Translation Trends in 2024 That Will Transform the Industry
The global market for Language Translation Software and Services estimated at US$57 Billion in the year 2022, is projected to reach a revised size of US$84.2 Billion by 2030, growing at a CAGR of 5% over the analysis period 2022-2030.
- Language Translation Software and Services - Global Strategic Business Report
The translation industry is growing – despite and because of technology. Every day, the world becomes a smaller and more intimate place. Organisations and industries continue spreading their domain from one corner of the globe to the next. Inclusivity is in and translation is what makes it possible.
As we embark on another impactful year, it’s a good time to see how the industry is doing, what trends are emerging, and what you need to look out for if you want to invest in language services.
What’s Driving the Market in 2024
Language services bridge linguistic divides between people, corporations, and cultures. The fundamental purpose is to guarantee that communication, whether written or spoken, is accurate and culturally appropriate. These services also include linguistic consultancy, localisation, transcreation, and language training. The era of translation has existed longer than most civilizations and continues to thrive due to globalisation.
Some of the key reasons driving the market are the increase in foreign students and immigrants, the development of social media and online content, and the growing need for content in multiple formats, including textual, audio, and video.
In 2023, the global language services industry was set to be worth $72.1 billion USD. Looking ahead, IMARC Group forecasts the market to reach US$108.9 billion by 2032, with a 4.6% CAGR from 2024 to 2032.
- imarc
As we approach 2024, the translation and localisation scenario is undergoing revolutionary shifts as a result of technical breakthroughs, rising market needs, and an ever-increasing need for cross-cultural knowledge. The fear that technology would replace humans and LSPs (Language Service Providers) has its merit, but the language industry stands to gain more than it would lose if it implements technology well.
Top 5 Verticals Serviced by UK LSPs
Top 7 Translation Trends In 2024
Although By 2024, it's expected that the United States will earn roughly 4.789,9 million USD from translation and interpretation services, the largest market in Europe for language services is the United Kingdom. Here is a list of trends that are predicted to shape the future of the translation industry in 2024:
1. Localisation
With businesses growing into worldwide markets, it is more important than ever to accurately tailor products, services, and content to the cultural and linguistic preferences of local audiences, particularly in digital areas. Localisation services are projected to become an essential component of global corporate strategy in the next few years as this trend continues.
Localisation may decrease markdowns and store inventory while increasing sales by 40% to 50%.
2. In Context Translation
In-context translation takes into account the context in which a word or sentence is used. Translators must comprehend the context of the original material to avoid out-of-context translation. To explain thoughts effectively, a 360-degree view of the sentence or phrase is vital. Many AI-powered translation tools are working on enabling linguists to view the text strings in context. LSPs have and continue to do this through their Quality Assurance methods.
3. Video Translation
With over 85% of internet users routinely watching online videos, video has become an increasingly popular type of content. As a result, there is an increasing need for video translation services, which allow businesses to access worldwide audiences through the release of video content. Video translation is becoming a crucial service for organisations trying to increase their reach, from transcription and subtitling to voiceovers and dubbing.
The global Video Translation Service market is expected to develop US$ 53.5 Billion by 2032, at a compound annual increase in price (CAGR) of 2.7% throughout the forecast period.
4. E-Commerce and Digital Content
Businesses have evolved new methods to cater to worldwide audiences as customers increasingly turn to online platforms for purchasing and information. Language services, such as translation, localisation, and transcreation, have become critical tools for e-commerce companies seeking to interact with customers in their home languages and cultures. Companies may boost customer engagement and loyalty by providing product descriptions, user interfaces, customer assistance, and marketing content in their native language.
84% of marketers said that content localization has helped grow their revenue. (Unbabel)
In one study, most online shoppers agreed that it is important for the following pages to be in their home language: product descriptions (67%), product reviews (63%), checkout process (63%), and home page (62%). (Flow)
5. CAT Tools
We now have modern TMS and CAT capabilities that offer high-quality translations into various languages in the shortest amount of time. Currently, CAT programs are automating processes in the translation process, which makes translators' daily tasks much simpler. These tools have considerably decreased translation workloads and removed the complexity of manual translation management.
6. Quality Assurance
With the rising demand for translation and localisation services, it is more important than ever to ensure high-quality translations. To fulfil this need, the translation business is emphasising quality assurance, with an added emphasis on adopting quality control systems such as translation memory and terminology management, the use of verification tools, and additional proofreading.
Read more: ISO 17100:2015 Translation Services
7. Multilingual Content Creation
Content creators and marketers may prioritise providing easily translatable content. To ensure seamless translation, cultural subtleties, idioms, and language variances must be considered from the first stages of content creation.
Between the mid-90s and mid-2000s, English-language content dropped from 80% to about 45% of total online content, with some experts placing it at less than 40%.
- UNESCO
X (fka Twitter) is aiming to increase its user base by using non-English material and major publications such as the BBC, while LinkedIn has begun translating its popular influencer content.
The Future of Translators Within the Industry
In 2024, the nature of translation work will change in step with technology, but the human touch will always be essential. While technology, particularly artificial intelligence (AI), improves translation efficiency, it does not eliminate the necessity for human translators. Machine translation and artificial intelligence have developed into essential technologies for swiftly and effectively managing massive amounts of content. They are, however, largely used to assist human translators, who contribute cultural sensitivity and contextual understanding where artificial intelligence flounders.
2024 will be a good year for the language services industry. It will have significant developmental adaptations to undergo, but at the same time, the fruit of its labour will be worth the trouble. The future of translation is dynamic, with a focus on embracing technical tools while also recognising the essential human skill that adds depth, subtlety, and cultural significance to translations. In an increasingly connected world, this balance ensures the profession's continued relevance and growth.
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