11 02 2021
Document Translation, the market size and trends in coming years
Whether it is legal documents or medical documents, they are all required to be translated from one language to another for specific purposes and requirements. Over the years since globalization has been happening at great pace, a large number of people migrate, several companies start their operations in new world, and they all need documents in local language. Thus, thanks to globalization process even the documents required for various international businesses need to be translated in local languages.
According to various reports that talk about Size, Trends and Forecasts in the next five years there are huge challenges in front of the industry, especially the challenge of artificial intelligence. Now, software is able to translate the entire content in local languages, this has reduced the role of translators. Needless to say the recent report assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the Document Translation Services industry in India and abroad.
Magnanimous Growth in Organic Translation
Since the growth of the overall Document Translation Services market has also been forecasted for the period 2018-2022 and estimates are at higher end, the market will be up quite significantly. It has also come to notice that in comparison to the previous growth patterns, the growth drivers and the current and future trends, the market is all set for a great leap. However, the major contribution is coming from artificial intelligence that makes the lives of translators easier.
Artificial Intelligence or AI has been contributing a lot of late in translation sector as with the help of these tools translators make translation job easier than ever. They also make it lot more accurate and timely so that the project is delivered within a stipulated time period.
What impact has COVID19 done to the document translation industry?
It has been more than a year since the outbreak of COVID-19 virus from China to more than 180 countries around the globe, the demand for document translation has fell quite significantly, especially the ones that are associated with legal and visa requirements. However, at the same time the requirement for medical document translation has gone up significantly. Writings, articles, blogs, medical research, etc. in one language are now being asked to be translated in other for wide reach.
A greater impact of COVID has been seen on travel documentation as travel industry has seen several flight cancellations, travel bans and quarantines, restaurants closed, etc. amongst others. Additionally, there are a large number of cases of all indoor events restricted and emergency declared in many countries. Thus, document translation from these sectors have also gone up significantly and expected to go up further.