As we move into 2024, the translation industry continues its dynamic evolution, driven by technological innovations, global business expansion, and changing communication methods.
Let’s explore the trends shaping the translation industry and discuss how they will define its trajectory in the next year.
The Growing Translation Industry:
In the far-reaching world of global communication, the translation industry is witnessing robust growth.
The global translation market, valued at $39.37 billion in 2023, is projected to increase to $46.22 billion by 2028. This surge is due to the increasing demand for translation services, with businesses aiming to promote their services worldwide.
The rising need for localization services is a major trend that will impact the translation industry in 2024.
As businesses expand into new markets, it becomes more important than ever to ensure that their products, services, and brand messages resonate with local audiences.
AI and Machine Learning Revolution:
The rise of artificial intelligence (AI) and machine learning has been shaping the translation world for years, and it appears to continue its transformative force on the industry.
With new algorithms emerging and increasing research in the field, machine translation tools have gained a more permanent role in the translation world and in the lives of professional translators.
Video Translation is King:
Video content is king, with over 85% of internet users regularly watching videos. With its increasing popularity, it is directing the translation industry towards video translation services.
From subtitling to voiceovers, businesses are recognizing the need to translate video content to stay in the game.
CAT Tools Automating Translation Processes:
With Computer-Assisted Translation (CAT) tools, the translation is shifting more towards editorship rather than actual translation. Machine Translation Post-Editing (MTPE) has become a popular field among translators, making their jobs easier and faster.
While there are common stereotypes about machines stealing human jobs , these tools have become useful allies for translators over the years. And they will continue to enhance productivity, automate routine tasks, and make translation management more efficient.
In conclusion, the translation industry is destined for remarkable transformations in 2024.
The surge in demand for localization services, the AI and machine learning revolution, the spotlight on video translation, and the integration of CAT tools collectively paint a picture of an industry adapting to the evolving needs of a globalized world.
As businesses continue their global expansion, the translation industry will play a pivotal role in fostering effective communication across linguistic and cultural boundaries.