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The World Translation Market

Translation can be defined as the process of reading, comprehending, and rephrasing the original message, without changing its meaning and context into another language of a different mother tongue.

For a long time, the translation industry has been one of the least sought after, and an undervalued sector of the economy. However, with the advent of the internet, the world translation market has seen a staggering growth in the past few years.  The significant changes in the world translation market can be attributed to globalization, localization and fragmentation.

The demand for translators has seen an exponential growth as today several avenues have opened up for people who can communicate in more than one language. Today, there are several opportunities available for translators in the global market, especially in big cities such as New York, which has a large and varied population.

The world translation market can be divided into the following three areas: human translation, machine translation and localization of websites.

According to the Federal Bureau of Labor Statistics, the number of translator and interpreter jobs has gone up by 40 percent since 2000, and is expected to see a further rise of 20 percent more, in 2014. Another survey believes that the world translation market is expected to reach US$11.5 billion!

According to the president of one online translating company specializing in Japanese/English translations, with global markets becoming a reality, the world translation market is all set to explode. There is a global need of translators in various sectors such as travel, hospitals, and of course technology.

There are various factors that are responsible for the growth if the world translation market. Some of the factors are:

• Availability of complex and technologically advanced products, leading to a greater demand of documentation

• Advancement in International trade and finance, globalization of markets, and the accompanying requirement to provide product literature and other documents in multiple languages

• An increased in the travel industry, in the form of tourism, business trips and conferences

• The advancement of new technologies and processes, creating a demand for translation market

Nowadays bilingual or multilingual websites have become a norm. It has been proved that people prefer to carry out online business transactions on websites in their own native language. Hence, it has now become almost mandatory for enterprises to start multilingual websites in order to secure more business.  

The world translation market is all set to bloom as there are plenty of opportunities for trained translators. It is just a question of going out and finding it.

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