The translation industry is a large yet fragmented market that is broken off into a variety of sectors. Common Sense Advisory put out a report that states that the translation industry was estimated to be worth $33.5 billion US back in 2012. According to the U.S Bureau of Statistics, the industry is expected to grow by 42% between 2010 and 2020 and due to globalization; it is projected to reach 37 billion US in 2018! This expansion has solidified affiliations with various sectors as a result.
Here is a brief overview of globalization’s impact on the sectors of the translation industry.
The effects of globalization
One of the main strengths of this industry is its ability to overcome economic instability. Despite the recession since 2008, the translation industry was hardly affected negatively. Why? One word: Globalization. The multilingual presence on the Internet created a platform for globalization to flourish allowing for businesses to offer products and services overseas from their home country. Everything from international trade, to culture, media, retail and even language were affected by globalization and its success would not have been possible without the translation industry.
The demand for translation increased with globalization and the need for subject-matter specialization became more apparent. This moved the niche ‘elite’ position of a translator into the mainstream, opening up more positions and work in the field. Translators began to higher expectations of them. Not only did they need to know two or more languages, be proficient in writing and be quick on their feet, they also needed to be well-versed in particular fields. Subject-matter specialization became the crux of the industry’s growth, a key a reason to why the field has expanded exponentially.
Think about it like this: Businesses work on an international scale. This means, documents, manuals, labels, product information and so on, needs to be translated accurately as a company is responsible for the information they put forth to their consumers in the public sphere. If a business report is mistranslated, it could be detrimental to a company financially as they can lose thousands to millions of dollars. If product information is mistranslated, it could result in misuse of the product, and that can lead to injuries. Likewise, if a health diagnosis is mistranslated, it can also become a public health issue. The accuracy of translations is a matter of public health, safety and security both for the businesses and its consumers.
Companies now work globally across many sectors. The translation industry is affiliated with the following sectors:
- Energy, oil and gas
- Ecommerce, website translation
- Security consultancies
- Fashion ecommerce
- Finance and banking
- Government and public sectors
- Legal services
- Market research
- Online gaming
- Media and publishing
- Travel and tourism
- Consumer products and retail
At Language Marketplace, we work with nearly all of these sectors. We employ subject-matter specialists who are well-versed in various languages to translate materials like business, legal and governmental documents, reports and print media, to apps, software and website content. The material we work with is extensive and changes on an ongoing basis to meet the needs of a large client base. If you’re in need of any kind of translation services, get in touch with us to get a free quote today.