What Will 2022 Mean For the Translation Industry?
As technology and the Internet continue to change the world, the role of translation companies will also change. They will no longer be boutiques or creative networks, but data factories and automation platforms. The advertising industry is already experiencing a paradigm shift, and translation companies are going to need to evolve to keep up. As more businesses move internationally, translations will become more essential than ever. But what will 2022 hold for the translation industry?
By 2022, two-thirds of the world’s population will have access to the internet, including many non-English-speaking countries. That means more opportunities for translation professionals, and the industry will continue to grow. The internet will also allow more organisations to reach potential customers in cyberspace, which makes it less reliant on traditional print media. And as more people become familiar with transcreation, the translation industry will become more dynamic and less affected by changes in global economic trends.
The global market for translation will continue to grow, driven by the ever-tightening regulatory environment. High-profile industries, including the public sector and life sciences, are the largest purchasers of document translation. This trend will only continue to increase, as multilingual communication becomes more widespread. With more people watching videos, the need for interpreting their subtitles and localizations will grow. A growing number of businesses are now relying on the subtitles and accompanying text to understand the story.
In the near future, technology will allow language service companies to reinvent their services and service portfolios. Online blogging will continue to become the fastest trend on YouTube, and the fixed price per word model will be largely displaced by an hourly model. Meanwhile, creative translation firms will begin to charge for the use of their platforms. As the Internet continues to expand, so too will the need for language services. A growing number of consumers will access the Internet on a daily basis.
As the world’s economy recovers, the translation industry will experience a significant change. More private equity funds will invest in language service companies. Despite a slowdown in growth in comparison to previous years, the language industry will continue to grow. And with AI, machines will be able to learn and make decisions quicker. As a result, these companies will have more time to develop their business.
Marketing is also a crucial area for translations. More global organisations are expected to share their reports and contributions at online conferences. Even multinational corporations will expect to bypass language barriers and adopt machine translations to protect their supply chains. Those concerns will also affect the translation industry. As companies and governments become increasingly global, the translation industry will have to adapt. While the demand for quality content is high, the future growth of the industry will be driven by the need to make the translation process more efficient.