By 2026, enterprise spending on translation is projected to reach nearly $45 billion. Big companies aren’t the only ones investing in translation services to support their business ventures: even small businesses are using the Internet, social media and other digital platforms to reach a global clientele.
While enterprise spending may not be entirely surprising given the trends of globalization and digitization happening around the world, the widespread need to communicate in multiple languages, even for SMBs, can’t be understated. In the past, only big brands could afford to expand their services into new foreign markets. But small companies, including software and app-based businesses, now have easy options to deploy services and a branded presence in any foreign market.
Increased demand for translation services is driving demand for language service providers (LSPs) that can meet these business demands. If your organization anticipates a growing need for its own translation services, it’s worth brushing up on how this increased demand is affecting the market for global translation services.
How Evolving Business Technology Improves Translation Services
Increased adoption of innovative technology is increasing efficiencies and capabilities for businesses. Digital transformation is helping companies overcome geographical and other types of barriers, resulting in better growth opportunities and easier outreach to new foreign markets.
This digital transformation also helps LSPs provide better, faster translation services to their customers. Translation memory is one great example: By using technology to build a database of common phrases and terms to be translated from one language to the next, LSPs are able to leverage technology in a way that improves translation accuracy while speeding up service.
Meanwhile, automated translation can help provide basic translation services that reduce the workload required by professional translators, who ensure accuracy and quality assurance for the entire translation project.
As technology is helping businesses of all sizes build successful strategies for engaging new markets, similar business solutions—as well as increased demand from business clients—is making it easier for LSPs to gather the resources they need to optimize their own services for each customer.
The Business Growth Challenges Faced by Global LSPs
The increased business demand placed on global language service providers is expected to bring challenges of its own. As businesses have a greater need for translation services that can handle niche languages, dialects and areas of interest, LSPs will need a network of translation experts with diverse areas of expertise.
In addition, business translations will increasingly require service between two language pairs that don’t include English. In fact, the role of English in business translations is gradually on the decline as the global population’s fluency in English decreases: only about 30 percent of Internet users currently speak English, and that number is projected to decline in the future.
As a result, LSPs will need to increase their network of translation experts who can handle translations between languages other than English.
Built for the Future
With more than 5,000 language experts serving more than 200 language pairs around the world, Protranslating’s vast network of linguistic professionals is built for the modern approach to doing business on a global scale. Our translation services incorporate the latest and greatest translation technologies to deliver the best results possible for our clients, and our visionary leadership remains flexible in the face of evolving business practices.
If you need an LSP to help your business expand into new markets, contact us today to see how we can help.