The significant increase in translation demand has surpassed the prediction. Today, many parties like companies and governments use this service for public communication, publications and making several versions of documents in foreign languages. Several languages that have a high demand for translation are German, French, Spanish, and Italian. Not only for Europe, but the Asian markets are also currently growing big.
The market size of the translation industry is peaking and not going to stop yet. With a worldwide market valuation of about 40 billion USD in 2022, the business continues to grow with a 2,1% increase each year.
Every global business player needs translation services
The high demand for translation services has made this business can sustain and grow in the era of information. Many global business players which compete to win the local markets create large opportunities for translation business. It is also an inline proportion between business needs and translation services.
The translation market actually covers a wide area of application in business and others. To localize means to use the translation industry services to help them adapt to the local language and culture.
Several areas of application are projected to grow as they will increase the market valuation of the translation industry. Currently, the areas that contribute a huge portion to this industry are legal, medical, financial, and tourism. Moreover, many countries have begun making policies to open foreign investments which means greater opportunity for other sectors.
One reason that makes translation is important is the fact that many companies emerge each day and they create products targeted at certain local. The need for localization will help them compete with the local products. It will also create a specific market segmentation that can be more acceptable for their target audience. Moreover, online platforms that help their business also need localization to make the audiences feel more comfortable.
Since more companies started being aware of the benefit of language translation to target their audience, the translation industry will score more than before.