The translation industry will hit a turnover of $46 billion by the end of 2019, and it is expected to reach $56 billion by 2021. This impressive growth has become possible thanks to the explosion of Internet content translation, and to the implementation of new technologies in the translation process, cutting costs and quickening the translation process. Here are four of the big trends that revolutionized the market in 2019:
While different versions of machine translation have been around for over 60 years, this technology was implemented only lately by the translation industry, thanks to the introduction of Neural Machine Translation. This technology is based on artificial intelligence rather than statistics, making it more accurate and efficient. While human translation is still unmatched, NMT is nowadays often used to translate large volumes of non-specialized text in a short time, and the result is then proofread by a human translator to check for mistakes. This increasingly popular process is called Machine Translation Post-Editing.
The demand for Post-Editing is increasing so rapidly that it is expected to reach $980 billion by 2022.
Voice search will reach in 2020 50% of all internet queries. This is why businesses operating on the international market are investing more and more on implementing voice-search friendly content to their multilingual SEO.
Translators have to understand the difference between the way users type and the phrases used in voice search, alongside being aware of the different regional variations within a language.
Video translation and Subtitling
More and more content online, especially on social media, is video. This is because interactive videos and ads have a much higher chance of engaging users (80% more visit the advertised page). However, video contents cannot be marketed in a single language, this is why the industry is more and more engaged with multilingual subtitling, voiceovers, and transcreation services for international brands operating on the global market.
Each year, more languages are required to reach 99% of the world’s eGDP (the Internet’s Gross Domestic Product). While this might not seem like a big deal, the figures show how non-English speaking internet users are rapidly increasing.
This will necessarily imply more investments on multilingual advertising to guarantee the competitive edge on emerging markets.
For example, the Middle East and North Africa region represents around 381 million people speaking over 60 languages and dialects, and it is also the area with the fastest growing number of internet users. As more population goes online, the demand for translation in new languages increases.
Langpros Translation Services
Langpros offers high-quality translation services in every field, from website localization, to copywriting and transcreation, legal translation, technical translation, and subtitling. Our agency relies on a vast network of professionals working in over 100 languages, and we implement the latest technologies in order to offer maximum accuracy and quick turnover at a competitive rate.