COVID-19 IMPACT SURVEY MAY 2020
The global market for Language Translation Software and Servicesis projected to reach US$65.6billion by 2025, driven by rising globalization and economic interdependence among countries in a world where over 7,000 languages are spoken. This makes translation important for businesses to connect with their target audiences. Increased trade and business with overseas markets is making translation vital for relevant packaging and adherence to labelling standards.With emerging markets becoming top engines of global growth, new languages are gaining significance i.e. Mandarin, Arabic, Spanish, Portuguese, Hindi & Bengali. Few of the noteworthy trends in the market include rise in travel and tourism and the ensuing demand for language translation services; gaining prominence of translation of educational materials as globalization converges with education; emergence of neural machine translation (NMT) to revolutionize the role of artificial intelligence in human Language translation. Not all businesses are continuing to depend on human translators and interpreters. Machines are picking up most of the share in the language translation and interpretation market. In the coming few years, machines will emerge as primary convertors. However, human expertise will still be needed, albeit in the form of secondary resource. This implies that the traditional role of people used as translators and interpreters of foreign language will witness a major change. Humans will be required to work in collaboration with machines, in the new world of business language translation going forward. It is estimated that by the 2025, over 50% of business translations will be performed by NMT. The emergence of Artificial Intelligence (AI) and cloud-based machine translation (MT) technologies will create significant opportunity for language services providers (LSPs), extending advanced capabilities and considerable reduction in costs of enterprise translation. One of the key advantages that AI offers to businesses is its capability of instantly capturing and contextualizing the intricacies of languages that would otherwise be challenging to achieve through other machine translation methods. Consequently, tools, such as virtual assistants, would be made available in multiple languages as technology majors, such as Microsoft, Apple, and Google, target on further breaking the technological barriers associated with artificial intelligence. AI is anticipated to replace human-based translation in the future. However, for the present, and for a few more years into the future, human translators would continue to be in demand. Video translation is expected to be one of the major trends in the translation industry in the coming years, particularly considering that over 80% of the content provided over the internet is presented through videos. Furthermore, the growing market for e-learning presents untapped potential in translation of e-learning content. The emergence of machine translation led to the creation of custom translation engines with customized vocabulary, domain specific dictionaries, and preferences.