Nowadays, translation plays an important role in many industries. As globalization became the engine of international trade and cross-cultural interactions, there is an increasing demand for translation and localization services. Translation is not only an effective tool to make your products/ services more accessible in international markets but also a perfect way to communicate and build relationship with your global customers. Here are 5 industries that need translation the most:
Entertainment and gaming industry
PwC predicts that global entertainment and media revenues will reach 2.2 trillion USD by 2021. Entertainment industry is a huge sector with the expected annual growth rate of 4.2%. With a massive amount of visual and audio content produced every year, the entertainment industry needs translation (subtitles and dubbing) to reach international audiences.
According to Newzoo, global game market is projected to reach 108.9 billion USD in 2017. The Asia-Pacific region will account for 47% of total global revenues. Therefore, gaming industry needs translation and localization to reach gamers across the globe since nearly half of its revenues come from non-English speaking countries.
According to Forbes, e-commerce industry is predicted to surpass $2 trillion UDS in 2017. A report from eMarketer even forecasts that the sales of e-commerce will reached $4 trillion USD by 2020. It is astonishing that about 71% of consumers rely on online shopping to find the best price. Forrester predicts that online sales will account for 17% of all US retail sales by 2022. Shopping online is becoming a new habit of consumers since it is convenient and time-saving. Therefore, the retail market is transitioning from brick-and-mortar shop to eCommerce.
Online businesses that want to expand internationally should consider translation services. A recent research by Common Sense Advisory found out that if customers cannot understand a website, they won’t make a purchase from it. It is surprising that 87% of customers would not buy from a website which is only in English. As you can see, the incompatible languages will only make the bounce rate rocket.
The medical field is always in a constant development. Every day, new kinds of drugs and medical devices are introduced, and hundreds of research findings are revealed around the world. Even though each country speaks a different language, people fight the same diseases and struggle with the same health issues. Medical translation plays a vital part in helping healthcare professionals provide necessary treatment to their patients who speak another language. Doctors and pharmacists need translation to review the medical histories of their foreign patients so that they can give them accurate advice and therapy. Patients also need to fully understand their health condition and how the treatment will be processed. Therefore, having the medical documents translated accurately and timely is very important. Besides, most countries in the world require that the literature and labeling associated with medical devices and pharmaceuticals be translated into the national language.
Travel and tourism industry
Travel and tourism industry is one of the world’s largest industries. In 2016, international revenues from tourism mounted to 1.22 trillion USD. Nowadays, traveling around the world is easier than ever with the help of Internet and travel sites. All the reservations, transportation and accommodation booking are just one click away. However, to ensure the best customer experience, all the content on a travel site must be perfectly translated to the local language. Using promotion materials like brochures, tourist guides, restaurant menus, catalogues and posters is also an effective way to promote your tourism services as well as to attract more customers. And these promotion materials need to be translated into different languages so that they will not confuse the readers.
Financial and legal industry
International trade has grown remarkably in the last decades, which paves the way for the development of financial globalization. Cross-border finance requires accurate translation to ensure the smooth operation of the global banks, hedge funds and financial institutions. International financial transactions must adhere to legal standards to ensure that they do not violate trade and market laws. When it comes to multi-billion dollar mergers and acquisitions or an allocation of trillions of dollars in capital from across the globe, accurate translation is a must. Therefore, all financial documents including contracts, reports, correspondence, etc. need to be carefully translated into local languages.
In this globalization and internationalization era, translation is becoming more and more important. It is an inevitable part of many industries. Thanks to translation, the world is connected and companies in manufacturing or service industries can reach its global customers, despite of language barriers.