7 08 2020
Expanding Global Market for Translation Agencies to Explore
The demand for translation services has gone up over the last couple of years and according to one estimate it is driven by huge technological advancement and arrival of machines and software which can translate any foreign language in less time. However, using Artificial Intelligence for translation does not necessarily give the perfect or desired results that the clients are looking for. Therefore, there is always some demand for the translation job that is mix of the human interface and machine or AI.
Reasons for Increasing demand of Translation
Though there are various studies that tell how the modern corporatization has increased the demand for translation services, it is pertinent that the growing geographical outreach of enterprises is another driver for translation services. As corporate companies are increasing the foreign client base and thus developing a need for translation, the demand for professional translation services has come in huge quantities.
Moreover, translation services are serving as the means where technology and human communication interact for larger goal, the demand for high-end human and machine translation services has gone up significantly. Taming the market for translation whether it is medical, legal, marketing and other purposes is quite important for a translation services provider.
What is the size of Language Translation Industry?
According to several market observers, translation market is not heavily affected by recessions; thus, there is an added advantage with the industry. Nonetheless, as it is a very fragmented market where number one are the companies that work for military contractors there is huge accumulation in some sense. Military contractors require translation for the defence products that they sell to developing nations for the buying country needs in their language.
For instance, according to studies by Common Sense Advisory, a translation industry think tank, the Top 100 firms ranging from $427M down to $4M. The same agency also claims that translation industry had an estimated size of $33.5 billion in 2012. However, a lot has changed over the years as according to a report by IbisWorld, translation services are expected keep on growing and reach $37 billion in coming years.
Explore Translation Services Sector with Professional Approach
When it comes to the main markets for translation services, the United States represents the largest single market. Countries from Europe are close second and Asia is the largest growth area when it comes to cashing on in the opportunities. Nevertheless, business is generated from the government and private industries alike; thus, there is no restriction in terms of engaging with the clients whether they are private or government firms.
Companies offering translation services to the US have higher prospects as according to the U.S. Bureau of Statistics; the translation industry has grown by 42% between 2010 and 2020 and set to grow on the same expected lines. Nonetheless, the most important reason for this growth is globalization and as the whole world has embraced it like never before, the opportunities are galore for translation services providers.