At the recent ALC conference, leaders and innovators from the language industry gathered to share knowledge, discuss trends, and envision the future of language services. Among the attendees was our very own CEO, Frank Wei, who represented Master Translations with enthusiasm and insight. The conference was a melting pot of ideas. Below, we’ve distilled the key takeaways from the conference, providing a glimpse into the current landscape of the language services industry.
The language services industry has always been dynamic, constantly evolving to meet the demands of a globalizing world. As we step into 2023, it’s essential to understand the current trends and insights shaping the industry. Here’s a snapshot of where we stand:
1. The Dominance of Translation & Interpreting
With 89% of companies offering translation services and 82% providing interpreting, it’s evident that these core services continue to be the pillars of the language industry. They cater to a wide range of sectors, from business and entertainment to healthcare and education.
2. Core Services: Where Companies are Investing
A significant 60% of language service companies identify translation as their primary offering, reflecting its sustained demand across various sectors. Meanwhile, interpreting holds the spotlight for 31%, showcasing its vital role in real-time communication and events.
3. The Local vs. Global Debate
In an age where businesses are expanding their global footprint, it’s intriguing to note that 60% of companies derive more than 95% of their revenue from domestic buyers. This stat underscores the importance of local markets and the continued need for localized content and services.
4. Growth on the Horizon
Business strategies reveal a bullish outlook for the language industry. A dominant 75% of companies are in growth mode, aiming to scale up, increase their revenue, and expand their service offerings.
5. The Digital Shift in Interpreting
One of the most notable impacts of recent years, especially post-pandemic, is the shift in interpreting services. A significant 60% of companies have reported a permanent shift from onsite to remote interpreting, embracing digital platforms to bridge communication gaps.
The language services industry in 2023 presents a blend of traditional practices and innovative shifts. As businesses and individuals continue to seek effective communication across borders, the importance of linguists and language service providers remains paramount. With digital platforms becoming more intertwined with language services, the industry is poised for exciting times ahead.
To SlatorCon in Zurich!
Our colleague Luz M. Sanchis will be attending the upcoming SlatorCon in Zurich, you can meet her there if you want to talk to one of the language industry ninjas!
