When considering the global community and the thousands of different languages used worldwide, we often forget the importance of translation services to facilitate understanding and communication. The language service industry is not a high profile industry. It quietly acts in the background for all the other local and global industries that utilize their services.
However, the industry is actually a huge one, which is estimated to be worth about $33 billion a year, with most of the revenue coming from Europe, North America and other parts of the world. In itself, its annual growth is 12 percent, while the job growth is already in the high 40’s percentile. So which industries are in most need of translations services? Check out the top 5 below:
- Information and Communication Technology
Information and communication technology is one of the backbones of international commerce. This industry sector is regularly involved in a variety of projects globally. The ICT industry needs their multiple technical documents translated into various languages to cater to global customers. Technical documents require subject matter experts (SMEs), as technical information has its own set of jargons and terminologies.
- Legal Industry
The legal sector is a heavy user of translation services. Whether you’re conducting business globally or locally, if you’re dealing with an international audience, you’ll need to have proposals and contracts written in a language that can be understood by other parties.
The legal industry isn’t just about proposals and contracts, though. It also pertains to civil and court cases and other legal matters that must be explicitly understood by all parties involved.
The translation service provider must ensure the accuracy of legal translation, as even the smallest error could involve not only huge amounts of time and money, but delayed proceedings, lost revenues and broken partnerships.
- Travel and Tourism
Travel and tourism are enjoying a healthy rise in revenues, as more travel services providers are able to provide information in many languages due to translation services. Many types of documents require translation, including terms and conditions, promos and special offers, brochures, leaflets, and travel documents. Thanks to translation providers, they are able to diversify and offer their services to local and international clients.
- Banking and Finance
When trading globally, international customers and clients normally prefer to have documents translated in their own language. There is a need for a higher level of consistency, and translation services are required to make every piece of communication and every transaction item clear and precise. Trust is a key component in strengthening business relationships, and one of the ways to ensure client confidence and trust in their partners is to have accurately translated documents.