- October 24, 2017
- Posted by: Wordminds
- Category: LSP's news
According to the Common Sense Advisory, over seven billion people live in approximately 200 countries and speak around 7,000 languages. These different languages and dialects combine with country-specific business practices and laws to create hundreds upon hundreds of locales, each with a blend that requires business, cultural, and linguistic adaptations.
Each unique locale has the potential to interact with other locales on a transactional, personal, and perhaps even a governmental level. Meeting the needs, expectations, and laws of commerce and communication has seen the language sector soar to more than USD$43 billion in 2017.
The Language Industry Continues to Soar
Back in 2014, Inc.com Magazine rendered the translation industry one of the best industries to begin a business in that same year. Fueled by rising demands, translations are not just required for consumers in new markets, but also for businesses employees who are relocated to the new target countries, as well as anyone else in the supply chain that handles translated content and material. What’s more, online retail giants like Amazon and eBay continue to drive the demand for language services.
These bigwig online sales companies have a presence around the world and they strive to interact with customers in their language, and it is those types of companies and their global presence that is driving the localization and translation industries.
Further, as more people have access to our worldwide economy, we are sure to see more commerce being driven and that, in turn, will help language services forge ahead. Besides, the sheer number of people, countries, and languages (many in markets that are enjoying tremendous economic growth) assures that the demand for such services will continue to increase over time. As research has conclusively demonstrated, people are far more likely to make purchases in their native tongue. What’s more, localization helps to reduce customer care costs and further increases brand loyalty.
Are You Offering the Right Services for 2017 and Beyond?
As organizations of various sizes make their services and products available in more languages, it looks as though the language services industry is set to continue to grow, with the market expected to increase to over US$47 billion by the year 2021. The factors that seem to be driving this demand are the Internet of Things, wearables, mobile, tweets, texts, on-demand offerings that support live chat, and a range of other short-shelf elements.
Language services undoubtedly extend beyond adapting products and apps to work in other markets, and they certain extend beyond translating the written word.
Are You Keeping Up with the Changes?
With outsourced language services and the technology market turning over very close to US$50 billion just this year, is your company keeping up with the changes and offering the services our global market requires? Feel free to share with us which new services you have included in your offering this year that has had success.