Conquering New Markets: Why Translation is Key
Accessibility and inclusion are among the global mega-trends. Sectors as diverse as tourism, finance, and the automotive industry are embracing these concepts. The power of linguistic services is also structured around them.
What impact does quality translation have on conquering new markets?
In the Digital Age
By making content accessible to all types of audiences, quality linguistic services become the best ally for companies seeking to break borders and build bridges with diverse markets. The equation has been maximized in recent years due to digitization.
“As global access and adoption of the Internet increase rapidly, with over 5 billion Internet users worldwide, the number of people making online purchases is growing. In 2022, global e-commerce retail sales exceeded USD 5.7 trillion, and this figure is expected to reach new heights in the coming years,” warns Statista.
Thus, when the goal is to become international, organizations need to analyze numerous factors such as market research, searching for potential clients, competition analysis, among others. Although translation is not always a priority, the quality and expertise in this area make a difference in various aspects, such as marketing strategies, logistics, and legal matters.
Growing Demand
The numbers speak for themselves in understanding how translation helps capture new markets. According to the Slator 2022 Language Industry Market Report, the language industry has an estimated market size of USD 26.6 billion.
This includes activities that provide services for multilingual spoken and written communication, as well as services and technologies such as language translation, interpretation, subtitling, dubbing, software, and website localization. The positive impact of language services on the conquest of new markets by leading companies has a direct impact on the growing demand in the industry.
The subbing and dubbing market will grow by 50% in four years, largely driven by the media and entertainment sectors.
Source: Kidscreen
This demand is particularly driven by three major growing verticals: game and media localization, and healthcare interpretation in the United States. Regardless of the sector, appropriately translating content is crucial to attract and engage global market users.
Additionally, the adoption of cloud-based machine translation services and the increasing demand for multilingual content in various industries, including e-commerce, media, and travel, are driving the market growth.
The Contribution of Working with Experts
Personalized translation and linguistic services tailored to each need achieve successful expansions because they:
• increase reach to a global audience,
• improve the efficiency and profitability of processes, and
• personalize the customer experience through multilingual content.
The global machine translation market size reached USD 812.6 million in 2021 and is expected to reach a market size of USD 4 billion by 2030, growing at a compound annual rate of 19.9% from 2022 to 2030.
Source: Globenewswire
Linguistic specialists with deep knowledge of both source and target languages can prevent offensive messages, misunderstandings, and even incorrect content.
Accessibility and inclusion, which appear as beacons of the near future, are only achieved with sensitivity (considering the nuances of different languages and regional differences), specialization, accuracy, and creativity.
