As the world becomes more globalized, the need to communicate across cultures and languages is growing rapidly, as many things are lost due to translation errors or different interpretations it’s becoming more crucial to have professional document translators to help bridge that gap. We will dive deep into the document translation services market which is set to grow in 2020.
Originally it was more focused on productivity gains, where translation services were exclusive to business clients. As Google Translate came into the industry, it raised the significance and importance of translation, which has led to the innovations we have today.
Document Translation Services are booming as there are more industries are moving to virtual, translators are helping businesses around the world communicate more effectively. Over the last ten years, the translation market has doubled in size, reaching over 46 Billion US Dollars in 2019.
The Current Landscape of The Document Translation Services Market Industry
Illustration on the Landscape Translation Industry in 2020
Business planning strategies are becoming more diverse. Ascertain countries have more resources than others; having translation services is essential whether you’re on the buying or the supplying side.
In the next few years, these drivers of change will be the reason for the transformation of the translation world. Businesses will be challenged to follow, lead, or keep up with these changes as these innovations have already been set in motion.
Machine Learning
Machine learning is a subset of Artificial Intelligence (AI). A computer software algorithm that can self learn and improve from experience without human help. Using statistics and models to find patterns in huge amounts of data, it can extrapolate the results to predict a result.
As there is a hyper-abundance of data available today, it’s easier to develop an automated system that is applicable for workable applications. And this can be seen through Google Translate, Siri, and Self-Driving Cars.
Technology will continue to improve, whether it’s faster computational power or more efficient in certain areas. Soon it will play an even more crucial role in our everyday life through automation, affecting across all sectors and industries.
Many industries will be affected, whether expanded, enhanced, or replaced by Machine Learning. Many jobs will disappear, but it will take decades for machines to understand the ever-growing languages. With slang, colloquialism, and dialects, there is still a lot of complexity before machines can translate fluently.
Until then, machine learning will continue to be a tool for translators to help create faster and efficient translations for all their customers.
Quality Management
When there is a want for improvement, an impressive amount of innovation and changes happen, resulting in an exponential growth in that industry. This growth is because the results of one stage are used to create the next stage. Soon, this will impact human civilization and change society, and this is called ‘singularity’.
For the translation industry, this singularity is when machines will no longer need humans to learn. This is where machines can self-improve and communicate with slang, jargon, and colloquialism without human intervention. Till then, quality management is the issue.
Currently, there is no method to assess the quality of each translation, apart from having another translator to analyze the writing. However, as technology improves, there has been more quality-related decision support tools that have become essential for translation projects.
These are glossaries and translation memories where both parties have specific words or phrases where they mutually agree is the correct translation.
These management tools will be the only current method until machine learning creates a data-driven translation quality assessment.
As innovation and technology continue to improve, quality management will be a sector that will grow in the translation industry.
Document Translation Services Market Trends in 2020
Illustration on the Document Translation Trend Industry in 2020
B2B Commerce
As more companies look offshore to improve their businesses, being able to attract business clients in the broader global market is essential to getting ahead of their competitors.
There will be a greater push for entry into international markets for written Contracts, Website Translations, Localization, and Marketing Campaigns.
E-Learning
There will always be a need for education. The ability to learn on-to-go whenever the student wants is slowly becoming popular. It is expected to become a $325 billion industry by 2025, almost tripling since 2015. [3]
As global companies and universities begin teaching courses to a global and culturally diverse audience, translation services will be needed to reach a wider market of students.
Transcreation
As global businesses continue to expand into new international markets, translators will be needed to help localize their content to increase sales in their target market.
Having marketing or advertising campaigns written that are culturally appropriate is crucial for potential customers to understand your intended message.
Often businesses spend millions of dollars rebranding their message because they weren’t culturally aware.
Over the next few years, translators will move closer to become transcreators as the digital cultural gap becomes bigger.
Specialization
Illustration on Importance of Specialisation in Document Translation Services market: Translator Industry and Transcreation
Being able to specialize in a specific industry helps the translator command higher pay. As they are an expert in the field with an in-depth understanding of the language, more and more translators are looking for specific industries to become specialized in.
Here are some industries that are expected to flourish.
Market Research
Market Research has been expanding rapidly in the last few years. As businesses continue to venture into new markets, the need for understanding consumers and communicating properly is becoming more important. The ability to speak the target consumer’s language while respecting their cultural norms can save companies millions of dollars.
Whether it’s running focus groups or sending surveys, having a market research translation service that can communicate your intended message is crucial.
Banking, Insurance, and Finance
The financial industry is dominated by large multinational brands that need to have constant market research to build, maintain, and stay competitive.
As they play a crucial role in the global trading environment, being able to obtain new customers in foreign countries is crucial. Financial businesses can communicate clearer and more effectively by having a financial industry translation service, resulting in strengthening their relationships and trust with potential clients.
Translation services for financial documents, transactions, and forms help meet client expectations and improve the interaction between each other.
Manufacturing
Offshore production and shipping have become more popular in the ecommerce area. As more companies outsource their product to other manufacturers overseas, manufacturing translation services will be needed so both parties can communicate effectively and clearly — especially if you’re sending technical drawings or instruction manuals.
If you intend to sell overseas and don’t outsource, all packaging and health and safety information will be needed to be translated into the target’s market language for the product to sell.
Software Development
The world of technology is constantly improving and changing. Mobile Apps, Online Games, AI, and Cryptocurrencies all have global applications. Having a software industry translation service helps software development companies break into new markets.
Having their software localized with colors and images appropriate for their worldwide audience is crucial to prevent a marketing dilemma. Encoding, Hard Coding, The Use Of Single Strings, Space For Text Expansion are some of the technical aspects that you will need to know for your software development translation.
Why Choose TranslateRight For Online Translation Services
Translated Right is a certified professional technical translation agency that provides online translations online in 50+ languages. Our translation services languages include English, Chinese, Malay, Tamil, Japanese, French, and more. Providing fast, accurate, and reliable, professional translation services for all types of documents, formats, and lengths.
With over 5000+ professional and experienced translators, we’ve filtered out the best translator using our stringent and detailed interviewing process, ensuring that you can hire only the best-qualified person for your specific translation document.
This has allowed us to simplify the whole entire technical translation process, resulting in a smooth application process.
This is seen by our 1000+ of satisfied customers from our competitive prices, friendly and efficient translation services.
If you’re looking for a translation service near me that can translate from a source language to the desired target language that conforms to the requirements of the technical side of your industry, Translated Right can help you today.
Providing a streamlined and hassle-free process, get your document translated by a professional service today.
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