to globalization, which has prompted companies to take their products overseas, and to the large influx of non-native English speakers who have moved to the country. On a global scale, the demand for translation services has sharply risen. An analysis of the translation industry based on past statistics, future speculations, and projections reveals that demand for professional translation services is high, and the future of the sector is promising.
Professional Translation Demand
In 2015, the market size of the global outsourced language services industry reached $38 billion and it is projected that the figure will rise to $47 billion, by the year 2018. According to Common Sense Advisory, the demand for language services continues, and is growing at an annual rate of 6.5%. This supports that the demand for the services offered by language services companies and translation agencies is high.
The demand for the translation of documents to languages such as English, Italian, German, French, Spanish, and Portuguese is quite high.Translation to and from common Asian languages such as Korean, Japanese, and Chinese is also in high demand, followed by Russian and Turkish. However, as much as the demand for the translation of some languages is higher than others, translation agencies can be diverse and flexible, meaning that they can offer services for clients that need content to be translated in almost any language from Afrikaans to Zulu!
Professional Translation and its Benefits
Several industries in the world have contributed to the immense growth of the translation industry, in particular the technology and healthcare sectors. A compilation of data from the field reveals that the services are in high demand in some industries over others. The results vary widely depending on multiple factors, especially when it comes to different regions, countries and places. Some of the industries that rely on translation the most, including legal, medical, software localization, tourism and travel, financial and banking, insurance, automotive and manufacturing, have resulted in an increase of enrollment in foreign language programs at educational institutions.
Effective Global Communication
Moreover, most of the industries that deal with immensely valuable stakeholders, often have a need to communicate with them in multiple languages. As a result, in order for a business to succeed worldwide, it is necessary to ensure that communication is effective globally. Governments are also big clients that rely on the services of the translation industry, due to the need to ensure that they communicate effectively with their diverse populations and the rest of the world, as well as monitoring foreign communications for intelligence and internal security purposes. That means working with the best US translation company to receive a higher quality translation. A professional translating company, will help bridge language barriers through services such as document translation and can provide fast translation with more accuracy. Additionally, they can promote a positive and conducive relationship with the intended audience.
Such a realization of the need for proper translation, has led to an increase in the demand for translation agencies that are able to offer content localization, which involves creating content in the native language of customers (a critical factor, which helps to engage the audience). Common Sense Advisory estimated that around 60% of consumers globally, prioritize getting information in their own language, over the price when it comes to making purchase decisions.
Translation Market Analysis
Many companies that have invested in translation have benefited from a growth in total revenue, and in the case of Fortune 500 companies, the ones that expand their translation budgets are roughly 1.5 times more likely to realize an increase in the total revenue, when compared to their counterparts. What is clear from an economic point of view is that translation contributes to a greater international visibility, which in turn leads to greater revenue. A thorough evaluation of the business landscape reveals that an organization that invests in translation and localization has a good chance of yielding high returns and staying ahead of its competition, explaining the continued demand growth in the translation industry, despite slowing economies worldwide!
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