The volatility of the financial market and the dawn of the digital age have left many industries constantly unsure of what the future has in store.
The translation services industry, however, can look to the future with a little bit more confidence.
According to a recent report by IBIS World, the translation services industry has been robust for the past five years as more non-native English speakers come to the US, and more US-based companies market their products and services overseas. Globalization and the fast changing rules of immigration are also key factors in the increasing significance of professional translators.
Multinational corporations alone, which hold offices in various parts of the globe and as such, are required to communicate with multilingual employees, form a huge and lucrative chunk of the industry’s client base.
The Spanish Group Marketing Director Roberto Martinez shared, “President Obama’s executive action on immigration led to a surge in immigration-related Spanish translation service requests. Notably, we saw an increase in requests for Mexican birth certificate translations.”
The same IBIS World report noted that the translation service industry’s contribution to the economy will likely “increase at an average annual rate of 5.6 percent” until 2020. This is an impressive figure given that the US GDP is anticipated to grow at 2.5 percent annually during the same period. By 2018, the translation services industry is expected to be worth $37 billion, with the US being the largest single market, followed by Europe and Asia.
Technical translations are foreseen to generate a lot of the business in the near future, especially with higher exports and influx of gadgets and automobiles manufactured in other parts of the world. Pharmaceutical and medical translations are also in demand in Latin America, Europe and particularly in the Asia Pacific region.
It is also worth noting that, despite the continued sophistication and effectiveness of computers in performing manual tasks including translations, human translators will continue to be the main players in the industry. Another resource website noted that “machine translation is an enabler to do translation faster or used for gisting but not for final professional publishing.”
Martinez added, “This is great news but this is hardly surprising for us in the industry. We know that translating is, at the end of the day, a subjective trade because our main currency, language, is fluid and dynamic. Language is full of nuances which a machine can never fully comprehend, and thus, can never accurately translate.”
Lorenzo Saavedra is a San Francisco-based Colombian writer. He has a degree in Journalism and Economics from the University of Miami where he graduated with Latin honors. He is fluent in Spanish, English, Italian, and also speaks “some Arabic.”
During his time in the university, he wrote about Cuban-American population and relations, and the incorporation of Cuban-Americans into mainstream American society.
Lorenzo juggles his time between working as a freelance writer and travelling which is also a source of inspiration for many of his works. His favorite topics are politics and social issues, literary and film criticism, and business.
Lorenzo enjoys going to the beach and learning about new languages.
Thank you for the post on your blog. Do you provide an RSS feed?
Heya nice website, I was wondering what anti-spam program you use for feedback since i recieve a ton of spam on my web-site.
As a Newbie, I am continuously searching online for articles that can aid me. Thank you
I need to to thank you for this fabulous read!! I definitely enjoyed every bit of it. Ive got you record marked to check out supplementary stuff you post
Hiya very nice web site!! Guy .. Beautiful .. Wonderful
.. I’ll bookmark your site and take the feeds additionally?
I am glad to find a lot of helpful info here in the submit, we want develop extra techniques in this regard, thank you for sharing.
. . . . .
80798a94de37528411d440475b11ba76
I blog frequently and I truly thank you for your information.
The article has really peaked my interest. I’m going to book mark your blog and keep checking for new details about once a week.
I subscribed to your Feed too.
80798a94de37528411d440475b11ba76
I have been surfing online greater than 3 hours as of late, yet
I by no means discovered any interesting article like yours.
It is beautiful worth enough for me. In my view, if all web owners and
bloggers made excellent content as you did, the net shall be a lot more helpful than ever before.
80798a94de37528411d440475b11ba76
Hi there all, here every person is sharing these experience, thus it’s nice
to read this blog, and I used to go to see this webpage all the time.
80798a94de37528411d440475b11ba76
Hi there! This post couldn’t be written any better! Looking at this post reminds me of my previous
roommate! He continually kept preaching about this.
I most certainly will forward this article to him.
Pretty sure he’s going to have a good read. Thanks for sharing!
80798a94de37528411d440475b11ba76
I do trust all the ideas you’ve offered for your post. They’re very convincing and will definitely work.
Nonetheless, the posts are very quick for novices.
May just you please prolong them a bit from next
time? Thank you for the post.
80798a94de37528411d440475b11ba76
I think this is among the most vital information for me.
And i am glad reading your article. But want to remark on few general
things, The website style is great, the articles is really excellent : D.
Good job, cheers
80798a94de37528411d440475b11ba76