The global translation industry is one of the fastest growing industries in the world today. With a market size of almost 38 billion, it showcases an annual growth rate of almost 6%. It is estimated that there will be about 29% job growth rate in the translation industry over the next five years. The industry has seen a tremendous amount of change in the past decade and growth has been at an exponential rate.
Companies need to understand that the translation industry is a dynamic one. Newer technological developments will continuously impact and change the way things are carried out. Companies need to embrace the newer developments and be updated with the current translation trends and predictions. In this article, we have listed the latest translation and language localization trends for 2018 and beyond.
Top Trends in Translation and Language Localization for 2018
The translation industry has been changing at a massive rate. New technological developments are the major driving factors for this change. Companies need to be updated with the latest industry developments and tweak their processes to stay ahead of the competition. Here are some of the top trends in translation and language localization for 2018 and beyond -
Translation Technologies to Get Better
There are many applications available online for language translations today. The most common examples of such translators are Google translate, Microsoft Translator, etc. Getting the translations done has become pretty simple for the companies now. These technologies are bound to get better in 2018. The need of being more integrated, customizable, and more automated processes will soar. It is also important that the systems have faster response rates and are highly efficient.
New Service Lines to Emerge
Customer demands and expectations are sky rocketing. Keeping the client happy and providing them with the best customer experience is of utmost importance in this fiercely competitive market. Companies will look to acquire other companies to diversify their portfolios to meet the customer demands. They will also look to providing new services such as legal e-discovery, interpretation, etc.
More Focus on Improving Customer Journey
Customer loyalty is the result of building better customer relationships. Nowadays, all the required information is available online, which make it difficult for the translation companies to stand out among the competition. Companies will be looking to focus more on customer interactions in the coming year. This will help in bringing value to the company and simplifying the client's buying journey.
Business Intelligence to be an Important Tool
More and more companies will look into how business intelligence will help them to better their processes. Knowing the status of the project is no longer enough. Customers will rely more on the impact of translation metrics to evaluate the growth of the customer base, customer satisfaction, and customer retention rate. We will see more people will employ predictive analysis as a key tool in the localization business in the coming future.
Video Translations to Boom
It is a well-known fact that video content is booming. According to the latest figures, almost 300 hours of video is being uploaded to YouTube every single minute and about 5 billion videos are being watched on a daily basis. About 70% of the YouTube visitors come from outside the US and are non-English speaking. This will certainly increase the demand for video translations and localizations on a large-scale. This will be one of the key trends in translation in the year 2018 and beyond.
Mobile App Translations to Grow Exponentially
Another of the latest translation trends for 2018 is the app translations. It is estimated that there are about 5.7 million apps available for download from the five major app stores. App developing companies and developers are continuously trying to reach out to a maximum number of people to increase their profits by developing apps in multiple languages. This growing trend was prevalent in 2017 and will continue to do so in 2018 as well.
Neural Machine Translation to Progress by Leaps & Bounds
This is one of the latest translation technology trends in the coming year. Machine translation technologies will take another great leap in the coming year. Instead of completely relying on the phrase-based statistical method, machine translations will stimulate the networks of the brain to process the translations. Companies like Google, Facebook and Microsoft have already launched neural machine translation technologies and more companies will soon follow suit. Though this technology will gain popularity in the coming year, the point when they actually surpass the human translation methods is still far away.
Newer Business Models Will Emerge
Paying by the number of words is and has always been the standard translation industry's payment model. But this model will soon see a downfall. Paying by word may not be the best way to pay for services like multimedia and trans-creation. Trans-creating 5 words for a TV show will take days of research. Also for multimedia, the efforts of people like audio engineers, graphic designers, voice artists, etc. are involved which cannot be calculated on merely the word count.
Flatworld Solutions has been providing top quality translation services to clients around the world for over a decade now. Our cost-effective services have helped clients to save a considerable amount of time and overhead costs. Our translation services are streamlined, and follow the best industry practices and ensure that we provide highly accurate translation services. Our translation services undergo multiple level checking and quality analysis and ensure that our results are of high quality. We provide human translations and pay special attention to contextualization and translation localization and ensure that your company's credibility is not hurt by using error-prone online translation services.
Article from Flatworld Solutions
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