The US continues to dominate the industry growth. Next to Asia-Pacific, the region that is the most technologically advanced is Europe. However, the US is still the world’s largest single market for translation services. In addition to the US, markets in China, India, and Brazil are growing quickly. Because of their increasing economic importance, these countries are ripe for regional translation service providers like translation companies for Hindi are on boom. As a result, companies in these countries should consider investing in advanced MT systems to increase their productivity and efficiency.
The Asia-Pacific region has some of the fastest-growing LSPs, with nearly 20 in the top 30. China and Japan dominate this region, with Saudi Arabia, the United Kingdom, and the U.S. claiming the top three positions. According to the study, demand for translation services will grow even more in the coming years, as companies and governments in those regions communicate regularly in multiple languages. The demand for translation services will continue to rise despite the pandemic and the global economic situation.
Other important drivers of growth for the industry include the growth of voice-based content and the growing use of eLearning. In addition to text-based content, video translation is becoming an increasingly popular niche. As more people migrate abroad, the need for translation services continues to grow. As a result, the need for multilingual content is expected to continue to increase. As a result, the global translation industry is expected to grow by $56.1 billion by 2021.
The Asia-Pacific region is also expected to expand significantly in the next decade. Increasing diversity and multicultural marketing are likely to spur demand for language services in the region. With a broader demographic, it’s vital to hire qualified translators to meet the language needs of this population. In addition to this, the increasing demand for healthcare has created a great demand for qualified translators. As such, the Asia-Pacific region is expected to grow at a higher rate than the U.S. and other regions.
Another key driver for the industry is the rise of digital content. As content becomes more prevalent in the world, it’s essential to have a localized version of the product. This is especially true for the marketing and advertising of companies in these countries. In addition to these factors, the increasing demand for language services will continue to drive demand for translation services in the region. In addition, the globalization of the industry has increased the need for language specialists.
The Asia-Pacific is also a hotspot for language services. The country is rapidly expanding in its technology sector and attracting international LSPs. The pharma and medical industries are both booming in China, with South America leading the way in terms of growth and exports. With more devices being developed, the need for translation services will be greater than ever. The Asia-Pacific region will continue to attract the most international clients.