Language: A Booming Business in the World Market
With multinational corporations, changes in U.S. demographics and the Internet, foreign markets are now more accessible than ever, and many businesses are seeing the opportunities that access presents.
And that’s where Latitude Prime and the language services industry comes in.
Not only do businesses want their information simply communicated from one language to another, but they also want it to relate to the local culture they’re marketing to. Companies with a global presence wouldn’t be able to flourish in markets worldwide without the help of translators, interpreters and other language services like website localization.
As more and more companies gain access to markets worldwide, the language service industry, in turn, is flourishing; the demand for language service professionals is growing at an annual rate of roughly six percent.
Currently, the United States represents the largest single market for translation services and Europe is a close second. You may be surprised to learn that the leading provider of language services and technology in 2011 was a U.S. military contractor, Mission Essential Personnel, which grossed more than $7.2 million in revenues that year, according to data collected by Common Sense Advisory, a global market research firm. These markets stem from both government and private industries. In 2013, the top company was Lionbridge Technologies.
Common Sense Advisory research predicts the global market for outsourced language services and technology is expected to surpass $37.19 billion in 2014, and may reach $47 billion by 2018. That makes language services one of the United States’ fastest-growing occupations.
Even as the market becomes more saturated with language service professionals, the number of jobs created for their services doubled in the past 10 years and their wages steadily grew before, during and after the recession, according to the U.S. Labor Department. Jobs for interpreters and translators are expected to grow 46 percent between 2012 and 2022. Salaries in the industry also continue to increase; the median annual salary adjusted for inflation for translators and interpreters rose from $44,500 to $53,410 between 2004 and 2012.
The bottom line? The language business is big and it will only continue to grow.
What does this mean for businesses? The demand for your products extends beyond your immediate customer base, and professional translation services can help you take advantage of new markets and boost your bottom line.
Latitude Prime is a full-service provider of professional language translation and localization services. If you have questions or want more information, call 1-888-341-9080, email firstname.lastname@example.org or fill out a contact form here.