Projection for the Global Translation Market by 2021

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Projection for the Global Translation Market by 2021

According to the Statista company “In 2018, the size of the global language services market reached little more than 45 billion dollars and is expected to grow to nearly 56.2 billion by 2021.”

What does that mean?

It means that companies are increasingly investing in language services to reach new markets and consumers.

Global positioning is no longer an option for large corporations and has become a tool for growing the revenue of medium and small companies. A small e-commerce (small in the sense of a lean structure) can become a company with global reach, using current technological resources, placing its products in several countries simultaneously.

A recent survey conducted by the international consultancy Common Sense Advisory indicated that 75% of consumers prefer to buy products and services in their own native language. In other words, if the communication doesn’t seem natural to the consumer, it will be clear that the material has been translated which, unconsciously, will prevent the public from becoming a customer.

Translation is the most accurate solution for breaking down language barriers between brands and their target audience. And the reason companies are investing more in global language services is because they recognize there is a multilingual race to conquer international markets.

Poor quality translation will lead to miscommunication and create a ripple effect: rework, missed deadlines, decline in company sales and revenue, and other problems such as the need to recall products, etc.

On the other hand, a translation partner with market know-how, structure and technology and an extensive base of translators in various languages ​​and market specializations can be very useful for your company to succeed in new markets.

So, are you ready to transform your company into a successful global brand?

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