As we quickly approach the end of 2023, the translation industry continues to experience growth and transformation, with several notable trends emerging. In this article, we will take a look at some of the key trends shaping the translation industry as we head towards 2024.
The translation industry at a glance
In 2023, the global translation market size is valued at around $39.37 billion. This figure is expected to increase to $46.22 billion by 2028. The global expansion of businesses is continuing to lead to higher translation service demand across the world.
Doing business in 2023 revolves essentially around communication and content publishing, and doing so in multiple languages. To be able to communicate smoothly and effectively with customers, employees, and business partners on an international level, it is important for companies to have their content available in several languages.
Translation services are in constantly high in demand, especially in Asian countries such as China, Japan, and Korea. Despite the global financial crisis, the demand for language services has continued to increase.
So, here is our list of trends shaping the translation industry, as we move into 2024.
1.Increased demand for localization services
One of the most significant trends in the translation industry in the past year has been the growing demand for localization services. With businesses expanding into global markets, the need to adapt products, services, and content to the cultural and linguistic preferences of local audiences especially in digital fields is more crucial than ever. This trend is expected to continue in the coming years, with localization services becoming a vital component of global business strategies.
2.The rise of AI and machine learning
Advancements in artificial intelligence (AI) and machine learning are transforming the translation industry, enabling faster and more accurate translations. Machine translation, such as Google Translate, uses algorithms to translate text without human intervention, has been in use for several years. However, recent advancements in machine learning are making it possible for machines to learn from human translations and improve accuracy over time.
3.Growth in demand for video translation
Video has become an increasingly popular form of content, with more than 85% of internet users watching online videos regularly. As a result, there is a growing demand for video translation services, which enable businesses to reach global audiences by releasing video content. From transcribing and subtitling to voiceovers and dubbing, video translation is becoming an essential service for businesses looking to expand their reach.
The days when businesses would solely depend on human translators for their translation needs are long gone. Now we have advanced TMS and CAT tools available that provide a high-quality translation into multiple languages in the fastest turnaround time. These systems use powerful AI technology and deliver faster, more efficient, and cost-effective translations. The increasing demand for CAT tools significantly reduces the need for human translation in companies which also puts a question mark on the translator’s job security. However, it is too soon to predict anything relating to translation job market the job market. For now, we are seeing CAT tools automating certain steps of the translation process and making everyday translation jobs much easier to handle for translators. These tools have significantly reduced the translation workload for employees and eliminated the complexities of manual translation management.
5.Growing importance of quality assurance in translation
With the increased demand for translation and localization services, ensuring high-quality translations has become more critical than ever. To meet this demand, the translation industry is placing greater emphasis on quality assurance, with an additional focus on implementing quality control processes, such as translation memory and terminology management, the use of verification tools, and additional proofreading.
In conclusion, the translation industry has seen significant changes in 2023, with increased demand for localization services, the rise of AI and machine learning, growth in demand for video translation, increased use of cloud-based TMS, and the growing importance of quality assurance. As businesses continue to expand into global markets, the translation industry will play an increasingly important role in facilitating communication and enabling global commerce.