Modern-day globalization has made the world smaller and more interconnected than ever before. Economies and industries have become interdependent and integrated. Exponential growth in mobility and the flow of information have heightened the contact between different linguistic communities.
Yet, less than 0.1% of digital content is currently being translated according to a study published in the International Journal of Communication. Despite this fact, the language service market continues to enjoy a compounded annual growth rate of around 5%. Although clearly underutilized, the translation service industry remains a key link for businesses to saturate global markets and improve competitive advantage.
Here are some of the key industries that can benefit from leveraging translation services:
While there are currently automated translation tools being used and developed by industries, not all sectors can afford mistakes in translation. Language barriers in the medical field are one of the major hindrances for healthcare workers. A moments’ delay or even just one misinterpreted instruction can prove harmful if not fatal in the medical field.
Recently, researchers from the London School of Hygiene and Tropical Medicine found that clinicians were using Google Translate to overcome barriers – and have warned against it. In the world of healthcare, leveraging institutionalized professional translation services is key in decreasing the risk of crucial, life-or-death mistakes.
Sales and marketing
With the advent of social media marketing on Twitter and Facebook, as well as the flurry of content creation in the sales and marketing industry, digital translation has become imperative for brands. Social media marketing has broken down international barriers, but translation service utilization is not keeping in pace with the rapid growth of these channels.
Translation services are of great importance in search engine optimization. The majority of customers care more about viewing your product information in their native language than pricing. A robust translation system in place can result in greater customer engagement and increased brand loyalty. The shift to omnichannel marketing has rendered translation services fundamental to gaining and converting shares in the market.
The advent of global value chains has made translation services for the logistics industry indispensable.
The industry is increasingly shifting from distributor-based sales to direct to consumer (DTC) marketing. The advent of emerging technological solutions is enabling logistics companies to pivot, be prepared for effective mobile operations, and overcome their dependence on local distributors for contextual marketing.
While Verizon Connect highlights how Mobile Resource Management solutions can streamline mobile operations, as well as ‘boost profitability and sales’. Combining emerging tech with translation services is key for logistics companies to gain the accessibility, authenticity and relevance needed to pivot to DTC.
Finance and banking
Money is a universal language. As finance is perhaps the most globalized industry in the world, the demand for translation services in this sector is particularly high. All Top Startups underscores that all transactions within the finance sector require precision and clarity due to the highly technical nature of today’s financial markets. This includes translations between values and measuring systems to avoid any ambiguity.
Legal translation is vital in any case whenever at least two languages are involved. Interpreting during multilingual court cases involves strict and still-evolving standards. Legal translation is currently immersed in an expanding field of institutional, social, and communicative situations. Navigating the legal boundaries and nuances of highly globalized industries entails rigorous legal translation. This involves government compliance and tax forms, contracts, licenses, patents, trademarks, and other institutional forms.
Any globalized industry requires legal translation services that can interpret documents based on the myriad of textual, contextual, and sociopolitical factors. As such, this arena of translation is one of the fastest-growing in the industry.
While it seems that you can let machines and artificial intelligence do all the work these days, this simply isn’t the case when it comes to translation services. When it comes to deciphering the nuances of multiple languages with precision, nothing beats an experienced professional translator.
By Shane Alston