Future Trends in the Translation Industry
Everything is currently being impacted by globalisation and advancing technology: The translation industry is no exception! In fact, the industry is growing rapidly in demand and in the evolving industry protocols and tools used to remain competitive. It is no secret the translation and language service provider (LSP) industries are growing fast. The current market size has recently expanded to just over $45B and is expected to grow to over $56B by 2021.
These positive trends mean the industry will become more competitive as translation agencies battle to speed up delivery, lower costs and maintain excellent quality which can only be provided by human subject matter expert (SME) translators.
The need to increase speed and decrease cost forces firms to rely on automated translations, machine translation (MT) or computer aided translation (CAT), translation Memory (TM), neural machine translation (NMT) algorithms, content management systems and artificial intelligence (AI). Luckily, these technologies have advanced beyond word-for-word translation and are close to being able to translate complex ideas accurately. However, the need for precise localisation (culturally aligned messages) and transcreation services still require human skills to produce a high quality deliverable.
The modern day translator needs to know more than vocabulary, grammar, cultural nuances and subject matter expertise. They also need to be adept at integrating multiple software programs into their project workflows. Without such tools to create drafts to add their creative skills to, they will be unable to meet deadlines or offer acceptable pricing.
As the world economies continue to intermingle and developing countries modernise, there is an increased need to have business, legal, medical and scientific information translated into more of the world’s 7,000 languages. This means translation agencies need to have access to subject matter experts who are fluent in more dialects than the most spoken languages of the world.
As the Internet becomes our preferred method of obtaining information, we heavily rely on search engines by way of browsers such as Google Chrome, Internet Explorer, Firefox or Bing. This trend is impacting all content creation. If the user is unable to find the content, it will never be read. Therefore, writing for search engine optimization (SEO) or rankings in the search results is more important than ever. Gone are the days of stuffing keywords and hoping it results in a search criteria match. Now, phrases known as short and longtail phrases and domain specific language need to be translated and also rank in the most popular searches. This creates additional complications when translating across languages, as the key search phrases could differ by region and cultures that speak a common language.
In summary, the key trends in the translation industry include:
- Growing demand and market potential
- Increasingly competitive market
- Faster turnaround times
- Lower Costs
- Significant reliance on technology with a need for human refinement
- Requirements for localisation and transcreation services to preserve original intent
- More language combinations being translated
- Online content focusing on search engine optimisation (SEO) with specific keywords, long tail and short tail phrases
At Renaissance Translations, our tech-savvy translators ensure they understand the goals and parameters of your project before working on your project. We only have the most qualified translators with subject matter expertise that natively speak the target language.
We look forward to discussing your project with you, and we will be honoured to be your language services partner.