All the companies, regardless of the industry, are going global today. Companies of all the sizes look forward to expand their market by engaging with the customers on a deeper level. The consumers, on the other hand, have developed their preferences on a larger scale, they want everything on their own terms including the language of communication. The social networking sites like Facebook, Twitter and LinkedIn are all competing for social dominance worldwide. All these consumer preferences and global competition have made a huge market for ‘Translation’, as all the aspects of services of companies must be very comprehensive.
The Size of the Translation Industry
The estimated worth of Translation Industry globally today is almost $47.3 billion for the year 2015. The majority of the market is comprised of Europe and America in the form of agencies contributing in the greater share in the revenue. There are almost a million translators around the world, one fourth of them are estimated to be freelancers.
The emerging trends of globalization show that the translation industry is recession proof. The other factors that are contributing to the expansion of this industry are the widespread network of internet and the boom in the e-commerce industry.
The Key Players of Translation Industry
The translators play the most important role in this industry, working for creative or brand agencies, language service providers known as the in-house translators and freelancers working directly or indirectly for agencies. Usually the large Translation Agencies outsource the work to smaller agencies which are specialized in a particular language or in some cases to individual freelancers. Sometimes the freelancers also subcontract the work onward to other translators and become an agency or a hybrid translator.
The translation industry is above all the sectors of that are in search of the international audiences. These sectors include the services in legal, pharmaceutical, Financial and IT industries. In this relevance the translation agencies may be specialists or generalists.
The Translation Services
The translation industry has to deal with a diversified sector, projects and clients, hence the term translation can not be considered as merely a transposition of text from one language to another. The various disciplines in this term are;