The language translation market represents a large and growing multi-billion dollar business opportunity for entrepreneurs. The Federal Bureau of Labor Statistics estimates the growth of the interpretation and translation market to grow faster than the average of all occupations through 2016. American companies need help reaching global markets as well as local foreign speaking consumers and businesses.
Translation services can cover various areas including: legal translation, commercial translation, technical translation, editing services, language interpretation, and website localization.
Becoming a translator can be simple for someone who fluently speaks a foreign tongue. To succeed in the translation business requires business skills of marketing and operations. Also, look to add a level of professionalism by gaining certification.
Cyracom International improves hospital patient communication by providing medical information translation in over 150 languages over a telephone system. The company made the Inc. 500’s list of fastest growing privately held companies in the United States. CyraCom is riding the translation wave in the healthcare industry.
What is Driving the Growth of Translation Business?
The globalization of the world economy and the commercialization of the Internet have had a huge impact in translation services. In markets like China alone, translation services have grown exponentially as trade has increased to the U.S. and other countries.
Business Risks of Translation Market
Several potential risks exist in the market. Computerized translation services and voice recognition technology can fill some simple language translation needs. Translators who understand local cultural differences can provide critical insight that a computer cannot. Another risk can be a slow down in global trade. But with the power of the Internet and its high content production demands, the overall risks for translators remains low.
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