The Most Powerful Economies on the Rise and the Growth of the Translation Industry
As the world-wide economies continue to soar, so does the growth of the translation industry and the need for professional, affordable, and high-quality translation and localization services.
Emerging economies on the rise
Emerging economies, especially, are playing catch up with the advancement of the globe and are predicted to overtake many of those currently at the top of the list by 2020.
This is set to cause quite the shift in the global balance of the economies. As it stands, China is already the largest economy in the world, with analysts predicting that India’s surge is set to take over Japan’s place as third largest economy by 2020. Brazil and Russia are also showing incredible potential, as is Mexico. From this pattern, we can see that the bigger players are not English-speaking countries, and that means that if your business is not offering content in native languages, you are going to lag behind your competitors.
The most powerful economies
Let’s take an overview of the most powerful economies right now:
- United States
- United Kingdom
What has this got to do with the translation industry?
About a decade ago, for example, a business based in the United Stated would only be active in the United States. Today, though, the same business is far more likely to have clients around the world. Operating in a global market means that a company’s product, sales, and marketing materials have to address all their clients, in all their countries, and – importantly – in all their native languages.
Today, cross-cultural communication has brought a range of challenges and changes. Despite the rapid advancements in technology, the demand for professional translation services is higher than ever before. In fact, the industry has not been deterred by worldwide economic instability. One of the biggest reasons for this is globalization.
As more industries and businesses turn towards global thinking, the need for translation and localization continues to soar. These days, an increasing number of businesses, governments, and corporations need to be able to communicate with both potential and existing customers, employees, and business partners situated in other countries. Typically, this necessitates the need for several languages.
Furthermore, globalization has led to rapid market growth. European countries like France, Italy, Germany, and Spain – three of which made the above list of powerful economies – along with Japan, China, and Korea, have become economic powerhouses. The European Union bureaucrats, for example, must now find ways to communicate in over 20 different languages, and the once neglected languages of Southeast Asia, like Vietnamese and Indonesian, are mattering more and more as the emerging markets become more important and dominant.
Just as the world economies continue to grow, so the success of the translation industry is on the rise – and it will continue to rise in order to help bridge communication gaps between businesses and clients around our globe. After all, high-growth businesses that can reach out to and communicate with clients and business partners across the world are thriving more than those who stick to just one native language. After all, in today’s worldwide economy, concise and clear communication really is everything.
Subscribe for more
Stay up to date with the latest articles, news and translation insights
How Localization Enables Market Opportunity
The era of standardization is dwindling. Now, consumers are soaring in diversity. To drive profitable business within their markets, organizations must decide what level of localization they should be carrying out for their content, and for their solutions.
Voice-Activated Technology and Its Impact on the Localization Industry
Voice-activated technology makes up more than 10% of searches around the globe. It had shifted the digital landscape in a major way. But, what exactly is it all about?
Why Do 68% of Translation Agencies Offer Website Globalization?
In a recent CSA survey, 68.1% of respondents, all of which were LSPs, said they offer website globalization. So, where in the world are these providers located? How do they manage to grow so rapidly, and what percentage of their...