What is fueling the growth of the translation industry?

You can find the digital platform inundated with articles about how important translation has become in an insanely connected world. There used to be a time when translation services were limited to only giant firms in more than 20 countries, but now since the internet has bridged the gap between countries and markets, every type and size of business is in dire need of translation services. 

What is fueling the growth of the translation industry?
Photo by Daniel Thomas on Unsplash

In 2020, the translation industry was valued at $39.37 billion; by the end of 2028, it will reach the $46.22 billion mark. This means the translation industry will grow at a CAGR of 2.07% from 2021 to 2028, and that’s an impressive growth rate for an industry that is witnessing a boost in just the last ten years. 

Another good thing about the translation industry is that it was hardly impacted even during a recession or a global crisis like COVID-19. Somehow, its demand kept growing at a better rate. 

To understand why the translation industry is growing fast, we need to look deeper and delve into the factors affecting its growth. Keep reading to stay illuminated. 

The growth of digital content 

The translation agencies are growing rapidly with the passage of every day, and the credit for this can be given to the way digital content is growing. You will be surprised to know that more than 2 million articles are published on the internet daily, which is expected to grow at a better rate. 

Because of the increased connectivity, more people are getting easy access to vital information from every corner of the planet. But since most articles on the internet are in English, the need to translate documents from English to Spanish or any other language is increasing rapidly. 

This also shows that the ability of the translation agencies to offer translation will remain stretched as the internet will keep getting inundated with blogs and articles. 

Firms are expanding, but the world is shrinking. 

In search of wider markets, more consumers, and better opportunities, most companies plan to go global under their belt. Most of these companies have already implemented the steps required to go global. Just a couple of decades ago, a U.S.-based company was bound to do business in the U.S only, but that’s not the case now. 

Technological advancements and the influx of the internet have shrunk the world and given businesses of every size and type an opportunity to grow beyond the boundaries of their country. 

All these companies must now focus on staying relevant with their marketing strategies. The only way to do so is to go native by choosing a company that can translate a document from English to Spanish or any other country. 

The inclination toward the use of native language 

You might be wondering why businesses need to use document translation services since English is used in almost every part of the globe? But the data published by the American Translators Association says otherwise. 

According to ATA, only 17% of the world population uses English as a language, and the rest of the world prefers the native language when buying products, or services, surfing the internet, and even gathering information. So, now you must have understood why so many businesses use document translation services. 

None of the companies out there wishes to deal with misrepresentation of their content as it can turn their marketing strategy upside down; therefore, they play safe by translating the documents into the native language. 

The rise of the middle-class group 

The one thing common on the digital platform across the world is the rise of the middle-class group. The middle-class people involve that part of the population with a good appetite for foreign brands and international travel trips. This rise in the middle-class group has also contributed to the growth of official document translation

The same people have started their own small to medium-sized firms on foreign soil, and in such cases, the need for translation services becomes imperative. Since translation is no longer a costly service, the middle-class, running their firms, can easily opt for it and easily target the new market. 

The current rate of growth for the translation industry is exceptional, but according to the stats, the growth rate is further going to be fueled because of many factors. With more and more businesses joining the global race and people preferring their native language while devouring information on the digital platform, translation services will stay there for a long-long time.