The projected growth for the profession of interpreters and translators, according to the U.S. Bureau of Labor Statistics, is 24% between 2020 and 2030. In other words, translation services are to see much faster than average growth. Let’s look at the industries that will represent the bulk of this expansion.
1. E-commerce: Translation Services for Online Business
A relatively new advent, businesses of today inextricably find themselves a part of the ecosystem of the digital age. In many cases, this generates a need to operate transnationally. This inherently implicates the need for services in translation, interpretation, and localization.
An important nuance to note is that these services don’t just make online content intelligible. They make them agreeable. At best, captivating and trust-inspiring. As though you were speaking with a knowledgeable neighbor or old schoolmate. This nuance can make or break a site and is the product of localization.
Signs of a growing need for language services in e-commerce can also be deduced by economic figures. For instance, the 2019 startup rate in the USA was 11.8%, the highest in the world. In Brazil, an emerging economy, it was 8.1%. In China, 5.3% – extremely significant considering their market size.
Startups are just a small piece of the pie. Another indicator is established businesses, like Amazon. In 2019, their annual revenue went up 20%, proving resounding success in their development strategy.
2. Medicine: Translation Services for Patients and Medical Professionals
The revenue of the U.S. hospital industry in 2021 was nearing on a trillion, at $967 billion. In developed countries, healthcare typically makes up over 10% of the GDP. In the USA, that figure is 18%, the highest in the world.
With billions of dollars going to treatment, the nature of the business requiring perfect accuracy, and countries like the USA, where about 20% of the population doesn’t speak English at home, languages services are indispensable.
The pharmaceutical industry deepens this relationship. Which is significant, considering it, too, represents a huge market, with 1.3 trillion U.S. dollars in worldwide revenue. As with hospital services, the USA is the industry lead, accounting for almost half of the global pharmaceutical market.
Language service providers bridge healthcare workers and their patients through oral and written communication about their treatment. They also handle technical translation, like in the case of medical manuals, and commercial communication material.
2. Finance: Translation Services for Transaction
Every day, international financial transactions grow in volume, and are thereby increasingly normalized and expected in business. To paint a picture, about 6.6 trillion U.S. dollars are traded every day.
Companies strive to lead in this respect, because it affords them a significant competitive edge. It’s a delicate balance: in order to be successful, they need to attain the greatest financial mobility and ease for their customers. But they will lose it all if their operations are not perfectly secure.
To handle this balance, it is vital that organizations understand each other factually, legally, and culturally. Protecting the transposition of large sums of money around the world requires a high level of assorted skills, and translation is very much among those.
Language service providers close the gap by understanding and synthesizing the intercultural rules that pertain to moving money internationally. Transferences incur large quantities of documents and paperwork, which make up the translator’s workday.
Find Your Language Service Provider Match
Language Connections is the top source of languages services for companies looking to expand, across all industries. A key step in staying ahead of the curve, make sure to consider interpreting, translation, and localization services today.
About Language Connections:
Language Connections is one of the top language service companies in the US. Over the last 30 years, we’ve focused on providing the best business translation services, interpreting services, localization services, as well as interpreter training and customized language training programs. In addition to top-tier corporate language training, we offer certified corporate interpreters and professional business translation services in 200+ languages. Our network includes linguists with backgrounds in all major industries. They’re ready to meet your needs, whether they’re for technical translation services, legal translation, government translation services, international development translation services, education translation services, life sciences translation, or something else. Reach out to us today for a free quote on our cost-efficient and timely translation services, interpreters, or other linguistic services.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135