What are the Reasons for Rising Demand in Translation Services Across Top Industries?
Over the years, translation services have grown and developed into an industry that is integral for many – be it in advertising and marketing, legal, manufacturing, medical, banking or even in information technology.
Translation has fast developed itself as a cornerstone for many others that are actively seeking to reach out to the international market and communicate themselves with the world. In fact, in 2019, the global language industry was reported to be valued at a whopping USD 49.6 billion, having doubled in the past decade alone[1].
At WhizWordz International, we often receive a consistent stream of queries from across various industries. The enquiries are often as follows:
“Hello Whizwordz team,
I have just called in to the office at 3.16pm on 27/12/2021 to enquire about quotation for legal transcription for state courts. Language spoken is Mandarin, but will need it in English for the court’s use…”
“… This is for our website localisation. There are some terms there are legal translation and I just need someone with the basic expertise…”
“Hi, we are looking for expertise in translation of medical reports for our patient… Do you have translators that are able to use medical terms…”
Among the top industries seeking translation assistance for their commercial and other needs, an increase in demand has been observed especially in healthcare, medical and pharmaceutical, social and networking as well as the IT and software industries. In the healthcare sector alone, there was a steep growth of almost
50%[2] observed as the spread of COVID-19 made it more urgent for professionals to communicate healthcare information as quickly and effectively as possible to the people.
Although over 1.5 billion people speak English worldwide, less than a third are native speakers of the language.[3] Commercially, even though a large part of the target consumer group may speak English, 75% of consumers are found to be more likely to purchase from sites in their native tongue.[4] In addition to localization of sites or marketing material, translating materials to the top spoken languages such as English and Chinese can help stretch a business’s outreach to 80% of the online purchasing power globally.[5]
Not only is translation important for industries such as healthcare, IT or software and commercial businesses, having a well-versed translator that is adept at translating for multiple purposes is also key. It is not as simple as having any native speaker translate a document, these companies also require a translator’s expertise in handling the different jargon used in that industry for accurate and clear communication.
For instance, in legal documents, it is essential to have accurate translations as terms commonly used are complicated and are of a certain format. In finance and banking, having translators that are knowledgeable is key in putting across financial terms that are locally used by business partners of foreign countries. This ensures efficient and concise communication and can help businesses make or break critical business deals.
Likewise, in the medical industry, a precisely translated document can play a crucial part in the diagnosis of a patient. It is essential that errors are minimized to prevent miscommunication and put across accurate data at all times[6].
As interactions become more tightly interwoven around the globe and even in our own countries, it has always been natural for Mankind to instinctively seek out ways of communication with others. Even as we learn to speak more languages, there will always exist communication barriers across groups of people of different educational, cultural and linguistic background. Translation will always be a bridge that can connect everyone together and can remain relevant to any industry.
For more information on how translation services can be pertinent to your industry, visit https://www.whizwordz.com.sg/ for more examples, case studies and ideas.
Lastly if you would like to know more about the reasons for increasing demand in translation services for top industy, do check out our Youtube video to find out more
References:
[1] Statista. (2022, January 11). Market size of the global language services industry from 2009 to 2019 with a projection until 2022. Retrieved from Statista: https://www.statista.com/statistics/257656/size-of-the-global-language-services-market/
[2] Josephine Chaillou and Anna Van Der Kallen, s. i. (2022, February 21). COVID-19: How has it affected the world of translation? Retrieved from European Commission: https://blogs.ec.europa.eu/emt/covid-19-how-has-it-affected-the-world-of-translation/
[3] Breene, K. (2019, November 15). Which countries are best at English as a second language? Retrieved from World Economic Forum: https://www.weforum.org/agenda/2019/11/countries-that-speak-english-as-a-second-language
[4] Language Insight. (2020, April 15). 10 INDUSTRIES THAT BENEFIT FROM LANGUAGE SERVICES. Retrieved from https://www.languageinsight.com/blog/2020/10-industries-that-can-benefit-from-language-services/
[5] Lim, S. N. (2022, February 8). 2022 Translation Industry Trends and Stats. Retrieved from Redokun: https://redokun.com/blog/translation-statistics#global-market-statistics
[6] Shakti Enterprise. (2020, April 13). Top 5 Industries That Require Translation Services The Most. Retrieved from LinkedIn: https://www.linkedin.com/pulse/top-5-industries-require-translation-services-most-shakti-enterprise/
