Growth of the Translation Industry

[ 0 ] February 1, 2020 |

The world is becoming more globalized and interconnected each day. As a result, skilled translators and interpreters are finding their services in higher demand. The number of people employed in the translation and interpretation industry has doubled in the past seven years, and the number of companies in the industry has jumped 24 percent in that same time period, according to the ATA, citing data from the Department of Labor. Through 2024, the employment outlook for those in the business is projected to grow by 29 percent, according to the Bureau of Labor Statistics.

The overall industry is growing because the amount of content being produced each day is increasing exponentially.

An increase in demand for non-English languages, together with a global environment in which any company can achieve international reach, means that demand for language translation services is growing rapidly. While English is still a top language for communicating, other languages are gaining popularity too so there’s a demand for translation into more languages than ever before.  For organizations with consumers who speak different languages, they have no choice but to translate and localize content if they want to adequately serve their customers.

Languages in High Demand

Translation needs can vary based different factors, but economic developments and political factors are often key contributors.

Chinese Translation

Chinese Language translation (Mandarin) is becoming increasingly important each day. Back in 1979, China opened up to foreign trade and investment with the result being that real annual gross domestic product (GDP) growth averaged 9.5% through to 2018, making China one of the world’s fastest-growing economies.

The World Bank hailed this phenomenon as “the fastest sustained expansion by a major economy in history.”

China is now the world’s largest economy when considered in terms of purchasing power parity. According to the Congressional Research Service, it is also the world’s largest manufacturer, merchandise trader, exporter, and holder of foreign exchange reserves, as well as the US’s biggest merchandise trading partner and largest source of imports.

All of the above has resulted in a rapidly increasing need for Chinese translation in recent years – a need that we anticipate will continue to increase in the future.

Businesses can’t afford to ignore China if they want to be part of global trade. Nowadays trading in the western world means adapting to a whole new set of business rules, behaviors and customs.

Business translation, along with business interpretation, is an essential part of the future trend. The expert Mandarin translator or interpreter can help an organization to navigate the often-complex world of international business cultural environment. When dealing with a foreign culture in which respect and saving face is extremely important, careful guidance on what to say (and most importantly, what not to say and how to say it), can make all the difference.

The majority of Chinese speakers live in China, Hong Kong and Taiwan, though there are many found in southeast Asia, most notably in Thailand, Malaysia, Indonesia, and Singapore. Cantonese is the language that most of us are most familiar with, as it is the language of Chinese immigrants who settled in North America, and is the official language of Hong Kong and Macau. Mandarin is the official language of both Taiwan and the People’s Republic of China, as well as being one of the four official languages of Singapore.

No matter what type of Chinese it is, there are two basic ways of writing it: Simplified Chinese or Traditional Chinese.

Simplified Chinese came to be around 40 years ago, when the People’s Republic of China decided to take Traditional Chinese and make it easier and simpler. This was done in order to aid in the process of creating a society that was as literate as possible. Traditional Chinese is still used, however, and so it is necessary for any Chinese linguist to know both systems. Native speakers have no trouble telling the two apart. You will find Simplified Chinese used mostly in the People’s Republic of China as well as in Singapore.

Traditional Chinese is dominant in Malaysia, Taiwan, and Hong Kong. There are two main ways in which Simplified Chinese differs from Traditional Chinese: less strokes per character and less characters used overall. Simplified Chinese has made its way into Hong Kong television thanks to a wave of immigrants from mainland China.

Mandarin isn’t the only language that will be keeping the business industry ahead this year.

Spanish translation will continue to keep translators busy in 2020. German translation professionals will also find 2020 is a busy year for them. Both of these will be driven by demand for business translation, as companies investing in international trade translate everything from websites to marketing materials in order to increase their global footprint.

Whatever your translation needs, it is likely that the right combination of quality, customer service and price will be essential from your translation provider in the future.

The human translator can provide the quality of translation and level of customer service that are crucial to business clients.

Despite a tough economic climate, political upheaval around the globe, the translation industry has grown every year for the past ten years. As we enter a new decade, the industry looks set to continue that growth.

Our global marketplace means that translation has never been more important when it comes to connecting individuals and businesses from a hugely diverse range of linguistic backgrounds. For individual companies, high quality translation means the ability to reach more customers and expand their footprint. For the business world as a whole, translation delivers the ability for entire countries to trade successfully around the globe.

More Corporate Globalization

Trade and the flow of people, information, and capital has increased considerably. For companies expanding in international markets, localization is an important part of gaining local community acceptance.

As we’ve mentioned above, an increase in globalization means translating an increasing amount of content into more languages than ever before.

Alpha Omega Translations works with over 2,000 translators and interpreters in any given year and recruit on a daily basis.

As your organization evolves, let us help you adapt to these changing translation needs. Access our free e-books and guides HERE.

As part of the Linguistic Quality Assurance, Alpha Omega automatically saves your translations to a database, known as Translation Memory (TM). We can then leverage that knowledge for future translations, which cuts costs and speeds up terminology harmonization across all your projects.

To discuss how linguistic quality assurance can solve your globalization challenges, call us or click here for a free quote.

Category: Translation Services

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