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Translation Industry Market Trend

Updated on May 5, 2013

Current Market Trends In Translation Industry

Based on current market trends, language industry keeps on growing and currently worth over $30 billion. This industry increased to around 10.8% by 2013 from year 2008. Language Service Providers (LSP) – composed of professional recognition, translators, terminologists and interpreters that adapt easily to technology grew more than those who were not. Part of this growth can be accounted to globalization but not mainly to this. The internet has a great part for this industry’s development. It has revolutionalized the way we communicate and exchanged information. The internet made way for people to communicate and convey information around the globe. Due to this the database of content available for translation has drastically expanded. More and more individuals and organizations require translation for different languages to reach out to their foreign audiences.

Increase in international business has given the way for the increase of demand for translation around the world. Different sorts of growing industries and companies have contributed to a greater volume of documentation in languages of their target countries. In connection with these translation companies have been steadily growing for the past 25 years with a current market share of about 25%. However, it is also predicted that freelance providers working directly with businesses may decrease because growing number of languages requested by these companies for each project. Another impact is that more and more businesses will demand language service providers from low-cost Countries such as Eastern Europe, Argentina, Asia, etc. As a result for these, high-cost LSP (language service provider) Countries are needed to offer competitive pricing to stay in the competition. Studies show that companies that are more organized, have more efficient processes and qualified staff and provide variety of languages with the lowest possible price will prevail.

What is a Translator?

A translator is a language specialist who renders written communications from one language to another.

In order to become a professional translator one must have command over at least two of the most important languages which included the source language and the translated language. A translator should know perfectly both the foreign and the native language. You must know the language very well if you are going to translate it into another language. You also know how to go about the task of researching on the subject and should have a good grasp over what the topic is all about. You should explain and describe the texts in such a way that the other person can read and understand well. An expert on the subject should have the ability to attract attention of the readers.

A good translator's objective should be to convey the content and the intent of the source language text as exactly as possible into the translated language text.

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