Tutorials » The Market of Translation
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Currently, English continues to dominate the web in terms of content. Due to the global marketplace, the push to learn English continues to grow in other countries. English also continues to rise in secondary education curriculums in schools in the EU.
Since English continues to be the leading language of the business world, it is encouraged, if not mandatory, for students to learn English as a second language in a majority of foreign countries.
However, due to the influx of other language users on the web, there has been a massive push to translate web content into other languages.
Business of the Internet
This growth of non-English language users offer businesses a unique opportunity in catering to a relatively new and untapped market. According to a recent survey, almost 50% of internet users feel they are missing interesting or important information because web pages are in a language they do not understand.
Similarly, a significant 52.4% of foreign market users have stated that they would not buy from websites that are not available in their language.
From a business standpoint, it is clear that a lot of possible revenue is being lost simply due to content not being available in other languages.
Small companies and big companies alike can easily multiply their customer base by localizing their content. The sooner companies begin catering to multiple language groups, the better position they are in to attract new customers over their competitors.
The success of expansion is underpinned by translation that is able to effectively convey the brand message to a different audience. Professional translation services are an investment. However, it is one that will pay off in the end. It is estimated that the average cost of creating content is $0.65 while the average cost of translation is only $0.10*.
*Per word, depending on language pair
Due to the recent trend in globalization, the translation industry is one of the fastest growing industries today.
Common Sense Advisory calculates that the market for outsourced language services is worth US$33.523 billion in 2012, and that the language services market is growing at an annual rate of 12.17%.
According to Inc.com, several trends are emerging in the language field:
- A steady demand for the translation of Chinese and other Asian languages.
- A growing call for linguists with Eastern European expertise.
- A strong need for interpretation of the romance languages.
- A surge of call centers opening in India, increasing clinical trials being conducted in Eastern Europe, and increased manufacturing throughout the Far East.
- An increasing demand for translation due to the volume of Internet content growing exponentially.
The increase of Asian, South American, and Middle Eastern markets has led to American businesses investing in translation services in order to capitalize in those markets. To meet these growing needs, there has been an influx of translators, on both the individual and corporate level.
According to the US Department of Labor, there is expected to be a 24% increase in the number of translators in the US by 2016. Inclusively, this increase also derives from the fact that due to the globalized nature of the internet, translators are able to work from home in their native country without needing anything more than their computer.
As the global community continues to become an increasingly popular market, you can expect these trends in the Translation industry to continue.
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Tutorials » The Market of Translation