A specialized and in-depth study, named as “Worldwide Translation Services Market Analysis to 2025”, has a focus on the global market trend of the translation services industry. The report provides an overview of the market in global translation services and has detailed market segmentation according to product/application and geography. The report carries both quantitative and qualitative information in the form of a detailed overview of the industry.
Some of the key questions answered in the report include:
The business environment these days highly dynamic, due to which there is little assurance of sustained growth and profitability, a major concern area. Therefore, securing a competitive edge over your competitors would mean detecting new opportunities as they come.
Initially, defining a framework to help search for opportunities is important. To define your purpose, it is essential to understand the direction your company’s business is headed to and for having knowledge about the resources, capabilities, and strengths of your company. Based on this report on the expertise industry, we have evaluated a few key points which can be implemented by you for enhancing your business profitability on a global scale.
Here are a few industries that can directly benefit from the growth of the translation industry: -
The overall market has been segmented into:
Translation in the legal world means more than merely switching words and phrases and making everything make sense. In legal terminology, there are many words and phrases that make sense only in the legal context. Therefore, having a translator on board having knowledge of how legal terms work is very important.
If your firm has a presence in multiple countries, financial documents like the annual report, sale of financial assets, cross-cultural mergers and acquisitions documents, claim forms, and acquisition agreements may need to be translated.
Accounting standards that you need to follow could vary, depending on the countries you operate in. For example, companies in the European Union follow the International Financial Reporting Standards (IFRS) while those in the United States follow the Generally Accepted Accounting Principles (GAAP).
In the medicine and life sciences industry, translation has a lot of relevance and importance. Communication between the doctors and their patients often gets obstructed due to language barriers; this renders healthcare inequitable and also, risky and expensive. If a doctor is unable to speak the patient's language, he/she might fail to make a correct diagnosis.
Tourism is one of the industries that needs the most translation, due to the diversity of the people, languages and cultures in contact with each other, and also the ever-increasing demands for localization of contents in multiple languages. In addition to the conventional advertisement, the broadcasting of different information in various languages perhaps causes additional potential customers to choose your services and products.
Primary includes e-commerce sector, research sector, website translation, app localization and other segments.
Now, you understand how translation can be implemented in above-specified industries. Apart from this, to succeed in global market, you must follow step by step process to channelize your business opportunities.
Here are some steps you can follow while going global: -
To understand your demand, you must identify consumer segments that share common characteristics. These characteristics can be “hard” variables such as age, gender, place of residence, educational level, occupation and level of income or “soft” variables such as lifestyle, attitude, values and purchasing motivations.
In addition to analyzing demand and purchasing situations, it is important to analyse supply. Knowing the existing players in the market where you are competing or going to compete is important when evaluating opportunities. Relevant questions in this case are:
What are the products and brands of our industry that are growing more significantly and why?
What is their value proposition?
What competitive advantage do we have over them?
Companies should monitor the performance of other companies’ products, which are complementary to their own. For instance, a packaging company should monitor sales of products that it could potentially package, while a company producing coffee machines should gather insights on the evolution of different types of coffee sales. Trends in complementary markets should be taken into account when making investment decisions.
When a company operates in a mature or saturated market, exploring other countries may lead to additional opportunities. Markets in different countries grow at different paces for several reasons, including disparities in the level of economic development and local habits. Knowing the evolution of per capita consumption of a given product in a given country can serve as an indicator of the maturity of the product’s life cycle. Having information on the size of the market and competitors in other countries will help to estimate the business potential.
The overall future of the translation industry seems bright, with many forecasts predicting a steady rise in the total amount of work, and more and more companies investing in translations. With the globalization and digitalization of business, these trends will drive new demand from enterprises previously unable to justify the cost of enterprise-quality translation and related services and will open up some new opportunities to provide native-language services targeted to small but rapidly growing emerging markets.