Translation Services and Technology One of Fastest-Growing Industry to Invest in for 2016
The U.S. Bureau of Labor Statistics (BLS) predicts a 46 percent increase in translation jobs between 2012 and 2022, a much faster-than-average growth rate. And according to Common Sense Advisory, the global market for outsourced language services and technology is expected to reach $38.16 billion this year. By 2019, this industry’s market is expected to increase to $49.8 billion.
The uptick in demand for translation services can be attributed to a growing global marketplace. “Brands can now go global in one day,” said Luke Fitzpatrick, head of marketing at Localizer.co, a tool that makes any monolingual website or web application multi-lingual. “These services help companies increase revenue by opening new markets and reaching more customers, making it a hot industry to keep an eye on.”
Jacob Stempniewicz is the vice president of marketing at Andovar, which offers translation and localization services. He agrees that the industry is fueled by international business, which calls for communication with customers in their languages.
For 2016, “investors should also keep these two things in mind: innovators appear all the time trying to leverage machine translation, but breakthroughs are elusive since at its core, [the translation services and technology industry is] a very human-intensive industry,” said Stempniewicz. “And the developed world is reaching saturation, but emerging market languages are under-served.”
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