According to IMARC, in 2021, the global language services market reached a value of US$ 62.6 billion, an incredible growth of 25% since 2019. The Translation Industry is expected to reach US$ 96.1 Billion by 2027, exhibiting a compound annual growth rate (CAGR) of 7.5% during 2022-2027. This growth is driven by several factors, including the increasing globalisation of businesses, the rise of new technologies, and the growing demand for high-quality translations. With the translation industry set to continue its upward trajectory, businesses and translators have plenty of opportunities.
The Global Language Trends in 2022
The translation industry is constantly evolving, and new technologies are emerging that are changing how translators work. Here are the latest trends in the field of translation:
- Machine Translation is becoming more popular. This technology can translate large amounts of text quickly and accurately.
- Cloud-based Translation Tools are also becoming more popular. These tools allow translators to work from anywhere and collaborate with others in real-time.
- Social Media plays a significant role in the translation industry. Translators are using social media to connect with clients and build their brands.
- The demand for mobile app localisation is increasing. More and more companies are releasing mobile apps, and they need them to be available in multiple languages.
- Translators use technology to make the translation process easier and more efficient. For example, simultaneous translation tools allow translators to listen to a speaker in one language and translate them into another in real-time.
Top Industries in Which Demand for Translation Has Increased
As globalisation continues to expand, more and more companies are looking to expand internationally. Another reason is that English has become a global language, and with that comes a need for translations, either into English or from English into other languages has seen an upsurge. The demand for translation has increased in many industries, below are just a few industries we believe will record increased demand for translation services in the coming years:
- Automobile Manufacturing
- Law Services
- Information Technology
Future of The Translation Industry
The future of translation services is becoming more and more automated. The use of machine learning and AI in the translation process will continue to grow, and we can expect to see greater adoption of these technologies soon.
With the advances in AI, machine translation has become more accurate and reliable than ever before. Machine translation is one of the most rapidly evolving technologies in the world. However, Human translation is still a popular method as it is considered the most accurate type of service available in the market today. The combination between Human Translation and Machine Translation will allow faster, more accurate translations that are less prone to errors.
In conclusion, the demand for language services will continue to grow as the world becomes more connected. While there are many challenges that come with providing these services, it is clear that there is a great need for them. As a result, language service providers who are able to provide these services will be in high demand.