Isn’t it necessary to know the salient information about this money-fetching translation industry? Not to forget when you think of translation industry, even interpretation services are considered, as that is also an important type of translation service.
According to the U.S Bureau of Labor Statistics, Translation & Interpretation services will notably expand by 28.7% from 2014 – 2024, with the average annual salary estimated at $44,190, which is still a decent income, even if not very great.
It is also positioned under, one among the 20, fastest growing occupations between the years 2014-2024, which is quite a welcoming matter for those aspiring to enter this industry either as ‘full-time’ employees or freelancers.
Several significant, independent studies have estimated the worth of global language translation industry at $40 billion, which may eventually increase to $45 billion by 2020.
While several notable translation companies are effectively contributing to the world’s economy, not to forget about the contributions made by the growing freelancers, who are almost one-fourth of the estimated translators, worldwide.
The competition involved is quite similar to any other industries, where finding a lucrative job requires specialization and in certain cases technical knowledge like specific computer tools/software skills that are evident for machine translations.
In this era of globalization, only a multi-lingual website can attract customers and build a strong business; which is proven by the research study conducted by an independent research company that reports a massive increase in business for 63% of the global brands that opted for a multi-lingual website.
With the growth of technology, the focus on human translation is eventually getting shifted to, ‘human-made’ machine translation. The US’ Defense Advanced Research Projects Agency (DARPA), is ‘leaving no stone unturned’ to develop an automated toolkit for the languages that are less popular or in other words, low resource languages. The project, that has consumed millions of dollars is, likely to roll out by 2019.
Although, it is impossible to learn all the languages of the interested parties, employing a single translator who knows 'all' the essential languages, will enhance the situation delivering powerful outcomes.
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